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Al Haramain a limited company, has an accounting year end at 31st December. The following trial balance was extracted on 31st December 2020. AL
Al Haramain a limited company, has an accounting year end at 31st December. The following trial balance was extracted on 31st December 2020. AL HARAMAIN Trial Balance as at 31st December 2020 Debit Credit RM RM Freehold land at cost 205,000 Building at cost 500,000 Plant & machinery at cost 240,000 Investments 36,000 Inventory as at 1st January 2020 33,000 Trade receivables & Trade payables 84,000 46,500 Cash at Bank & In Hand 10,500 Purchases & Turnover 312,000 651,200 Administrative expenses 90,000 Selling & distribution expenses 32,000 Other expenses 27,000 Accumulated depreciation as at 1st January 2020 Plant & machinery 72,000 Building 120,000 Provision for doubtful debts 4,800 Directors' emoluments 34,000 Auditors' fees 15,000 Ordinary share capital @RM2 each share 500,000 General reserve 40,000 Retained profits 96,000 10% Debentures 120,000 Interim dividends paid 20,000 Debenture interest paid 12,000 1,650,500 1,650,500 The following information is available: 1) 2) Closing inventories were valued at a cost of RM55,000. Provision for depreciation is to be made for: i. Plant & machinery 10% using reducing balance method ii. Buildings 5% on cost 3) Accrued directors' emoluments of RM50,000.
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