Below is a list of account balances at 31 December 2016 of Jasmine Bhd, a trading company located in Nibong tebal, Penang.   RM Account receivables                91,382 Accounts payable                30,780 Accumulated depreciation – buildings                14,520 Accumulated depreciation - equipment                  4,830 Buildings          1,143,900 Cash          1,095,220 Cost of goods sold              713,460 Deferred tax liability                18,000 Equipment              420,000 Gain on revaluation of properties                24,700 Gain on sale of land                91,300 Gain on translation of foreign operations                  4,900 Patent                50,230 Inventory              459,958 Land              306,444 Maintenance and repair expenses                  9,960 Notes payable              162,000 Office expense                 11,738 Prepaid insurance                48,000 Property tax expense                  1,400 Rent revenue                48,000 Retained earnings              760,600 Revaluation reserve              467,200 Salaries and wages expenses                21,112 Sales returns and allowance                      980 Sales revenue          1,865,150 Share capital              732,304 Translation of foreign operations reserve              219,300

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Below is a list of account balances at 31 December 2016 of Jasmine Bhd, a trading company located in Nibong tebal, Penang.

 

RM

Account receivables

               91,382

Accounts payable

               30,780

Accumulated depreciation – buildings

               14,520

Accumulated depreciation - equipment

                 4,830

Buildings

         1,143,900

Cash

         1,095,220

Cost of goods sold

             713,460

Deferred tax liability

               18,000

Equipment

             420,000

Gain on revaluation of properties

               24,700

Gain on sale of land

               91,300

Gain on translation of foreign operations

                 4,900

Patent

               50,230

Inventory

             459,958

Land

             306,444

Maintenance and repair expenses

                 9,960

Notes payable

             162,000

Office expense

                11,738

Prepaid insurance

               48,000

Property tax expense

                 1,400

Rent revenue

               48,000

Retained earnings

             760,600

Revaluation reserve

             467,200

Salaries and wages expenses

               21,112

Sales returns and allowance

                     980

Sales revenue

         1,865,150

Share capital

             732,304

Translation of foreign operations reserve

             219,300

 

Additional information:

  1. Payment for one-year insurance coverage was made on 1 October 2016.
  2. The company received cash RM25,000 from customers on 30 December 2016 and recorded it as sales revenue. However, the company only managed to supply the merchandise on 5 January 2017.
  3. A tenant of office space has not yet paid a rental for December 2016 amounting to RM3,500.
  4. An unpaid salary and wages as of 31 December 2016 is RM12,000.
  5. The company returned defective merchandise bought from the supplier and received a full cash refund. The cost of the merchandise returned is RM1,500. This transaction is not yet recorded.
  6. Annual depreciation for building and equipment are RM3,240 and RM2,500 respectively.
  7. 25% of the note’s payable is due next year. The note payable interest rate is 8% per annum.
  8. Income tax expense for 2016 is RM69,800.
  9. No dividend has been declared.

 

REQUIRED:

  1. Prepare a Statement of Profit or Loss and Other Comprehensive Income for Jasmine Bhd for the year ended 31 December 2016 according to MFRS 101 Presentation of Financial Statement.
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