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
Below is a list of account balances at 31 December 2016 of Jasmine Bhd, a trading company located in Nibong tebal, Penang.
|
|
RM |
|
|
91,382 |
|
Accounts payable |
30,780 |
|
|
14,520 |
|
Accumulated depreciation - equipment |
4,830 |
|
Buildings |
1,143,900 |
|
Cash |
1,095,220 |
|
Cost of goods sold |
713,460 |
|
|
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 |
|
|
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:
- Payment for one-year insurance coverage was made on 1 October 2016.
- 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.
- A tenant of office space has not yet paid a rental for December 2016 amounting to RM3,500.
- An unpaid salary and wages as of 31 December 2016 is RM12,000.
- 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.
- Annual depreciation for building and equipment are RM3,240 and RM2,500 respectively.
- 25% of the note’s payable is due next year. The note payable interest rate is 8% per annum.
- Income tax expense for 2016 is RM69,800.
- No dividend has been declared.
REQUIRED:
- 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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