Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2020. Pls refer to picture attached The following additional information are available: Inventory at 31 December 2020 is valued at RM13,000. Rates and insurance are prepaid by RM1,500. Wages of RM400 is owed. The allowance for doubtful debts is fixed at 4% of trade receivable balances. Bad debts of RM500 are to be written off. Rent of RM400 is due but yet to be paid. Long term loan interest is 10% per annum. Depreciation of motor vehicles and furniture & equipment are based on 15% per annum on cost. Machinery is depreciated at 15% per annum on reducing balance method. The director proposed a final ordinary dividend of 10%. The proposed corporate tax rate is 30%. Required: Prepare: a. The Statement of Comprehensive Income for the year ended 31 December 2020. b. The Statement of Financial Position as at 31 December 2020.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 5

The following is the Trial Balance of Maple Union Berhad at 31 December 2020.

Pls refer to picture attached

The following additional information are available:

  1. Inventory at 31 December 2020 is valued at RM13,000.
  2. Rates and insurance are prepaid by RM1,500.
  3. Wages of RM400 is owed.
  4. The allowance for doubtful debts is fixed at 4% of trade receivable balances. Bad debts of RM500 are to be written off.
  5. Rent of RM400 is due but yet to be paid.
  6. Long term loan interest is 10% per annum.
  7. Depreciation of motor vehicles and furniture & equipment are based on 15% per annum on cost. Machinery is depreciated at 15% per annum on reducing balance method.
  8. The director proposed a final ordinary dividend of 10%.
  9. The proposed corporate tax rate is 30%.

 

Required:

Prepare:

a. The Statement of Comprehensive Income for the year ended 31 December 2020.

b. The Statement of Financial Position as at 31 December 2020.

Question 5
The following is the Trial Balance of Maple Union Berhad at 31 December 2020.
DR
CR
RM
RM
60,000
Machinery at cost
Accumulated depreciation as of 1 January
2020- machinery
10,000
Motor vehicles at cost
50,000
Accumulated depreciation as of 1
January 2020 – motor vehicles
Fumiture & equipment at cost
Accumulated depreciation as of 1 January
2020- furniture & equipment
Long term loan (repayable on 30
November 2022)
8,000
25,000
5,000
30,000
Ordinary share capital
9% preference share capital
Trade receivables & payables
Allowance for doubtful debts
Sales & purchases
Salaries & wages
Bank
50,000
30,000
21,000
38,000
400
190,000
24,000
34,500
303,600
Bad debts
600
2,100
1,600
1,500
4,000
16,000
4,500
1,950
1,850
Returns
Discounts
Loan interest
Telephone expenses
Rent, rates and insurance
Inventory as of 1 January 2020
Retained earnings as of 1 January 2020
10,000
461,800
461,800
Transcribed Image Text:Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2020. DR CR RM RM 60,000 Machinery at cost Accumulated depreciation as of 1 January 2020- machinery 10,000 Motor vehicles at cost 50,000 Accumulated depreciation as of 1 January 2020 – motor vehicles Fumiture & equipment at cost Accumulated depreciation as of 1 January 2020- furniture & equipment Long term loan (repayable on 30 November 2022) 8,000 25,000 5,000 30,000 Ordinary share capital 9% preference share capital Trade receivables & payables Allowance for doubtful debts Sales & purchases Salaries & wages Bank 50,000 30,000 21,000 38,000 400 190,000 24,000 34,500 303,600 Bad debts 600 2,100 1,600 1,500 4,000 16,000 4,500 1,950 1,850 Returns Discounts Loan interest Telephone expenses Rent, rates and insurance Inventory as of 1 January 2020 Retained earnings as of 1 January 2020 10,000 461,800 461,800
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