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Avery Bhd. has provided the following trial balance (extract) as at 30 June 2021. Dr Cr RM'000 RM'000 Interim dividend paid Ordinary shares 90 5,500 5% Preference shares 2,000 General reserve 153 Retained eamings at 1 July 2020 Freehold land 334 5.000

Avery Bhd. has provided the following trial balance (extract) as at 30 June 2021. Dr Cr RM'000 RM'000 Interim dividend paid Ordinary shares 90 5,500 5% Preference shares 2,000 General reserve 153 Retained eamings at 1 July 2020 Freehold land 334 5.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(a) Prepare the statement of changes in equity of Avery Bhd. for the year ended 30 June 2021. 

(b) Prepare the non-current assets schedule of Avery Bhd. for the year ended 30 June 2021.

 

Avery Bhd. has provided the following trial balance (extract) as at 30 June 2021. Dr Cr RM'000 RM'000 Interim dividend paid Ordinary shares 90 5,500 5% Preference shares 2,000 General reserve 153 Retained eamings at 1 July 2020 Freehold land 334 5,000 Premises at cost 2,600 Accumulated depreciation - Premises 156 Motor vehicles at cost 1,600 Accumulated depreciation - Motor vehicles 300 Current assets 903 Current liabilities 750 Non-current liabilities 1,000 10,193 10,193 Additional information: 1. As at 30 June 2021, the issued and paid up ordinary share capital consisted of 5,000,000 shares. 2. Freehold land was revalued upwards by RM 1,500,000 in April 2021. In May 2021, a rights issue of 1 share for every 10 shares held was made at the price of RM1.50 per share. All rights issue shares were fully subscribed. 3. 4. For the year ended 30 June 2021, a profit of RM2,200,000 was reported. Depreciation on assets (except freehold land) is based on their useful lives. Premises is estimated to have 50 years, whereas motor vehicles have 15 years with a scrap value of RM100,000 at the end their of its useful lives. 5. 6. On 29 June 2021, the directors declared the following: (i) Transfer one fifth of the profit for the year to general reserve. (ii) The remaining of preference share dividend (45% of the dividend had been paid). Final dividend of 5 sen per ordinary share, including the rights issue shares issued in May 2021. (iii)
Transcribed Image Text:Avery Bhd. has provided the following trial balance (extract) as at 30 June 2021. Dr Cr RM'000 RM'000 Interim dividend paid Ordinary shares 90 5,500 5% Preference shares 2,000 General reserve 153 Retained eamings at 1 July 2020 Freehold land 334 5,000 Premises at cost 2,600 Accumulated depreciation - Premises 156 Motor vehicles at cost 1,600 Accumulated depreciation - Motor vehicles 300 Current assets 903 Current liabilities 750 Non-current liabilities 1,000 10,193 10,193 Additional information: 1. As at 30 June 2021, the issued and paid up ordinary share capital consisted of 5,000,000 shares. 2. Freehold land was revalued upwards by RM 1,500,000 in April 2021. In May 2021, a rights issue of 1 share for every 10 shares held was made at the price of RM1.50 per share. All rights issue shares were fully subscribed. 3. 4. For the year ended 30 June 2021, a profit of RM2,200,000 was reported. Depreciation on assets (except freehold land) is based on their useful lives. Premises is estimated to have 50 years, whereas motor vehicles have 15 years with a scrap value of RM100,000 at the end their of its useful lives. 5. 6. On 29 June 2021, the directors declared the following: (i) Transfer one fifth of the profit for the year to general reserve. (ii) The remaining of preference share dividend (45% of the dividend had been paid). Final dividend of 5 sen per ordinary share, including the rights issue shares issued in May 2021. (iii)
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