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Please help me .. Please safe me .. Please The following is the Trial Balance of Wallexpert Berhad as at 30 June 2020. Debit RM
Please help me .. Please safe me .. Please
The following is the Trial Balance of Wallexpert Berhad as at 30 June 2020. Debit RM Credit RM 552,040 166,040 36,500 129,340 85.940 3,600 40,000 100,000 65,000 72,000 Revenue Cost of sales Inventories as at 30 June 2020 Administrative expenses Selling and distribution expenses Dividend income (net) Tax paid 10% debentures Bank Trade receivables Specific allowance for doubtful debts as at 1 July 2019 Trade payables Property, plant and equipment Intangible assets Accumulated depreciation as at 30 June 2020 Property, plant and equipment Ordinary Share capital Retained profits Asset revaluation reserve Investment Interim dividend 2,000 58,000 893,900 64,600 39,300 600,000 370,000 80,000 250,000 1,620 1.804,940 1,804,940 The following information is also provided: 1. The items of property, plant and equipment including the freehold land and motor vehicles. During the year, freehold land which costs RM500,000 was revalued at RM630,000 and there is no record on this transaction. 2. Included in administrative expenses was depreciation expense related to motor vehicles amounting to RM9,000. The motor vehicles were meant to be used to deliver products to customers. 3. In December 2019, Wallexpert Berhad has been invited to promote their products in a live talk show. Products worth RM2,500 were taken from the store to be used during the promotion. This transaction has yet to be recorded. 4. Wallexpert Berhad confirms that RM7,200 cannot be collected from one of its customers due to financial difficulties. The company decides to write off the amount as bad debts. An allowance for doubtful debts is stated at RM3,240 as at 30 June 2020. 5. The company made a new issue of 150,000 ordinary shares at RMI each. The transaction was not recorded as at 30 June 2020. 6. The current year tax was estimated at RM65,000. 7. Interest on the 10% debentures was still outstanding. (a) Prepare the following financial statements: (i) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020. (10 marks) (ii) Statement of Changes in Equity for the year ended 30 June 2020. (7 marks) (ii) Statement of Financial Position as at 30 June 2020. (10 marks)
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