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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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The following trial balance has been extracted from Landmark Sdn Bhd as at 30 June 2022: Debit Advertising Bank Overdraft Bank interest Accounts payable Accounts receivables Directors remuneration Land and Building Cost Accumulated depreciation General expenses Investments at cost Investment income Motor vehicles Cost Accumulated depreciation Interim preference dividend Redeemable 10% Preference share @ RM0.45 Undistributed profit at 1 July 2021 Repair and renewals Ordinary share capital @ RM 0.50 Share premium Inventory at 30 June 2022 Ordinary dividend paid Wages and salaries Gross profit as at 30 June 2022 RM 000 20 40 1,430 300 8,000 150 300 360 75 40 900 300 2,210 14,125 Credit RM 000 200 800 1,020 50 180 1,500 1,000 5,000 250 4,125 14,125
Transcribed Image Text:The following trial balance has been extracted from Landmark Sdn Bhd as at 30 June 2022: Debit Advertising Bank Overdraft Bank interest Accounts payable Accounts receivables Directors remuneration Land and Building Cost Accumulated depreciation General expenses Investments at cost Investment income Motor vehicles Cost Accumulated depreciation Interim preference dividend Redeemable 10% Preference share @ RM0.45 Undistributed profit at 1 July 2021 Repair and renewals Ordinary share capital @ RM 0.50 Share premium Inventory at 30 June 2022 Ordinary dividend paid Wages and salaries Gross profit as at 30 June 2022 RM 000 20 40 1,430 300 8,000 150 300 360 75 40 900 300 2,210 14,125 Credit RM 000 200 800 1,020 50 180 1,500 1,000 5,000 250 4,125 14,125
Additional information: (a) (b) (d) (e) Required: Prepare the income statement for the year ended 30 June 2022 and a statement of financial position as at that date. (for internal use) The depreciation expense for building is estimated to be RM 278,000 and for motor vehicle is RM 67,000. A provision of RM 85,000 is required for auditor's remuneration. Corporation tax owing estimated to be RM 55,000. The director proposed to pay the remaining preference dividend at year end and a dividend of RM 0.05 per ordinary share after the accounts have been finalized. The market value of the investments at 30 June 2022 was RM 285,000.
Transcribed Image Text:Additional information: (a) (b) (d) (e) Required: Prepare the income statement for the year ended 30 June 2022 and a statement of financial position as at that date. (for internal use) The depreciation expense for building is estimated to be RM 278,000 and for motor vehicle is RM 67,000. A provision of RM 85,000 is required for auditor's remuneration. Corporation tax owing estimated to be RM 55,000. The director proposed to pay the remaining preference dividend at year end and a dividend of RM 0.05 per ordinary share after the accounts have been finalized. The market value of the investments at 30 June 2022 was RM 285,000.
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