published account

published account

i want to know the statement of profit or loss

it is already based on the requirements but i would like want to have statement of financial position for this question. moreover, it has 2 question

For this question i need to have the statement of financial position based on the question and the additional information that need to be adjusted using MFRS standard. Thank u for your help.

QUESTION 1 Andromeda Bhd actively manufactures and sells electrical appliances for the local market. The company is currently preparing its financial statements for the year ended 30 June 2017. The directors authorised the financial statements for issue on 1 September 2017. Given below is the trial balance as at 30 June 2017 DR (RM) CR (RM) Ordinary share capital 76,825,000 Retained profits as at 1 July 2016 53,200,000 Interim ordinary dividend 500,000 10% Debentures 12,000,000 Sales revenue 129,280,000 Cost of sales 50,335,000 Investment income 65,000 Distribution costs 13,000,000 Staff salaries 1,754,000 Promotion costs 276,000 Administration expenses 28,000,000 Interest on debentures 1,200,000 Research and development 900,000 Property, plant and equipment at cost: Freehold land 53,900,000 Building 34,200,000 Plant and machinery 13,600,000 Accumulated depreciation as at 1 July 2016: Building 6,840,000 Plant and machinery 5,440,000 Inventories 22,175,000 Bank and cash balances 42,000,000 Trade receivables and payables 28,600,000 9,000,000 Allowance for impairment of trade receivables 300,000 Long term foreign loan 1,750,000 Tax paid for the year 3,700,000 Long-term investments 560,000 294,700,000 294,700,000 Additional information: 1. Included in the sales revenue was RM3,300,000 credit sales to a customer under sales or return agreement. The agreement will expire on 31 July 2017. The cost of the goods to Andromeda Bhd was RM2,200,000 In early March 2017, a natural disaster occurred causing damages to several sets of electrical appliances in the warehouse of Andromeda Bhd. Due to that unexpected incidence, the company's inventories which cost RM2,100,000 could only be sold for RM2,060,000 in the middle of July 2017 2. 3 During the current year, depreciation was to be provided as follows: Building 10% on cost Plant and machinery 20% on cost The freehold land was revalued to RM54,300,000 by an independent professional valuer as at 30 June 2017 On 15 December 2016, one of the technician staff was seriously injured in the workplace and consequently has sued Andromeda Bhd for compensation under the current health and safety legislation. Andromeda Bhd's lawyers believed that the staff's claim has a 60% chance of success. The lawyers estimated that, if successful, the claim would be settled at RM75,000 (including legal cost of RM25,000) by May 2018 4. a. 5. During the year, Andromeda Bhd decided to expand their business market internationally. For that reason, the company has acquired a long term foreign loan amounting to MZ500,000 on 1 August 2016 mainly to raise additional funds. The exchange rate on that date was RM3.50:M21.00 and the closing rate was RM3.20:M21.00 6. The tax charged for the year was determined to be RM3,600,000 Required: Prepare the following financial statements in a form suitable for publication in accordance with Companies Act 2016 and the relevant Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2017 (9 marks) Statement of Changes in Equity for the year ended 30 June 2017 (2 marks) Statement of Financial Position as at 30 June 2017 (9 marks) The following notes to accompany the above statements: Net profit before tax Property, plant and equipment (6 marks) (Total: 26 marks) b. C. d. ii. QUESTION 1 Blicking Heart Bhd was incorporated with an authorised capital of 70 million units of ordinary shares at RM1 each and 20 million units of 5% preference shares at RM2 each. Below is the trial balance of the company for accounting year ended 30 June 2016. The company board of directors authorised the financial statements for issue on 31 October 2016. DR (RM) CR (RM) Sales 42,500,000 Cost of sales 13,550,000 Ordinary shares 15,500,000 5% Preference shares 5,300,000 Staff salaries 3,900,000 Directors' remuneration 540,000 Advertisement 450,000 Trademark 75,000 Land 21,320,000 Building (cost) 11,000,000 Plant and machinery (cost) 3,500,000 Motor vehicles (cost) 2,320,000 Investment 4,500,000 Trade receivables 755,000 Trade payables 114,400 Accumulated depreciation as at 1 July 2015: Building 3,600,000 Plant and machinery 120,000 Motor vehicles 665,000 Inventories as at 30 June 2016 4,544,000 Audit fees 30,000 General expenses 40,000 4% Debentures 120,000 Long term loan from BY Bank of Singapore 4,900,000 Income from investment 465,000 Bank 7,000,000 Tax paid for the year 485,000 Retained earnings as at 1 July 2015 500,000 Share premium 420,000 Interim dividend -5% Preference shares 125,000 Interim dividend - Ordinary shares 68,000 Interest on debentures 2,400 74.204.400 74,204,400 1. 