QUESTION 3: FINANCIAL ACCOUNTING & REPORTING MFRS16, MFRS108, MFRS123, MFRS136 & MFRS101 FANTASY Trial balance as at 31 Dec 2020 Dt RM Ct RM Ordinary share capital 240,000 Asset Revaluation reserve 16,000 Retained earning 63,256 5% Debentures 28,000 Sales 169,000 Cost of sales 69,310 Interim dividend paid 16,000 Administration expenses 31,025 Distribution expenses 28,331 Finance cost 1,900 Land 142,600 Building 90,650 Plant and equipment 53,430 Accumulated depreciation: Building 9,065 Plant and equipment 15,915 Investment property 86,628 Trade receivables & payables 4,184 1,152 Bank 16,680 Inventories 3,658 Tax payable 2,008 TOTAL 544,396 544,396 Additional Information: 1. The fair value of land as at 31st December 2020 is RM 150,000. The revaluations not yet recorded in the accounts at the year end. 2. On 1st Jan 2020, Fantasy Bhd entered into a 4-year operating lease agreement with Guni Bhd for a machine. The annual lease payment for the machine is RM 12,000, payable at the end of each lease year at an interest rate of 6%. The estimated useful life of the asset is 10 years. 151 CS CamScann