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How to prepare the statement of changes in equity

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Reference no: EM132554981

Musqim Bhd has the following equity account balances at 31 December 2018.

Share capital - Ordinary 50,000,000 shares outstanding = RM50,000,000
Retained earnings = 14,400,000
Revaluation reserve - Properties = 2,500,000
Translation reserve - Foreign operations = RM1,550,000

The following transactions relate to the company for the year ended 2019.

2 January

The company issued 1,250,000 ordinary shares at a price of RM1.50 per share.

30 June

Purchased land by issuing 500,000 units of ordinary share. The market value of the ordinary share was RM1.10 per share on the day of acquisition.

30 December

Cash dividend of RM0.25 per share on outstanding shares was declared by the board of directors.

Additional information:

1. Profit for the year 2019 was RM12,000,000.

2. The gain on the translation of foreign operations for the year 2019 amounted to RM350,000.

3. For the year end 2019, few of the company's properties were revalued which resulted in a gain of RM345,000.

REQUIRED

Question (a) Prepare journal entries to record the above transactions.

Question (b) How to Prepare the Statement of Changes in Equity for Musqim Bhd for the year ended 31 December 2019 in accordance with the requirements of MFRS 101 Presentation of Financial Statements.

Reference no: EM132554981

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