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Question 4

The document presents the trial balance for YES Bhd as of 30 June 2021, detailing assets, liabilities, and equity. It includes additional information regarding closing inventory, outstanding expenses, and depreciation methods for various assets. The requirements are to prepare the statement of profit and loss, statement of financial position, and statement of changes in equity in accordance with MFRS 101.

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18 views2 pages

Question 4

The document presents the trial balance for YES Bhd as of 30 June 2021, detailing assets, liabilities, and equity. It includes additional information regarding closing inventory, outstanding expenses, and depreciation methods for various assets. The requirements are to prepare the statement of profit and loss, statement of financial position, and statement of changes in equity in accordance with MFRS 101.

Uploaded by

Nithya's selvan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

Question 4

YES Bhd has the following trial balance as at 30 June 2021:

Dr Cr
RM’000 RM’000
Land at cost (note vii) 1,460
Plant at cost 1,362
Plant accumulated depreciation 1 July 2020 (note v) 682
Buildings at cost 4,600
Buildings accumulated depreciation 1 July 2020 (note vi) 372
Intangible assets (note viii) 384
Bank balance 232
Inventory at 1 July 2020 990
Retained earnings at 1 July 2020 800
10% Loan notes 300
Loan interest paid 30
RM1 Ordinary shares 4,400
Share premium account 486
Dividend paid 155
Revenue 11,700
Returns inwards 217
Purchases 6,850
Wages and salaries 1,120
Insurance (note iii) 108
Electricity expenses (note ii) 542
Administrative expenses 500
Allowance for receivables 1 July 2020 (note iv) 62
Discounts received 590
Trade payables 1,488
Trade receivables 1,900
Director’s remuneration 430
––––––– –––––––
20,880 20,880
––––––– –––––––

Additional information as at 30 June 2021:

(i) Closing inventory is valued at cost of RM465,000.


(ii) There are electricity expenses of RM88,000 outstanding.
(iii) Prepaid insurance expenses is RM14,000.
(iv) The allowance for receivables is to be increased to 5% of trade receivables.
(v) Plant is depreciated at 20% per annum using the reducing balance method. Plant
depreciation should be apportioned in accordance with note (x).
(vi) Buildings are depreciated at 5% per annum on their original cost. Building
depreciation should be apportioned in accordance with note (x).
(vii) Land is to be valued at RM1,550,000 at 30 June 2021.
(viii) The intangible assets were purchased on 1 July 2020 and have a useful life of four
years from that date. Amortisation should be apportioned in accordance with note
(x).
(ix) Tax has been calculated as RM310,000 for the year.
(x) The expenses listed above should be apportioned as indicated:
Cost of Distribution Administrative
Sales Costs Expenses
Discounts received 100% – –
Insurance – 50% 50%
Electricity expenses 60% 20% 20%
Increase in allowance for receivables – – 100%
Wages and salaries 40% 30% 30%
Director’s remuneration – – 100%
Depreciation: Plant 100% – –
Depreciation: Buildings 50% 30% 20%
Amortisation of intangible assets 100% – –

Required:

Prepare the following financial statements for YES Bhd in accordance with MFRS 101
Presentation of Financial Statements:

(a) The statement of profit and loss and other comprehensive income for the
year ended 30 June 2021.

(b) The statement of financial position as at 30 June 2021.

(c) The statement of changes in equity as at 30 June 2021

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