Below is a list of account balances at 31 December 2016 of Jasmine Bhd, a trading company located in Nibong tebal, Penang. RMAccount receivables 91,382Accounts payable 30,780Accumulated depreciation – buildings 14,520Accumulated depreciation - equipment 4,830Buildings 1,143,900Cash 1,095,220Cost of goods sold 713,460Deferred tax liability 18,000Equipment 420,000Gain on revaluation of properties 24,700Gain on sale of land 91,300Gain on translation of foreign operations 4,900Patent 50,230Inventory 459,958Land 306,444Maintenance and repair expenses 9,960Notes payable 162,000Office expense 11,738Prepaid insurance 48,000Property tax expense 1,400Rent revenue 48,000Retained earnings 760,600Revaluation reserve 467,200Salaries and wages expenses 21,112Sales returns and allowance 980Sales revenue 1,865,150Share capital 732,304Translation 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 Financial Position for Jasmine Bhd as at 31 December 2016 according to MFRS 101 Presentation of Financial Statement.

Name: Below is a list of account balances at 31 December 2016 of Jasmine Bhd
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Description: Below is a list of account balances at 31 December 2016 of Jasmine Bhd, a trading company located in Nibong tebal, Penang. RMAccount receivables 91,382Accounts payable 30,780Accumulated depreciation – buildings

Balance sheet stands for the statement and information that shows the assets and liabilities of the…

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

Section: Chapter Questions

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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:

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 Financial Position for Jasmine Bhd as at 31 December 2016 according to MFRS 101 Presentation of Financial Statement.

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