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QUESTION 1 Eucalyptus Berhad, a limited company, closes its accounts on March 31 every year. The company reported the following unadjusted trial balance on March

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QUESTION 1 Eucalyptus Berhad, a limited company, closes its accounts on March 31 every year. The company reported the following unadjusted trial balance on March 31, 2017: Debit RM Credit RM 1,049,800 584,200 60,000 822,100 200,000 76,700 52,800 93,900 100,000 Revenue Cost of sales Intangible asset Property, plant and equipment (at book value) Long term investment Inventories Trade receivable (at realisable value) Cash and cash equivalent 6% Loan from bank 8% Note receivable Trade payable Administrative expenses Distribution expenses Income tax Prepaid insurance Income from investment Ordinary share capital Retained carnings (as on April 1, 2016) Dividend 30,000 75,600 183,900 86,900 9,600 5,000 80,200 500,000 442,400 42,900 2,248,000 2,248,000 The followings are yet to be adjusted as at year end: 1. The inventory has a net realisable value of RM75,000. 2. The loan from bank was obtained on October 1, 2016. No interest has been paid to date. 3. The note receivable was received on January 1, 2017. The amount duo, together with its interest, are to be received on June 30, 2017. 4. The prepaid insurance was paid on December 28, 2016, for 6 months beginning January 2017. Insurance is part of administrative expense. 5. Property, plant and equipment consists of: Accumulated Depreciation RM Freehold land Building Office oquipment Cost RM 400,000 350,000 305,000 105,900 127,000 Additional information regarding property, plant and equipment: a. Freehold land is revalued to RM480,000. b. Building is depreciated at 5% per annum on straight line method. c. Office equipment is depreciated at 20% per annum on diminishing balance method. 6. Intangible asset was acquired on April 1, 2016 and provide legal life over 15 years. However, it is expected to benefit the company only for 10 years. Required: Prepare statement of profit or loss and other comprehensive income, and statement of changes in equity for the year ended March 31, 2017, and statement of financial position as at that date. (TOTAL: 20 MARKS)

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