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Hi I need help solving this assignment as soon as possible (a) The financial year-end of Mercy Berhad is 31 March 2019. The financial statements

Hi I need help solving this assignment as soon as possible

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(a) The financial year-end of Mercy Berhad is 31 March 2019. The financial statements were audited and authorised to be issued on 30 April 2019. The following events which might impact the financial results were discovered before the release of the audited financial statements. (i) The company made a general bad debt provision of 4% on all its trade receivables. A customer, Imprest Sdn Bhd who owed the company RM75,600 was declared a bankrupt after its financial year-end. This was communicated to Mercy Berhad on 20 April 2019. (1i) A piece of land owned by the company will be compulsorily acquired by the Selangor government for a highway project. This news was received by the company from one of its customers on 8 April 2019. (iii) The net profit before tax of the company was RM2,250,000. After the audit, the net profit was finalised as RM2,340,000. The company has a bonus agreement where its employees are entitled to 6% of its net profits. Required: For each of the above events, describe the appropriate actions, compute the necessary workings and show the necessary journal entries with their narations based on MFRS110 Events After Reporting Period. (17 marks) (b) Marvin Berhad assembles and sells forklifts. In the current financial year ended 31 December 2019, the following independent events happened to the company: (i) The company gives warranty to replace free of charge any defective parts of the forklift during the warranty period of 2 years. (1i) Additionally, the company sells parts to retailers. These products are sold without any guarantee for product quality. However, the company has a policy of refunding purchases by dissatisfied customers, even though it is under no law to do so. Its policy of making refunds is generally known and it has in the past honoured such refunds. Required: Based on MFRS 137 Provisions, Contingent Liabilities and Contingent Assets, explain with reasons whether a provision is to be made in each of the above cases. (8 marks) [Total: 25 Marks]

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