Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hi expert, please help to solve this question and write the answer clearly step by step. Thank you for your support Lim Wood is a
hi expert, please help to solve this question and write the answer clearly step by step. Thank you for your support
Lim Wood is a publicly listed entity. Its financial statements for the year ended 31 March 2022 including comparatives are shown below: Notes: (i) On 1 July 2022, Lim Wood acquired an additional plant under a lease with an initial value of RM1.5 million. The right-of-use asset is included within property, plant and equipment. On this date it also revalued its property upwards by RM2 million and transferred RM650,000 of the resulting revaluation surplus this created to deferred tax. There were no disposals of noncurrent assets during the period. (ii) Depreciation of property, plant and equipment was RM900,000 and amortisation of the deferred development expenditure was RM200,000 for the year ended 31 March 2022. (iii)The 8% loan notes are repayable at a premium, giving them an effective rate of 10%. No loan notes were issued or redeemed during the year. (iv)RM 25,000 was credited to administrative expenses in respect of government grants during the year. Lim Wood is a publicly listed entity. Its financial statements for the year ended 31 March 2022 including comparatives are shown below: Notes: (i) On 1 July 2022, Lim Wood acquired an additional plant under a lease with an initial value of RM1.5 million. The right-of-use asset is included within property, plant and equipment. On this date it also revalued its property upwards by RM2 million and transferred RM650,000 of the resulting revaluation surplus this created to deferred tax. There were no disposals of noncurrent assets during the period. (ii) Depreciation of property, plant and equipment was RM900,000 and amortisation of the deferred development expenditure was RM200,000 for the year ended 31 March 2022. (iii)The 8% loan notes are repayable at a premium, giving them an effective rate of 10%. No loan notes were issued or redeemed during the year. (iv)RM 25,000 was credited to administrative expenses in respect of government grants during the yearStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started