2. Maverick Sdn Bhd The following is the trial balance of Maverick Sdn Bhd at 31 March 2021. Dr RM'000 Cr RM'000 Equity share capital Retained earnings 10% Loan notes, repayable 2023 Office equipment - Accumulated depreciation Computer equipment - Accumulated depreciation Inventory Trade receivables Allowance for receivables Cash Bank 50 79 120 160 32 200 40 196 253 26 12 96 89 Trade payables Administration expenses Selling and distribution expenses Loan note interest Bank overdraft interest Revenue Purchases 286 269 4,414 3,562 4,946 4,946 Additional information: ) Inventory at 31 March 2021 was RM156,000. i) Prepaid administration expenses were RM5,000 H) Accrued selling and distribution expenses were RM26,000. v) No interest has been accrued for the loan which was taken out on 1 September 2020. v) Depreciation is 20% per annum for office equipment and computer equipment and should be classified as administration expenses. vi) Trade receivable of RM8,000 are irrecoverable and the allowance for receivables was RM32,000. vii) The tax for current year is estimated at RM18,000. Required: For Maverick Sdn Bhd, prepare the followings: O Statement of profit or loss for the year ended 31 March 2021 (H) Statement of financial position as at 31 March 2021. Remark: Round your answer to the nearest thousand.
2. Maverick Sdn Bhd The following is the trial balance of Maverick Sdn Bhd at 31 March 2021. Dr RM'000 Cr RM'000 Equity share capital Retained earnings 10% Loan notes, repayable 2023 Office equipment - Accumulated depreciation Computer equipment - Accumulated depreciation Inventory Trade receivables Allowance for receivables Cash Bank 50 79 120 160 32 200 40 196 253 26 12 96 89 Trade payables Administration expenses Selling and distribution expenses Loan note interest Bank overdraft interest Revenue Purchases 286 269 4,414 3,562 4,946 4,946 Additional information: ) Inventory at 31 March 2021 was RM156,000. i) Prepaid administration expenses were RM5,000 H) Accrued selling and distribution expenses were RM26,000. v) No interest has been accrued for the loan which was taken out on 1 September 2020. v) Depreciation is 20% per annum for office equipment and computer equipment and should be classified as administration expenses. vi) Trade receivable of RM8,000 are irrecoverable and the allowance for receivables was RM32,000. vii) The tax for current year is estimated at RM18,000. Required: For Maverick Sdn Bhd, prepare the followings: O Statement of profit or loss for the year ended 31 March 2021 (H) Statement of financial position as at 31 March 2021. Remark: Round your answer to the nearest thousand.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2.
Maverick Sdn Bhd
The following is the trial balance of Maverick Sdn Bhd at 31 March 2021.
Dr
Cr
RM'000
RM'000
Equity share capital
Retained earnings
10% Loan notes, repayable 2023
Office equipment
Accumulated depreciation
Computer equipment
Accumulated depreciation
Inventory
Trade receivables
Allowance for receivables
Cash
50
79
120
160
32
200
40
196
253
26
12
Bank
96
Trade payables
Administration expenses
Selling and distribution expenses
Loan note interest
Bank overdraft interest
89
286
269
8
Revenue
4,414
Purchases
3,562
4,946
4,946
Additional information:
i) Inventory at 31 March 2021 was RM156,000.
ii) Prepaid administration expenses were RM5,000
ii) Accrued selling and distribution expenses were RM26,000.
iv) No interest has been accrued for the loan which was taken out on 1
September 2020.
v) Depreciation is 20% per annum for office equipment and computer equipment
and should be classified as administration expenses.
vi) Trade receivable of RM8,000 are irrecoverable and the allowance for
receivables was RM32,000.
vii) The tax for current year is estimated at RM18,000.
2
Required:
For Maverick Sdn Bhd, prepare the followings:
(i) Statement of profit or loss for the year ended 31 March 2021
(ii) Statement of financial position as at 31 March 2021.
Remark: Round your answer to the nearest thousand.
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