Question 1 Below is the trial balance of Dynamic Sdn Bhd. as at 31 December 2016 Debit Credit RM RM Revenue 2,427,200 Inventories as at 1 Jan 2016 Raw material 60,000 Finish goods and work in progerss 1,068,600 Purchases of raw materials 606,800 Other income 135,900 Salaries 268,200 Utilities expenses 291,300 Maintenance expenses 209,600 Dividend paid 4,000 36,400 Freehold land 700,000 Building and equipment 592,600 Accumulated depreciation - Building and equipment 339,800 Intangible assets 121,400 Trade receivables 325,200 Cash and bank balances 242,700 Trade payables 230,600 Provisions and accruals 48,500 Ordinary shares of RM1 each, fully paid 619,200 Retained earnings as at 1 Jan 2016 512,100 Revaluation reserve 100,000 Long term loan 100,000 Deferred taxation 13,500 4,526,800 4,526,800 Tax paid Additional information 1) 2) 3) The company purchase a new motor vehicle on 1 January 2016 with a purchase price of RM100,000 and legal fees of 50,000. The motor vehicle needs to be depreciated using straight line method at the rate of 20% per annum. The amount of freehold land shown in the above trial balance is as at 31 December 2015. The freehold land has been revalued to RM900,000 by the professional valuer on 30 July 2016. One of the equipment which carrying amount is RM100,000 has been sold for RM70,000. Intangible asset included internally generated brand amounting RM1,000. Tax charge for the current year taxable profit is calculated to be RM50,000. Increase in deferred tax liability by RM2,000. Closing inventory were RM240,000, comprise of RM100,000 for material and the balance is for finish good and work in progress. 5) 6) Required: a) Statement of profit or loss for the year ended 31 December 16 (expenses classify by nature) Statement of change in equity for the year ended 31 December 16 Statement of financial position as at 31 December 16. b)