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(b) The following is the Trial Balance of Megah Berhad as at 31 December 2020: Debit Credit Particulars (RM) (RM) 550,000 Ordinary share capital 200,000
(b) The following is the Trial Balance of Megah Berhad as at 31 December 2020: Debit Credit Particulars (RM) (RM) 550,000 Ordinary share capital 200,000 8% Preference share Retained earnings 6% debentures Building Accumulated depreciation for building Vehicle Accumulated depreciation for vehicle Advertising Cash at bank Purchases and Sales Inventory (1 January 2020) Utility Salaries Tax paid for the current year Bank overdraft Debtors and Creditors Interim dividend - Preference share - Ordinary share 550,000 350,000 80,000 385,000 242,000 32,000 66,000 55,000 23,000 45,000 8,000 14,000 1,850,000 550,000 200,000 87,000 120,000 53,000 74,000 650,000 59,000 $7,000 1,850,000 Additional information: 1. Inventories as at 31 December 2020 were valued at RM16,000. 2. Depreciation for: i. Building -15% using reducing balance method. ii. Vehicle -10% using straight line method. 3. Prepaid advertising RM2,000. 4. Accrued salaries RM5,000. 5. The debenture interest has not been recorded yet. 6. An estimated corporate tax of RM15,000. You are required to report: i. The Statement of Comprehensive Income for the year ended 31 December 2020 for internal use. [5 marks] ii. The Statement of Changes in Equity for the year ended 31 December 2020. [5 marks] :) You are required to prepare Statement of Financial Position as at 31 December 2020 for internal use. [10 marks]
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