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The following trial balance was extracted from the books of Excelery Bhd as at 31 December 2020 Excelery Trial Balance as at 31 December 2020 Debit Credit RM'000 RM'000 Turnover 1.760,000 Inventory at 1 January 2020 20,000 Trade receivables and payables 120,000 110,000 Purchases 800,000 Administrative salaries 196,000 Selling and distribution expenses 130,000 Other expenses 11,000 Investment 468,000 Cash in hand and bank 21,000 Director's remuneration 68,000 Auditor's fees 6,000 Ordinary share capital - 800 million shares as at 1 800,000 January 2020 Retained profit as at 1 January 2020 184,000 5% debentures repayable in 10 years 280,000 Interim dividend paid 30,000 Debentures interest paid 12,000 Tax paid 130,000 Tax underprovided 4,000 Plant and machinery at cost 200,000 Building at cost 800,000 Freehold land 236,000 Accumulated depreciation as at 1 January 2020 Plant and machinery 40,000 Building 78,000 EAB 20703_Financial Accounting and Reporting 2 Page 2 of 7 SEPTEMBER 2020 CONFIDENTIAL 3,252,000 3,252,000 3,252,000 3,252,000 Additional information: 1. Included in the turnover is RM4 million for receipt that the company's auditor have advised are commission received. 2. A physical count of inventories at the end of financial year revealed inventory at a cost of RM30,000,000. However, inventory costing RM8,000,000 was damaged and it was estimated that it could be sold for RM6,000,000. 3. Depreciation is charged on the following asset: Plant and machinery : 10% on cost Building :5% on net book value Depreciation is charged as follows: Plant and machinery (cost of sales) Building (administrative expenses) 4. The income tax expense for the year is RM140,000 5. On 20 December 2020, the company proposed a final dividend of 5%. 6. Land was revalued during the year. The surplus on revaluation was RM3,000,000 7. At the end of the financial year, a bonus issue of 10,000,000 units was made. However, these shares are not ranked for the dividend. Required: (a) Prepare the statement of Profit or Loss and other comprehensive income for the year ended 31 December 2020. (15 marks) (b) Prepare the statement of changes in equity for the year ended 31 December 2020. (5 marks) (c) Prepare the statement of financial position as at 31 December 2020. (8 marks)