Question 6 The Trial Balance of Supercomfort Sdn. Bhd. at 30 June 2020 is given as follows: DR CR RM RM 50,000 Share capital Inventory at 30 June 2019 Trade receivables Trade payables 10% debentures 38,295 26,890 12,310 20,000 Revaluation reserve 16,000 Retained earings 3,940 1,000 35,000 28,500 Debenture interest Equipment at cost Motor vehicles at cost Bank Cash in hand Sales 3,619 180 99,500 Purchases 68,600 Returns 1,150 2,250 Carriage inwards 240 11,000 Wages & salaries Rent, assessment and insurance 5,170 Discounts 1.246 840 Directors remuneration 2,500 Accumulated depreciation - Equipment 8,400 Motor vehicles 10,350 223,390 223,390 The following information as at 30 June 2020 are as follows: 1 Inventory at 30 June 2020 is valued at RM49,371. The share capital consisted of 25,000 ordinary shares and 25,000 of 10% preference shares. The dividend on the preference shares was yet to be paid and a dividend of 20% on the ordinary shares was proposed. Rent of RM1,000 and directors' remuneration of RM2,500 are accrued. Insurance prepaid is RM300. . iv Depreciation on cost: Equipment 10%; Motor vehicles 20% V Vi Transfer to General Reserve RM1,000. Corporate tax is RM2,000 Required: Prepare the Statement of Comprehensive Income, and Statement of Financial Position as at 30 June 2020 for internal use. [30 marks] Question 7 Angry Chair Furniture Sdn Bhd commenced their business on 2 January 2020. The following is the data for the next four months January February March April Sales (units) 5 30 45 75 40 40 60 60 Production (units) Additional Information: 1. Standard selling price and cost per unit are as follows: RM 1,500 Selling price Materials 700 Labour 400 100 Variable overhead li iv. V. it Fixed overheads excluding depreciation is RM11,500 per month payable in the same month. Depreciation will be charged at RM1,500 per month Cash royalty payment for designer Rafie Ghani amounted to RM50 for each unit produced With effect from February, available factory space will be rented out at RM2,800 per month Purchase of plant and machinery amounted to RM100,000 and is to be payable in amounts of RM50,000 in February, RM25,000 in April and the balance in June. vi. The company's trade terms are Sales - 50% cash, the balance payable 2 months after invoice Materials - 10% cash, the remaining is payable 1 month later. Labour-cash. All other expenditures - 1 month credit. Vil A loan of RM150,000 is expected to be received in March and the repayment of RM2,000 per month will begin from April vel, Cash in hand as at 2 January 2020 is RM7,800. Required: . Prepare a cash budget for the FOUR (4) months from January to April 2020, showing clearly the balances at each month end. [30 marks)
