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ACT3101 CONFIDENTIAL QUESTION 4 (30 Marks) The account balances of Desaria Bhd on 1 January 2018 are as shown below: Account Credit (RM) 50,000 Land Machinery Inventory Trade Receivables Prepaid Insurance Debit Account (RM) 400,000 Accumulated Depreciation - Machinery 250,000 Trade Payables 280,360 Non-trade Payables 458,320 Allowance for Doubtful Debts 130,000 Share Capital - Ordinary 127,676 Retained Earnings 1,646,356 Total 380,940 42,500 22,916 800,000 350,000 1,646,356 Cash Total Desaria Bhd uses the periodic inventory system. The following information relates to the accounts of Desaria Bhd for the financial year 2018: No. 2 3 4 5. Information Purchases of merchandise on credit amounted to RM560,000. Sales on credit amounted to RM980,500. Payment of the trade payables amounted to RM438,120. Collection of the trade receivables amounted to RM820,000 Full settlement was made for the non-trade payables. The following adjustments need to be considered in the preparation of financial statements as at 31 December 2018: No. Transactions 1 Half of the prepaid insurance has expired. 2. The estimated bad debts expense is 5% of account receivables. 3. A physical count of inventory on 31 December 2018 revealed that the company had inventory on hand amounted to RM380,790. The net realizable value of inventory on 31 December 2018 is RM472,350. Shareholders approved the proposed final dividend which is 20% of ordinary share capital at the annual general meeting held on 30 December 2018. Required: a) Prepare adjusting journal entries as at 31 December 2018 for the FOUR (4) transactions above. Show all workings. (9 marks) 4. b) Prepare the following ledger accounts: i. Trade Receivables ii. Allowance for Doubtful Debts iii. Trade Payables iv. Non-trade Payables (7 marks) c) Prepare the current assets (except for Cash' account) and current liabilities sections of the Statement of Financial Position as at 31 December 2018 for Desaria Bhd. (8 marks) 6/7