INSTRUCTIONS This is a take home group assignment where you are to use basic Excel to solve the question This assignment contributes to 5 of your total marks Submit only one answer per group The answer must be submitted via Google Classroom by Friday, 30 th November 2020, 11 59 PM All members must participate in the discussion and preparation of the answer Discussion must be done in English as your group members are not only Malaysians Alam Damai Sdn Bhd has its accounting year ends on 30 June every year Below is the companys trial balance as at, 30 June 2020 Debit Credit RM RM Property, plant and equipment (net) 880,000 Inventory 45,800 Trade receivables 26,900 Cash and cash equivalent 78,600 Trade and other payables 32,500 Unearned sales revenue 21,600 5 Bank loan, short term 60,000 Share capital 400,000 Retained earnings (1 7 2019) 218,400 Revaluation reserve (1 7 2019) 200,000 Dividends 64,000 Sales 591,700 Cost of sales 214,700 Administrative expenses 132,900 Distribution expenses 117,300 Income tax expense 18,600 Other income 54,600 1,578,800 1,578,800 The transactions below have occurred during the year ended 30 June 2020 but have not been recorded RM 3,400 of other income has been earned in May 2020 but has not been recorded At the year end, income tax expense RM1,440 has not been recorded as it has not been paid yet RM 12,000 of the unearned sales revenue has been earned at, 30 June 2020 The bank loan was taken on 1 September 2019 Finance cost on the bank loan is accrued at, 30 June 2020 Property, plant and equipment consists of the following Cost Accumulated Depreciation RM RM Freehold land 420,000 Building 400,000 158,400 Machinery 388,000 169,600 1,208,000 328,000 The building is depreciated on straight line basis over its estimated useful life of 50 years The building is expected to have a scrap value of RM80,000 The machinery is depreciated using diminishing balance method of 20 on book value Depreciation of building is an administrative expense while depreciation of machinery is included in cost of sales In June 2020, the company acquired a franchise for RM60,000 In addition, the company incurred legal fee of RM2,400 during the acquisition Both are paid by cash but are unrecorded at year end The estimated useful life of the franchise is 12 years Amortisation of the franchise is calculated on a yearly basis and is included in cost of sales Required Prepare journal entries to record the above adjusting entries Prepare a statement of profit or loss and other comprehensive income and a statement of changes of equity for the year ended 30 June 2020, and a statement of financial position as at that date

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INSTRUCTIONS: This is a take-home group assignment where you are to use basic Excel to solve the question. This assignment contributes to 5% of your

INSTRUCTIONS:

This is a take-home group assignment where you are to use basic Excel to solve the question. This assignment contributes to 5% of your total marks.
Submit only one answer per group. The answer must be submitted via Google Classroom by Friday, 30^th November 2020, 11.59 PM
All members must participate in the discussion and preparation of the answer. Discussion must be done in English as your group members are not only Malaysians.

Alam Damai Sdn. Bhd. has its accounting year ends on 30 June every year. Below is the companys trial balance as at, 30 June 2020:

	Debit	Credit
	RM	RM
Property, plant and equipment (net)	880,000
Inventory	45,800
Trade receivables	26,900
Cash and cash equivalent	78,600
Trade and other payables		32,500
Unearned sales revenue		21,600
5% Bank loan, short term		60,000
Share capital		400,000
Retained earnings (1/7/2019)		218,400
Revaluation reserve (1/7/2019)		200,000
Dividends	64,000
Sales		591,700
Cost of sales	214,700
Administrative expenses	132,900
Distribution expenses	117,300
Income tax expense	18,600
Other income		54,600
	1,578,800	1,578,800

The transactions below have occurred during the year ended 30 June 2020 but have not been recorded:

RM 3,400 of other income has been earned in May 2020 but has not been recorded.
At the year end, income tax expense RM1,440 has not been recorded as it has not been paid yet.
RM 12,000 of the unearned sales revenue has been earned at, 30 June 2020.
The bank loan was taken on 1 September 2019. Finance cost on the bank loan is accrued at, 30 June 2020.
Property, plant and equipment consists of the following:

	Cost	Accumulated Depreciation
	RM	RM
Freehold land	420,000	-
Building	400,000	158,400
Machinery	388,000	169,600
	1,208,000	328,000

The building is depreciated on straight line basis over its estimated useful life of 50 years. The building is expected to have a scrap value of RM80,000.

The machinery is depreciated using diminishing balance method of 20% on book value.

Depreciation of building is an administrative expense while depreciation of machinery is included in cost of sales.

In June 2020, the company acquired a franchise for RM60,000. In addition, the company incurred legal fee of RM2,400 during the acquisition. Both are paid by cash but are unrecorded at year end. The estimated useful life of the franchise is 12 years. Amortisation of the franchise is calculated on a yearly basis and is included in cost of sales.

Required:

Prepare journal entries to record the above adjusting entries.
Prepare a statement of profit or loss and other comprehensive income and a statement of changes of equity for the year ended 30 June 2020, and a statement of financial position as at that date.