QUESTION 1

The management of Bidin Bhd has asked you to prepare their financial statement for the year ended 31 June 2019. The companys Trial Balance as at that is as follow:

Trial Balance of Bidin Bhd as at 31 June 2019

	RM000	RM000
Ordinary share capital		12,000
Retained earnings		9,345
Property, plant and equipment at cost	58,463
Property, plant and equipment Accumulated depreciation at 1 July 2018		27,974
Inventories as at 1 July 2018	5,456
Trade receivables	6,690
Trade payables		3,348
Accruals		387
7% bank loan repayable 2024		16,000
Bank	1,184
Sales		50,875
Purchases	35,245
Return inwards	678
Return outwards	453
Depreciation expenses	4,152
Distribution expenses	6,654
Bank interest	560
Final dividend for year ended 31 Jun 2018	700
Interim dividend for year ended 31 Jun 2019	600
	120,382	120.382

Additional information:

1. The sales figure in the trial balance does not include the credit sales for June 2019 of RM3,564,000
2. The inventories at the close of business on 31 June 2019 cost RM9,786,000.
3. Goods for resale costing RM127,000 purchased on two months credit in June 2019 were returned to the supplier on 30 June 2019. No entries have been made in the accounts in the trial balance.
4. The company paid RM48,000 insurance costs in February 2019, which covered the period from 1 March 2019 to 28 February 2020. This was included in administrative expenses
5. Depreciation of 10% on cost applies to property, plant and equipment (PPE) and is to be charged to administrative expenses.
6. Interest on the bank loan for the last six (6) months of the year has not been included in the accounts in the trial balance.
7. The corporate tax charge for the year has been calculated as RM1,254,000

Required:

From the information given, draft the statement of profit or loss and other comprehensive income for the year ended 31 June 2019 and the statement of financial position as at that date.