1 (Total: 61 marks) The following trial balance was extracted from Remy 2021: Bhd ('Remy') on 30 September Cr Cr RM RM Land and building - cost 1,370,000 Land and building - acc dep'n as at 30 September 2021 254,000 Motor vehicles - cost 80,000 Motor vehicles - acc dep'n as at 30 September 2021 Inventories as at 1 October 2020 20,000 42,650 Trade receivables 68,430 Provision for doubtful debts as at 30 September 2021 8,690 Cash and cash equivalents 4,367 Trade payables 265,780 Other payables 3,816 Ordinary share capital RM1.00 100,000 Retained earnings 460,900 Revenue 2,420,100 Purchases Distribution costs Administrative expenses Other operating expenses Finance costs Suspense 1,857,605 35,132 58,540 23,512 1,050 8,000 3,541,286 3,541,286 Additional information: Note 1 The company's depreciation policy is as follows: Buildings 2% on straight line Motor vehicles 25% reducing balance A full year's depreciation is charged in the year of purchase and none in the year of sale. Included within land and buildings is land costing RM250,000 which Remy wishes to revalue to RM500,000 based on a valuation undertaken as at 30 September 2021. There have been no significant changes to the valuation of buildi ngs. Note 2 In September 2021, a motor vehicle was sold for RM8,000. The vehicle had been purchased in August 2020 for RM10,000. Profits or losses on disposal are taken to other operating expenses. The only entry made was to update the bank with the pro ceeds and to credit the suspense account. Depreciation for the year on motor vehicles has been expensed correctly, taking account of the disposal. Note 3 An inventories count was carried out at the year end RM42,000. and inventory was valued at However, the detailed inventories records were accidently lost. The remaining records indicate that all the opening inventory as at 1 October 2020 was sol d for RM56,000 with a profit margin of 25%. Note 4 On 1 April 2021, Remy issued RM200,000 8% debentures redeemable in 2029. The accountant was unsure how to account for the debentures and so posted the proceeds to trade payables. Note 5 and was wrongly recorded instead of a finance cost Debenture interest is paid half yearly from the date of issue as an administrative expenses Note 6 Remy received a payment however, this is for work has been recorded in the of RM7,200 from a customer during September 2021; from September 1, 2021 to end February 2022 This payment Revenue account Note 7 After selling one of the older motor vehicles, Remy acquired a new motor vehicle under a 12 month lease contract. The lease contract commenced on 1 September 2021 when a non-refundable deposit of RM1,000 was paid. The first of 12 monthly instalments of RM400 made on 1 September 2021. The only accounting to date has been to record payments made through distribution costs. The lease has been assessed as being operating lease with the non refundable depos it distributed evenly through out the 12 month lease. an Note 8 The unpaid taxation expense for the year is RM28,000. Required - Identify affected line a) Show the adjustments required to reflect the information in the Notes 1, 2, 3, 4, 5, 6 and 7. Answers for each note are to be shown in four steps, Step 1 items, Step 2 Workings, Step 3 Journal entries, Step 4 - Adjusted amount to transfer to line items in financial statements. b) Prepare the Statement of Profit or Loss for Remy Bhd for the year ended 3 2021 and the Statement of Financial Position as at that date. worksheet as an answer. (41 marks) 0 September Do NOT present a (20 marks)