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Please help me . Sure will give upvote . Please help me . Please QUESTION 2 Premium One Bhd, a trader of stationery, was incorporated
Please help me . Sure will give upvote . Please help me . Please
QUESTION 2 Premium One Bhd, a trader of stationery, was incorporated in Malaysia with an authorized capital of RM200,000,000 consisting of 160,000,000 ordinary shares of RM1.00 each and 20,000,000 5% preference shares of RM2.00 each. The trial balance of Premium One Bhd for the year ended 31 December 2021 is as follows: RM RM 10,000,000 18,200,000 11,700,000 1,800,000 1,320,000 1,980,000 440,000 20,000,000 6,000,000 3,600,000 5,780,000 380,000 280,000 870,000 150,000 Freehold land at cost Building at cost Plant and equipment at cost Motor vehicles at cost Accumulated depreciation on 1 January 2021: Buildings Plant and equipment Motor vehicles Ordinary share capital 5% preference share capital Share premium Retained earnings as at 1 January 2021 Reserves Rental income Interim dividend - Ordinary Shares - Preference Shares Loan from BMMB 10% debentures Account Receivables Account Payables Sales Cost of sales Rental expenses Staff salaries Closing Inventories Cash at bank Debenture Interest Bank Loan Interest Administrative expenses Distribution costs Tax paid Dividend income Development cost 1,740,000 1,600,000 1,300,000 1,440,000 18,540,000 11,432,000 400,000 2,580,000 960,000 312,000 80,000 108,000 920,000 648,000 360,000 240,000 1,340,000 63,340,000 63,340,000 Additional information: 1. On 1 March 2021, inventories costing RM400,000 were damaged and had a net realizable value of RM300,000. 2. Sales does not include goods costing RM40,000 sold to a customer who had requested for the goods to be delivered on 2 January 2022. Goods sold were invoiced at RM100,000. 3. Freehold land and buildings are not depreciated. The company's policy is to provide depreciation as follows: Plant and equipment Building 5% on Motor vehicles 10% on cost (charged as selling and distribution expenses) 30% un cost charged as administrative expenses) 4. The directors have decided to transfer to general reserve RM1,000,000. 5. Tax expense for the year was RM400,000. 6. The company tables its annual report by 30 June every year. Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 (as amended) and approved relevant accounting standards for: a. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021. b. Statement of Changes in Equity for the year ended 31 December 2021. c. Statement of Financial Position as at 31 December 2021. d. Notes to the account for Property, Plant and Equipment to accompany the above statements. QUESTION 2 Premium One Bhd, a trader of stationery, was incorporated in Malaysia with an authorized capital of RM200,000,000 consisting of 160,000,000 ordinary shares of RM1.00 each and 20,000,000 5% preference shares of RM2.00 each. The trial balance of Premium One Bhd for the year ended 31 December 2021 is as follows: RM RM 10,000,000 18,200,000 11,700,000 1,800,000 1,320,000 1,980,000 440,000 20,000,000 6,000,000 3,600,000 5,780,000 380,000 280,000 870,000 150,000 Freehold land at cost Building at cost Plant and equipment at cost Motor vehicles at cost Accumulated depreciation on 1 January 2021: Buildings Plant and equipment Motor vehicles Ordinary share capital 5% preference share capital Share premium Retained earnings as at 1 January 2021 Reserves Rental income Interim dividend - Ordinary Shares - Preference Shares Loan from BMMB 10% debentures Account Receivables Account Payables Sales Cost of sales Rental expenses Staff salaries Closing Inventories Cash at bank Debenture Interest Bank Loan Interest Administrative expenses Distribution costs Tax paid Dividend income Development cost 1,740,000 1,600,000 1,300,000 1,440,000 18,540,000 11,432,000 400,000 2,580,000 960,000 312,000 80,000 108,000 920,000 648,000 360,000 240,000 1,340,000 63,340,000 63,340,000 Additional information: 1. On 1 March 2021, inventories costing RM400,000 were damaged and had a net realizable value of RM300,000. 2. Sales does not include goods costing RM40,000 sold to a customer who had requested for the goods to be delivered on 2 January 2022. Goods sold were invoiced at RM100,000. 3. Freehold land and buildings are not depreciated. The company's policy is to provide depreciation as follows: Plant and equipment Building 5% on Motor vehicles 10% on cost (charged as selling and distribution expenses) 30% un cost charged as administrative expenses) 4. The directors have decided to transfer to general reserve RM1,000,000. 5. Tax expense for the year was RM400,000. 6. The company tables its annual report by 30 June every year. Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 (as amended) and approved relevant accounting standards for: a. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021. b. Statement of Changes in Equity for the year ended 31 December 2021. c. Statement of Financial Position as at 31 December 2021. d. Notes to the account for Property, Plant and Equipment to accompany the above statementsStep by Step Solution
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