(i)Statement of Profit or Loss (classify expenses by function) for the year ended31 December 2020. Dark Energy Limited is specialist wholesalers. Below is the trial balance of DarkEnergy Limited as at 31 December 2020.QI.RMRMInventory: 31.12.2019Ordinary share capital: RM 1 sharesGeneral reserveRetained profits as at 31.12.2019RevenuePurchasesReturns out wardsReturns inwardsCarriage inwards|Carriage outwardsWarehouse wagesSalespeople's salariesAdministrative wages and salariesPlant and machineryMotor vehicle hireProvisions for depreciation: plant and machineryGeneral distribution expensesGeneral administrative expensesDirectors' remunerationOrdinary dividend|Rental receivableTrade accounts receivableCash at bank and in handTrade accounts payable (payable before 31.12.2021)Bills of exchange payable (payable 28.2.2021)336,7201,000,000168,000139,7505,090,3702,475,910121,220136,2006,34043,790410,240305,1 10277,190610,00084,770216,29027,13047,990195,140375,00037,1501,623,570179,250304,57057,0007,134,3507,134,350The following additional information is relevant for the preparation of financialstatement:Plant and machinery include a newly purchased plant of RM75,000 duringthe year.(1)(2)Depreciate plant and machinery at 20% per annum on cost.(3)Plant and machinery are apportioned: distributive 60%; administrative 40%.(4)Inventories at 31.12.2020: RM 412,780, consists of goods for resale.(5)Accrued auditors' remuneration: RM 71,000.(6)Of the motor vehicle hire, RM 55,000 is for distributive purposes. Corporation tax on profits, at a rate of 35%, is estimated at RM 238,500 andis payable on 1.10.2021.(7)Pension contributions for staff amounted to RM 42,550 and social securitycontributions amounted to RM 80,120. These figures are included in wagesand salaries in the trial balance. No employee earned over RM 30,000.(8)(9)Directors' remuneration has been as follows:RMChairmanManaging DirectorsFinance DirectorsMarketing Director46,64051,50046,00043,000In addition, each of them drew RM 2,000 as directors' fees. Pensions are thepersonal responsibility of directors.

Income statement The purpose of preparing the income statement is to determine the net income of the…

Answered: (i)Statement of Profit or Loss…

Business

Accounting

(i)Statement of Profit or Loss (classify expenses by function) for the year ended 31 December 2020.

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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Question

(i)Statement of Profit or Loss (classify expenses by function) for the year ended

31 December 2020.

Corporation tax on profits, at a rate of 35%, is estimated at RM 238,500 and
is payable on 1.10.2021.
(7)
Pension contributions for staff amounted to RM 42,550 and social security
contributions amounted to RM 80,120. These figures are included in wages
and salaries in the trial balance. No employee earned over RM 30,000.
(8)
(9)
Directors' remuneration has been as follows:
RM
Chairman
Managing Directors
Finance Directors
Marketing Director
46,640
51,500
46,000
43,000
In addition, each of them drew RM 2,000 as directors' fees. Pensions are the
personal responsibility of directors.

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