2. 4 5. Additional information: A bill and hold sales item amounting to RM60,000 made on 4 June 2016 was not recorded in the books. The customer has not made any payments for the goods. However, it is assumed that the closing inventory had excluded this item accordingly. Depreciation for non-current assets are as follows: Building RM20,000 Plant and machinery RM35,000 Motor vehicles RM32,000 (to be treated as distribution expenses) As at 30 June 2016, the land was revalued to RM25,000,000 3 The tax expense for the year was RM350,000. A long term loan worth of SD1,960,000 was obtained from BY Bank of Singapore on 6 January 2016. The spot rate on that date was RM2.50:SD1 and on 30 June 2016 RM2.85:SD1 On 7 July 2016, the company discovered that rates and assessment amounting RM5,000 for year ended 30 June 2015 was not yet recorded in the books and is still outstanding. Rates and assessment amounting to RM6,000 for year ended 30 June 2016 are also still outstanding. Required: Prepare the following financial statements in a form suitable for publication and in compliance with the Company's Act 1965 (as amended) and related to Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2016 (10 marks) Statement of Changes in Equity for the year ended 30 June 2016 (2 marks) Statement of Financial Position as at 30 June 2016 (6 marks) The following notes to accompany the above statements: Net profit before tax ii. Property, plant and equipment (8 marks) (Total: 26 marks) a. b. C. d. i. QUESTION 1 Andromeda Bhd actively manufactures and sells electrical appliances for the local market. The company is currently preparing its financial statements for the year ended 30 June 2017. The directors authorised the financial statements for issue on 1 September 2017. Given below is the trial balance as at 30 June 2017 DR (RM) CR (RM) Ordinary share capital 76,825,000 Retained profits as at 1 July 2016 53,200,000 Interim ordinary dividend 500,000 10% Debentures 12,000,000 Sales revenue 129,280,000 Cost of sales 50,335,000 Investment income 65,000 Distribution costs 13,000,000 Staff salaries 1,754,000 Promotion costs 276,000 Administration expenses 28,000,000 Interest on debentures 1,200,000 Research and development 900,000 Property, plant and equipment at cost: Freehold land 53,900,000 Building 34,200,000 Plant and machinery 13,600,000 Accumulated depreciation as at 1 July 2016: Building 6,840,000 Plant and machinery 5,440,000 Inventories 22,175,000 Bank and cash balances 42,000,000 Trade receivables and payables 28,600,000 9,000,000 Allowance for impairment of trade receivables 300,000 Long term foreign loan 1,750,000 Tax paid for the year 3,700,000 Long-term investments 560,000 294,700,000 294,700,000 Additional information: 1. Included in the sales revenue was RM3,300,000 credit sales to a customer under sales or return agreement. The agreement will expire on 31 July 2017. The cost of the goods to Andromeda Bhd was RM2,200,000 In early March 2017, a natural disaster occurred causing damages to several sets of electrical appliances in the warehouse of Andromeda Bhd. Due to that unexpected incidence, the company's inventories which cost RM2,100,000 could only be sold for RM2,060,000 in the middle of July 2017 2. 3 During the current year, depreciation was to be provided as follows: Building 10% on cost Plant and machinery 20% on cost The freehold land was revalued to RM54,300,000 by an independent professional valuer as at 30 June 2017 On 15 December 2016, one of the technician staff was seriously injured in the workplace and consequently has sued Andromeda Bhd for compensation under the current health and safety legislation. Andromeda Bhd's lawyers believed that the staff's claim has a 60% chance of success. The lawyers estimated that, if successful, the claim would be settled at RM75,000 (including legal cost of RM25,000) by May 2018 4. a. 5. During the year, Andromeda Bhd decided to expand their business market internationally. For that reason, the company has acquired a long term foreign loan amounting to MZ500,000 on 1 August 2016 mainly to raise additional funds. The exchange rate on that date was RM3.50:M21.00 and the closing rate was RM3.20:M21.00 6. The tax charged for the year was determined to be RM3,600,000 Required: Prepare the following financial statements in a form suitable for publication in accordance with Companies Act 2016 and the relevant Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2017 (9 marks) Statement of Changes in Equity for the year ended 30 June 2017 (2 marks) Statement of