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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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

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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