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Calculate the gain or loss on the disposal of shares

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Guchil Bhd acquired 80% of 20 million ordinary shares of Tumpat Bhd on 1 January 2018 for RM23.4 million. On that date, the retained profits of Tumpat Bhd was RM2 million and the non-controlling interest is valued at RM4 million. Tumpat Bhd generated profit for the year ended 31 December 2018 of RM0.3 million and RM0.2 million for the first 6 months of 2019. On 1 April 2019, Guchil Bhd sold 10 million ordinary shares in Tumpat Bhd at RM1.30 per share. The remaining ordinary shares in Tumpat Bhd are valued at its market price of RM1.25 per share on that date.

Required:

Question 1: Calculate the gain or loss on the disposal of shares in Tumpat Bhd. Show all workings.

Reference no: EM132581872

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