Financial Position as at 30 June 2017 (9 marks) The following notes to accompany the above statements: Net profit before tax Property, plant and equipment (6 marks) (Total: 26 marks) b. C. d. ii. QUESTION 1 Andromeda Bhd actively manufactures and sells electrical appliances for the local market. The company is currently preparing its financial statements for the year ended 30 June 2017. The directors authorised the financial statements for issue on 1 September 2017. Given below is the trial balance as at 30 June 2017 DR (RM) CR (RM) Ordinary share capital 76,825,000 Retained profits as at 1 July 2016 53,200,000 Interim ordinary dividend 500,000 10% Debentures 12,000,000 Sales revenue 129,280,000 Cost of sales 50,335,000 Investment income 65,000 Distribution costs 13,000,000 Staff salaries 1,754,000 Promotion costs 276,000 Administration expenses 28,000,000 Interest on debentures 1,200,000 Research and development 900,000 Property, plant and equipment at cost: Freehold land 53,900,000 Building 34,200,000 Plant and machinery 13,600,000 Accumulated depreciation as at 1 July 2016: Building 6,840,000 Plant and machinery 5,440,000 Inventories 22,175,000 Bank and cash balances 42,000,000 Trade receivables and payables 28,600,000 9,000,000 Allowance for impairment of trade receivables 300,000 Long term foreign loan 1,750,000 Tax paid for the year 3,700,000 Long-term investments 560,000 294,700,000 294,700,000 Additional information: 1. Included in the sales revenue was RM3,300,000 credit sales to a customer under sales or return agreement. The agreement will expire on 31 July 2017. The cost of the goods to Andromeda Bhd was RM2,200,000 In early March 2017, a natural disaster occurred causing damages to several sets of electrical appliances in the warehouse of Andromeda Bhd. Due to that unexpected incidence, the company's inventories which cost RM2,100,000 could only be sold for RM2,060,000 in the middle of July 2017 2. 3 During the current year, depreciation was to be provided as follows: Building 10% on cost Plant and machinery 20% on cost The freehold land was revalued to RM54,300,000 by an independent professional valuer as at 30 June 2017 On 15 December 2016, one of the technician staff was seriously injured in the workplace and consequently has sued Andromeda Bhd for compensation under the current health and safety legislation. Andromeda Bhd's lawyers believed that the staff's claim has a 60% chance of success. The lawyers estimated that, if successful, the claim would be settled at RM75,000 (including legal cost of RM25,000) by May 2018 4. a. 5. During the year, Andromeda Bhd decided to expand their business market internationally. For that reason, the company has acquired a long term foreign loan amounting to MZ500,000 on 1 August 2016 mainly to raise additional funds. The exchange rate on that date was RM3.50:M21.00 and the closing rate was RM3.20:M21.00 6. The tax charged for the year was determined to be RM3,600,000 Required: Prepare the following financial statements in a form suitable for publication in accordance with Companies Act 2016 and the relevant Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2017 (9 marks) Statement of Changes in Equity for the year ended 30 June 2017 (2 marks) Statement of Financial Position as at 30 June 2017 (9 marks) The following notes to accompany the above statements: Net profit before tax Property, plant and equipment (6 marks) (Total: 26 marks) b. C. d. ii. QUESTION 1 Blicking Heart Bhd was incorporated with an authorised capital of 70 million units of ordinary shares at RM1 each and 20 million units of 5% preference shares at RM2 each. Below is the trial balance of the company for accounting year ended 30 June 2016. The company board of directors authorised the financial statements for issue on 31 October 2016. DR (RM) CR (RM) Sales 42,500,000 Cost of sales 13,550,000 Ordinary shares 15,500,000 5% Preference shares 5,300,000 Staff salaries 3,900,000 Directors' remuneration 540,000 Advertisement 450,000 Trademark 75,000 Land 21,320,000 Building (cost) 11,000,000 Plant and machinery (cost) 3,500,000 Motor vehicles (cost) 2,320,000 Investment 4,500,000 Trade receivables 755,000 Trade payables 114,400 Accumulated depreciation as at 1 July 2015: Building 3,600,000 Plant and machinery 120,000 Motor vehicles 665,000 Inventories as at 30 June 2016 4,544,000 Audit fees 30,000 General expenses 40,000 4% Debentures 120,000 Long term loan from BY Bank of Singapore 4,900,000 Income from investment 465,000 Bank 7,000,000 Tax paid for the year 485,000 Retained earnings as at 1 July 2015 500,000 Share premium 420,000 Interim dividend -5% Preference shares 125,000 Interim dividend - Ordinary shares 68,000 Interest on debentures 2,400 74.204.400 74,204,400 1. 2. 