Question B Vaxneka Bhd was incorporated seven years ago. The principles activities are manufacturing and marketing sports equipment. The company issued ordinary and preference shares to sustain their business and remain as public listed. Some of the fund are also being finance by the debentures. The following is the trial balance of Vaxneka Bhd as at 31 December 2020. RM RM 5,000,000 700,000 130,000 2.453,550 730,000 450,000 300.000 1.645,500 22.000 50,000 2,500,000 ordinary share capital 700,000 3% preference share capital 100,000 2% redeemable preference shares Retained profit General reserve 5% debentures 250,000 treasury shares Sales Other income Investment income Cost of sales Administrative expenses Selling and distribution expense Sales commission Interest on debentures Interim dividend preference shares paid Directors' remuneration Audit fee Land and building (cost) Plant and equipment (cost) Furniture and fittings (cost) Accumulated depreciation as at 1 January 2020 Plant and equipment Furniture and fittings Fixed deposit Trademarks Inventories 750,000 250,500 130,000 10.000 13,500 10,500 64,500 12,000 3,700,000 5,500,000 350.000 770,000 140.000 400.000 150,000 125,000 2 Bank Trade receivables Trade payables Taxation paid 245,630 150,320 101,400 30,500 4. 5. 12,192,450 12,192,450 The following information were taken place during the year ended 31 December 2020 and no adjustment have been made during the year: 1. On 1 April 2020, the company issued additional 200.000 units of ordinary shares at RM2.50 per unit. All the issued shares were fully subscribed 2. The current year depreciation charge as follow: Plant and Equipment RM110,000 Fixtures & Fittings RM42.000 3. The company redeem all its 2% redeemable preferences shares using its retained earnings on 1 July 2020 On 1 November 2020, the company sold 60% of its treasury shares in the market at RM1.50 per share Part of the interest on debentures were still accrued as at the end of the year. 6. During the current year, the company incurred RM24,350 for its taxation 7. On 31 December 2020, the directors declared the following final dividend: 4% ordinary dividend on opening balance of ordinary shares 3% preferences dividend on opening balance of preference shares Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 (as amended) and related Malaysian Financial Reporting Standards (MFRS): Statement of Profit and Loss and Other Income for the year ended 31 December 2020 Statement of Changes in Equity for the year ended 31 December 2020; c. Statement of Financial Position as at 31 December 2020; and The following notes to accompany the financial statements: I. Property, plant and equipment; ii. Share capital (Show all workings) a b. d. Question B Vaxneka Bhd was incorporated seven years ago. The principles activities are manufacturing and marketing sports equipment. The company issued ordinary and preference shares to sustain their business and remain as public listed. Some of the fund are also being finance by the debentures. The following is the trial balance of Vaxneka Bhd as at 31 December 2020. RM RM 5,000,000 700,000 130,000 2.453,550 730,000 450,000 300.000 1.645,500 22.000 50,000 2,500,000 ordinary share capital 700,000 3% preference share capital 100,000 2% redeemable preference shares Retained profit General reserve 5% debentures 250,000 treasury shares Sales Other income Investment income Cost of sales Administrative expenses Selling and distribution expense Sales commission Interest on debentures Interim dividend preference shares paid Directors' remuneration Audit fee Land and building (cost) Plant and equipment (cost) Furniture and fittings (cost) Accumulated depreciation as at 1 January 2020 Plant and equipment Furniture and fittings Fixed deposit Trademarks Inventories 750,000 250,500 130,000 10.000 13,500 10,500 64,500 12,000 3,700,000 5,500,000 350.000 770,000 140.000 400.000 150,000 125,000 2 Bank Trade receivables Trade payables Taxation paid 245,630 150,320 101,400 30,500 4. 5. 12,192,450 12,192,450 The following information were taken place during the year ended 31 December 2020 and no adjustment have been made during the year: 1. On 1 April 2020, the company issued additional 200.000 units of ordinary shares at RM2.50 per unit. All the issued shares were fully subscribed 2. The current year depreciation charge as follow: Plant and Equipment RM110,000 Fixtures & Fittings RM42.000 3. The company redeem all its 2% redeemable preferences shares using its retained earnings on 1 July 2020 On 1 November 2020, the company sold 60% of its treasury shares in the market at RM1.50 per share Part of the interest on debentures were still accrued as at the end of the year. 6. During the current year, the company incurred RM24,350 for its taxation 7. On 31 December 2020, the directors declared the following final dividend: 4% ordinary dividend on opening balance of ordinary shares 3% preferences dividend on opening balance of preference shares Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 (as amended) and related Malaysian Financial Reporting Standards (MFRS): Statement of Profit and Loss and Other Income for the year ended 31 December 2020 Statement of Changes in Equity for the year ended 31 December 2020; c. Statement of Financial Position as at 31 December 2020; and The following notes to accompany the financial statements: I. Property, plant and equipment; ii. Share capital (Show all workings) a b. d