Practice Question 11a Presentation of Financial Statements Love Berhad is a public listed company whose main activity is the retailing of fashion wear. The company has an authorized capital of RM50 million ordinary shares. The issued shares are all fully paid. Trial Balance as at 30 April 2017 RM 000 7000 Cost of sales Inventories as at 30 April 2017 Trade debtors Trade creditors 186 Cash at bank 105 Land at cost Building at cost Plant and machinery at cost 1,000 Accumulated depreciation as at 1 May 2016 Plant and machinery Selling and distribution Administrative expenses Debenture interest Interim dividends paid Investment in Quoted shares Investment in Unquoted shares 170 Loan stock investments. 130 Dividends from investments quoted shares Interest income Tax paid 10% Debenture 1.000 Ordinary shares Share premium 150 General reserve Retained profits as at 1 May 2016 Deferred tax Provision for retirement 20,555 20.555 Additional information The company uses the First In Finst Out (FIFO) basis to value its inventory The net realisable value of the closing inventory at 30 April 2017 is RM250,000. The closing inventory for the year ended 30 April 2016 was overstated by RM200,000. Ignore tax effects