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QUESTION 4 A. XYZ Berhad has share capit 5% preference shares of RMI each. Berhad has share capital of 400,000 ordinary shares of RM1 each

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QUESTION 4 A. XYZ Berhad has share capit 5% preference shares of RMI each. Berhad has share capital of 400,000 ordinary shares of RM1 each and 200,000, Additional information: a) The retained profits for the first three years of business ended 31 December are: 2016 RM109,670 2017 RM148,640 2018 RM158,220 b) Transfer to reserves are made as follows: 2016 Nil 2017 General reserve: RM10,000 2018 Non-current assets replacement reserve: RM22,500 c) Dividend are paid each year on the preference shares at 5% and on the ordinary shares at: 2016 2017 2018 10% 12.5% 15% Required: Prepare Statements of Retained Earnings for the year ended as at 31 December 2016, 2017 and 2018. T TT 191 . 1 B) The accounting records of Clay Ceramics Sdn Bhd included the following at 1 January 2018: Estimated warranty payable account 1 Jan Bal b/d 4,000 In the past, Clay's warranty expenses has been 8% of sales. During 2018, Clay made sales of RM136,000 and paid RM7,000 to satisfy warranty claims for the year. Required: a) Journalize Clay's warranty expense and warranty payments during 2018. Explanations are not required. [CLO2:PLO2:C3](4 marks) b) What is the balance of estimated warranty payable will Clay report on its Statement of Financial Position as at 31 December 2018. [CLO2:PL02:C3]

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