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Please help me urgent. i will give good rating The following is the Trial Balance of Happymarket Berhad as at 31 December 2020 Debit RM
Please help me urgent. i will give good rating
The following is the Trial Balance of Happymarket Berhad as at 31 December 2020 Debit RM Credit RM 2,425,500 978,750 133,750 162,450 65,250 22,500 540,700 338,300 200,000 290,700 Sales revenue Cost of sales Distribution expenses Administrative expenses Dividend paid Interest on loan Bank Trade receivables and payables 4% fixed deposits Ordinary share capital Preference share capital Revaluation reserves Retained profits as at 1 January 2020 Tax paid Loan Freehold land Building at cost Plant and machinery at cost Motor vehicles at cost Accumulated depreciation as at 1 January 2020: Building Plant and machinery Motor vehicles Inventories as at 31 December 2020 (at cost) Allowance for impairment of trade receivables as at 1 January 2020 2,000,000 300,000 190,000 491,250 96,000 300,000 2,100,000 975,000 450,000 225,000 117,000 225,000 151,200 206,150 3,200 6,493,850 6,493,850 Additional information: 1. The information related to the property, plant and equipment of Happymarket Berhad is as follows: i. On 1 September 2020, Happymarket Berhad purchased the following non-current assets by issuing cheque to CarMy Bhd Plant and machinery RM45,000 Motor vehicles RM24,000 ji. Freehold land was revalued to RM2,500,000. The management has agreed to incorporate this new value into the company's book. iii. Freehold land is not depreciated. Other property, plant and equipment are depreciated as follows on monthly basis: Building 2% on cost Plant and machinery 10% on cost Motor vehicles 20% on carrying value Depreciation for motor vehicles is treated as distribution costs while depreciation for other assets is treated as administrative expenses. 2. Provisions are made for: i. Auditor's fees of RM38,000. ii. 10% per annum interest charged on bank loan. iii. The fixed deposit was made on 2 April 2020. 3. On 14 December 2020, a customer was declared bankrupt and the outstanding amount of RM1,700 has to be written off as bad debts. Expected credit loss allowance of trade receivables at the year-end is RM6,732. 4. Tax expenses for the year was RM220,000. 5. As at 31 December 2020, closing inventory was written down to a net realizable value by RM16,150. a. Prepare the following financial statements: i. Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020. (8 marks) ii. Statement of Income for the year ended 31 December 2020. (4 marks) Statement of Financial Position as at 31 December 2020. (8 marks) b. Prepare a note on Property Plant and EquipmentStep by Step Solution
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