PART B-PROBLEM QUESTIONS Answering time: 10:00 AM - 1055 AM (58 minutes); Submission to be received by: 11.05 AM) QUESTION 1 Cantek Berhad is a retailer of beauty products. The company reported the following unadjusted trial balance on December 31, 2020: b. The bank loan was obtained on 1 April 2000 and finance costs is payable at 6% per year. The finance cost for 2000 remained unpaid and unrecorded on 31 December 2000 Debit Credit RM 6. It is the company's policy to provide depreciation annually on building and equipment held at the year-end. The company's depreciation policy is as follows: RM 32,000 95.000 3800 250,000 Amunt Rate Depreciation method Buildings 5% Straight line Equipment 10% Straight line 140,000 5.800 60,000 200,000 500,000 Depreciation expense is reorded under administrative expense. d. At year end, accounts receivable or RM3,000 was deemed uncollectible and must be writen off. It is estimated from experience that 4% of acount receivables is uncollectible at year end Cash Account receivable Allowance for subtful account 6% Long-term kan Inventory Supplies Intangible asset Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Accounts payable Other puyables Ordinary share capital Revaluation reserve Retained earnings Sales revenue Cost of goods sold Administrative expense Selling expense Income tax expense Other operating expenses 6. The land is to be revalued to RM300,000. The estimated economic life of the intangible asset which was acquired in 2000 is 15 years. On December 28, 2000, the company declared and approved an 8% dividend on ordinary shares, poyable on January 15, 2021 150,000 72.000 101,900 21.000 300,000 50,000 155.500 1.400,000 700,100 220,000 175,000 28,000 178,300 2.484,200 2,484200 Required: 1. Soumalize the above transactions, (a) 60 (1) 2. Prepare the following for Cartek Berhad 16 marks) Statement of profit or los for the year ended December 31, 2020, (10 marks) lil Statement of changes in equity for the year ended December 31, 2020, (4 marks) i. Statement of financial position as al, December 31, 2020. (10 marks) The following adjustments were unrecorded at year end December 31, 2020: 2. Supplies at year-end amounts to RM1,100. Supplies expense is treated as a selling expense (TOTAL: 30 MARKS