5

.

Nilai Hikmah Berhad

is a T

-

shirt manufacturer. The following information was taken from the

company's records for the year ended 31 December 2017.

$

Capital

90,000

Factory machine

120,000

Accumulated depreciation factory machine

40,000

Inventory on 1 January 2017:

Raw materials

5,000

Work in progress cost

3,000

Finished goods

8,000

Inventory 31 December 2017:

Raw materials

2,000

Work in progress cost

3,200

Finished goods

10,000

Raw materials

purchases

42,000

Direct wages

14,000

Factory rent

15,000

Office salaries

42,000

Salesmen commission

2,600

Accounts receivable

12,000

Accounts payable

3,000

Bank

16,000

Transportation expense

2,400

Factory power and e

lectricity

1,000

Finished goods sales

150,000

Additional information:

Machine is depreciated at the rate of 10% according to the reducing balance method.

REQUIRED:

a)

Record

the Manufacturing Account for the year ended 31 December 2017.

b)

Record

the Statement of Comprehensive Income for the year ended 31 December 2017.

c)

Record

the Statement of Financial Position as at 31 December 201