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(Total: 20 marks) QUESTION 3 A. Zamrud Bhd is a distributor of farm equipment. The financial year ended on 30 June 2018. The company has made decisions on the following issues: 1 . The company changed its inventory valuation method from weighted average to first in first out (FIFO). 2. balance. The company changed the depreciation method from straight line to reducing 3. The company increased the allowance for impairment of receivables by 2%. 4. The company has capitalised the maintenance cost of its motor vehicle. Required: State whether each situation above is a change in accounting policy, a change in accounting estimate or an error in accordance with MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors. (4 marks) Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL cn AC/DEC 2018/FAR270 B. On 1 July 2016, Permata Bhd bought four units of shop houses amounting to RM4,000,000. The company depreciated the building at the rate of 5% per annum on cost on a yearly basis. During the financial year ended 30 June 2018, the company carried out some extension to the building amounting to RM500,000. The amount was treated as a revenue expenditure. The matter was discovered on 1 June 2018. The current financial year ended on 30 June 2018. The opening balance of retained earnings on 1 July 2017 was RM1,500,000. Required: a Discuss the accounting treatment of the above situation in accordance with MERS 108 Accounting Policies, Changes in Accounting Estimates and Errors. (4 marks) b. Calculate the amount of depreciation on the building that was wrongly charged by the company for the year ended 30 June 2017. (3 marks) C. Prepare journal entries required to rectify the above error for the year ended 30 June 2018. (6 marks) d. Calculate the restated balance of retained earnings on 1 July 2017