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Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2021. DR CR RM RM Machinery at cost Accumulated depreciation as of 1 January 2021- machinery 60,000 10,000

Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2021. DR CR RM RM Machinery at cost Accumulated depreciation as of 1 January 2021- machinery 60,000 10,000

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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7 Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2021. AM DR CR RM RM Machinery at cost Accumulated depreciation as of 1 January 2021- machinery 60,000 10,000 AM Motor vehicles at cost 50,000 Accumulated depreciation as of 1 January 2021 – motor vehicles Furniture & equipment at cost Accumulated depreciation as of 1 January 2021- furniture & equipment Long term loan (repayable on 30 November 2023) 8,000 25,000 5,000 PM 30,000 Ordinary share capital 9% preference share capital Trade receivables & payables 50,000 30,000 21,000 38,000 Allowance for doubtful debts 400 Sales & purchases Salaries & wages 190,000 303,600 PM 24 Bank 34,500 Bad debts 600 2,100 1,600 1,500 Returns 1,950 Discounts 1,850 Loan interest Telephone expenses Rent, rates and insurance 4,000 PM 16,000 Inventory as of 1 January 2021 Retained earnings as of 1 January 2021 4,500 10,000 461,800 461,800
Transcribed Image Text:7 Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2021. AM DR CR RM RM Machinery at cost Accumulated depreciation as of 1 January 2021- machinery 60,000 10,000 AM Motor vehicles at cost 50,000 Accumulated depreciation as of 1 January 2021 – motor vehicles Furniture & equipment at cost Accumulated depreciation as of 1 January 2021- furniture & equipment Long term loan (repayable on 30 November 2023) 8,000 25,000 5,000 PM 30,000 Ordinary share capital 9% preference share capital Trade receivables & payables 50,000 30,000 21,000 38,000 Allowance for doubtful debts 400 Sales & purchases Salaries & wages 190,000 303,600 PM 24 Bank 34,500 Bad debts 600 2,100 1,600 1,500 Returns 1,950 Discounts 1,850 Loan interest Telephone expenses Rent, rates and insurance 4,000 PM 16,000 Inventory as of 1 January 2021 Retained earnings as of 1 January 2021 4,500 10,000 461,800 461,800
8. AM The following additional information are available: i. Inventory at 31 December 2021 is valued at RM13,000. ii. Rates and insurance are prepaid by RM1,500. iii. Wages of RM400 is owed. iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances. Bad debts of RM500 is to be written off. AM v. Rent of RM400 is due but yet to be paid. vi. Long term loan interest is 10% per annum. vii. 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. viii. The director proposed a final ordinary dividend of 10%. ix. The proposed corporate tax rate is 30%. PM Required: Prepare: PM a. the statement of Comprehensive Income for the year ended 31 December 2021. (25 marks) b. the statement of Financial Position as at 31 December 2021. (15 marks) END OF QUESTION PAPER PM
Transcribed Image Text:8. AM The following additional information are available: i. Inventory at 31 December 2021 is valued at RM13,000. ii. Rates and insurance are prepaid by RM1,500. iii. Wages of RM400 is owed. iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances. Bad debts of RM500 is to be written off. AM v. Rent of RM400 is due but yet to be paid. vi. Long term loan interest is 10% per annum. vii. 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. viii. The director proposed a final ordinary dividend of 10%. ix. The proposed corporate tax rate is 30%. PM Required: Prepare: PM a. the statement of Comprehensive Income for the year ended 31 December 2021. (25 marks) b. the statement of Financial Position as at 31 December 2021. (15 marks) END OF QUESTION PAPER PM
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