4 5. Additional information: A bill and hold sales item amounting to RM60,000 made on 4 June 2016 was not recorded in the books. The customer has not made any payments for the goods. However, it is assumed that the closing inventory had excluded this item accordingly. Depreciation for non-current assets are as follows: Building RM20,000 Plant and machinery RM35,000 Motor vehicles RM32,000 (to be treated as distribution expenses) As at 30 June 2016, the land was revalued to RM25,000,000 3 The tax expense for the year was RM350,000. A long term loan worth of SD1,960,000 was obtained from BY Bank of Singapore on 6 January 2016. The spot rate on that date was RM2.50:SD1 and on 30 June 2016 RM2.85:SD1 On 7 July 2016, the company discovered that rates and assessment amounting RM5,000 for year ended 30 June 2015 was not yet recorded in the books and is still outstanding. Rates and assessment amounting to RM6,000 for year ended 30 June 2016 are also still outstanding. Required: Prepare the following financial statements in a form suitable for publication and in compliance with the Company's Act 1965 (as amended) and related to Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2016 (10 marks) Statement of Changes in Equity for the year ended 30 June 2016 (2 marks) Statement of Financial Position as at 30 June 2016 (6 marks) The following notes to accompany the above statements: Net profit before tax ii. Property, plant and equipment (8 marks) (Total: 26 marks) a. b. C. d. i. QUESTION 1 Andromeda Bhd actively manufactures and sells electrical appliances for the local market. The company is currently preparing its financial statements for the year ended 30 June 2017. The directors authorised the financial statements for issue on 1 September 2017. Given below is the trial balance as at 30 June 2017 DR (RM) CR (RM) Ordinary share capital 76,825,000 Retained profits as at 1 July 2016 53,200,000 Interim ordinary dividend 500,000 10% Debentures 12,000,000 Sales revenue 129,280,000 Cost of sales 50,335,000 Investment income 65,000 Distribution costs 13,000,000 Staff salaries 1,754,000 Promotion costs 276,000 Administration expenses 28,000,000 Interest on debentures 1,200,000 Research and development 900,000 Property, plant and equipment at cost: Freehold land 53,900,000 Building 34,200,000 Plant and machinery 13,600,000 Accumulated depreciation as at 1 July 2016: Building 6,840,000 Plant and machinery 5,440,000 Inventories 22,175,000 Bank and cash balances 42,000,000 Trade receivables and payables 28,600,000 9,000,000 Allowance for impairment of trade receivables 300,000 Long term foreign loan 1,750,000 Tax paid for the year 3,700,000 Long-term investments 560,000 294,700,000 294,700,000 Additional information: 1. Included in the sales revenue was RM3,300,000 credit sales to a customer under sales or return agreement. The agreement will expire on 31 July 2017. The cost of the goods to Andromeda Bhd was RM2,200,000 In early March 2017, a natural disaster occurred causing damages to several sets of electrical appliances in the warehouse of Andromeda Bhd. Due to that unexpected incidence, the company's inventories which cost RM2,100,000 could only be sold for RM2,060,000 in the middle of July 2017 2. 3 During the current year, depreciation was to be provided as follows: Building 10% on cost Plant and machinery 20% on cost The freehold land was revalued to RM54,300,000 by an independent professional valuer as at 30 June 2017 On 15 December 2016, one of the technician staff was seriously injured in the workplace and consequently has sued Andromeda Bhd for compensation under the current health and safety legislation. Andromeda Bhd's lawyers believed that the staff's claim has a 60% chance of success. The lawyers estimated that, if successful, the claim would be settled at RM75,000 (including legal cost of RM25,000) by May 2018 4. a. 5. During the year, Andromeda Bhd decided to expand their business market internationally. For that reason, the company has acquired a long term foreign loan amounting to MZ500,000 on 1 August 2016 mainly to raise additional funds. The exchange rate on that date was RM3.50:M21.00 and the closing rate was RM3.20:M21.00 6. The tax charged for the year was determined to be RM3,600,000 Required: Prepare the following financial statements in a form suitable for publication in accordance with Companies Act 2016 and the relevant Malaysian Financial Reporting Standards: Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2017 (9 marks) Statement of Changes in Equity for the year ended 30 June 2017 (2 marks) Statement of Financial Position as at 30 June 2017 (9 marks) The following notes to accompany the above statements: Net profit before tax Property, plant and equipment (6 marks) (Total: 26 marks) b. C. d