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Additional information: i- The tax provision (payable) for the year is RM2,100,000. ii- i...-1 nnd nomovments to he accounted for are: iii- Depreciation should be
Additional information: i- The tax provision (payable) for the year is RM2,100,000. ii- i...-1 nnd nomovments to he accounted for are: iii- Depreciation should be charged at 10 percent per annum on cost of the assets remaining at the end of the year, and are allocated 70 percent to distribution and 30 percent to administration expenses respectively. iv- Two transactions had been entered in the company's cash record and transferred to the suspense account shown in the trial balance. They are: - The receipt of RM3,000,000 from the issue of 1,000,000 ordinary shares at RM3 per share. - The sale of some surplus plant. The plant had cost RM2,000,000 and had a carrying value of RM200,000. The sale proceeds of RM300,000 had been credited to the suspense account but no other entries have been made. v- A review of the trade receivables total RM13,800,000 showed that it is necessary to write off debts totaling RM400,000 and that the allowance for doubtful debts should be adjusted to 2 percent of the remaining trade receivables. vi- At 30 November x16, the cost of unsold inventory is RM5,000,000 but its net realizable value is RM4,800,000. Required: In compliance with the requirements of MFRS 101 Presentation of Financial Statements, prepare for Syarikat Duku Bhd: a- The statement of profit or loss and comprehensive income for the year ended 30 November 16 (expenses are to be classified according to function). (8.5 marks)
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