Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me. i need asap Below is the Statement of Profit or Loss of Manong Berhad for the year ended 31 December 2020 and
please help me. i need asap Below is the Statement of Profit or Loss of Manong Berhad for the year ended 31 December 2020 and Statement of Financial Position as at 31 December 2019 and 2020. Manong Berhad Statement of Profit or Loss for the year ended 31 December 2020 RM RM Sales 9,145,000 Cost of goods sold 4,131,250 Gross Profit 5,013,750 Gain on sale of plant and equipment 100,000 Investment Income 71,250 Less: Expenses Wages and salaries 876,250 Loan interest 37,500 Other expenses 1.217.500 (2.131.250 Net profit before tax 3,053,750 Less: Taxation (1.125,000) Net profit after tax 1.928.750 Manong Berhad Statement of Financial Position as at 31 December 2019 2020 RM RM Issued Share Capital: Ordinary Share 6,250,000 8,250,000 7% Preference Shares 1,250,000 1,250,000 Reserves Asset Revaluation Reserve Retained Earnings 1,500,000 775,000 2,572,500 Liabilities Bank loan Bank Overdraft Account Payables Tax Payables Accrued loan interest 1,312,500 806,250 531,250 150,000 30,000 500,000 7,500 520,000 125,000 25,000 11,105,000 14,750,000 Non-Current Assets Land and building Motor Vehicles Accumulated depreciation Plant and equipment Accumulated depreciation Long-term investments Intangible Assets Goodwill 5,000,000 9,000,000 825,000 700,000 (82,500) (100,000) 1,625,000 1,375,000 (325,000) (250,000) 1,625,000 1,250,000 225,000 225,000 Current Assets Inventories Account receivables Prepaid salaries and wages Cash in hand 205,000 238,750 891,250 951,250 115,000 123,750 1,001,250 1,236,250 11,105,000 14,750,000 Additional Information: 1. Included in the other expenses were depreciation for plant and equipment of RM50,000 and depreciation for motor vehicle of RM37,500. 2. During the year, a plant and equipment was purchased for RM250,000. 3. A motor vehicle was sold during the year for RM105,000. No purchase of motor vehicles were made during the year. 4. Land was revalued with a surplus on revaluation of RM1,500,000. 5. Part of the long-term investments was sold at cost. 6. The increase in ordinary shares capital was due to the issue of new shares at par. 7. Dividend paid during the year was RM131,250. Required: Prepare a Statement of Cash Flow for Manong Berhad for the year ended 31 December 2020 by using the direct method. (25 marks)
please help me. i need asap
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started