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QUESTION 1 Best Glove Berhad, a public company, closes its accounts on June 30 every year. The company reported the following unadjusted trial balance on June 30, 2020: Credit RM Debit RM 985 360 62.500 14.400 150.000 1 .220.150 12,150 178,550 13,810 144.000 $7,000 Property, plant and equipment Cash and cash equivalent Prepayment Patent Sales revenue Sales return Cost of sales Other income Inventory Trade receivables Allowance for doubtful account Unearned rent revenue Administrative expenses Other operating expenses Tax expense Trade payables Other payables 12% Long-term loan Ordinary share capital Retained earnings (as al 1/7/2019) Finance costs 6,400 7 200 123.000 57.300 22.900 80.500 19.000 100 000 880.000 1251500 5:00 12402.560 24024660 The following are yet to be adjusted as at year end June 30 2020, a. The inventory has a net realizable value of RMIBO 000 b. The unearned rent revenue recorded 3 months rent revenue collected in advance on 1 May 2020 c. It was determined that RM2,050 of customer balance is to be written oll at year end 2020. Acheque for RM900 is received from a customer whose account was written off in the previous accounting year, 2019. The company estimates 10% of outstanding trade receivable balance to be uncollectible in the current year d. Property, plant and equipment consists of dost (RM) Accumulated depreciation (RM) Freehold land Plant and machinery Building 250,000 86 500 800.000 31.140 120.000 1 Additional information regarding property, plant and equipment: Freehold land is revalued to RM330 000 11 Plant and machinery are depreciated at 20% per annum on diminishing balance method Building is depreciated at 5% per annum on straight line method. The entity charges depreciation of plant and machinery as cost of sales and depreciation of building as administrative expenses. e. The patent was acquired on July 1, 2019 and provide legal life of over 30 years. However, it is expected to benefit the company for only 15 years. f On May 31, 2020, the company declared a 3.5% dividend on ordinary shares payable on July 10, 2020 Required: Prepare: 1 Statement of profit or loss and other comprehensive income for the year ended June 30, 2020 2. Statement of changes in equity for the year ended June 30, 2020 3. Statement of financial position as at, June 30, 2020. (Total: 25 Marks)