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A. Amina Importers Sdn. Bhd. is involved with importation of canned products and general trading. The Statement of Financial Position prepared by the accounts clerk
A. Amina Importers Sdn. Bhd. is involved with importation of canned products and general trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets 500.000 300,000 Premises Fixtures and fittings Motor vehicles (100,000) (50,000) 400,000 250,000 192,000 (50,000) 142.000 792,000 Current Assets Inventory Accounts receivables Bank 200,000 160,000 130,000 490,000 1,282,000 Owner's Equity Capital Add: Net profit Less: Drawings 800,000 123,000 (21,000) 902.000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,000 However, the clerk made several errors which correction, as follows: (a) The bank balance includes RM25,000 of Amina's (the owner) personal account. (b) On December 31, 2020, Amina purchased fixtures and fittings a total of RM10,000 and a notes payable issued to the supplier which was due in March 2021. This purchase and the notes payable have not been recorded. (c) Included in the motor vehicles was Amina's personal car, which was purchased for RM80,000 early 2020 using the company's cash. A depreciation for this car for 2021 was RM1.000. (d) A total of RM30,000 was collected from a customer from his earlier credit sale. The customer issued a note which was due in February 2021. This sale has not been recorded Page 6 of 2 Required: Prepare a corrected Statement of Financial Position for Amina Importers Sdn. Bhd. As at 31 December, 2020. [20 marks)
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