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Please solve this ASAP Q7 (20 marks) The following trial balance relates to Atlop Sdn Bhd at 31 March 2020: RM'000 RM'000 Ordinary share @
Please solve this ASAP
Q7 (20 marks) The following trial balance relates to Atlop Sdn Bhd at 31 March 2020: RM'000 RM'000 Ordinary share @ RM0.50 per share 70,000 Retained profit at 1 April 2019 11.200 Land and building at cost (land RM 100 milion) 60,000 (notei) Plant and equipment at cost (notei) 94,500 Accumulated depreciation at 1 April 2019: Building 20,000 - Plant and equipment 24,500 Inventories at 31 March 2020 43,700 Trade receivables 42,200 Bank 6.800 Deferred tax (note ii) 6,200 Trade payables 35.100 Revenue 550,000 Cost of sales 411,500 Distribution cost 21,500 Administrative expenses 30.900 Dividend paid 20,000 Bank interest 700 Current tax (note ii) 1,200 725,000 725,000 The following notes are relevant: i. Non current assets : On 1 April 2019, the director decided that the financial statements would show an improved position if land and building were revalued to market value. At the date, an independent valuer valued the land at RM12 million and the building at RM35 million and these valuations were accepted by the directors. The remaining life of the buildings at that date was 14 years. Atlop does not make a transfer to retained profit for excess depreciation. Ignore deferred tax on the revaluation surplus. Plant and equipment is depreciated at 20% per annum using the reducing balance method and time apportioned appropriate. All depreciation is charged to cost of sales but none has yet been charged on any non current asset for the year ended 31 March 2020. ii. Atlop estimates that an income tax provision of RM27.2 million is required for the year ended 31 March 2020 and at that date the liability to deferred tax is RM9.4 million. The movement on deferred tax should be taken to profit or loss. The balance on current tax in the trial balance represents the under/over provision of the tax liability for the year ended 31 March 2019. Required: a) Prepare the statement of profit or loss and other comprehensive income for Atlop for the year ended 31 March 2020. 17 marks) b) Prepare the statement of financial position of Atlop as at 31 match 2020. (10 marks) c) Prepare the changes on equity on related column onlyStep by Step Solution
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