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Required: Prepare the following financial statements for Daisy Bhd in accordance to the MFRS101 Presentation of Financial Statements. a. Statement of Profit or Loss and

Required:

Prepare the following financial statements for Daisy Bhd in accordance to the MFRS101 Presentation of Financial Statements.

a. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December x19.

b. Statement of Changes in Equity for the year ended 31 December x9.

c. Statement of Financial Position as at 31 December x19.

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QUESTION 3 Daisy Bhd. has been listed on the Bursa Malaysia since year x9. It is a manufacture of home appliances.The following balances relates to Daisy Bhd at 31 December X19: Revenue Cost of sales Administrative expenses Distribution costs Finance expenses Dividend income Non-current assets-at cost Land Building Plant and machinery Accumulated depreciation at 31 Dec. X18 Building Plant and machinery Financial assets Inventory Trade receivables Bank Debit RM'000 600,000 1 10,000 124,000 400 200,000 380,000 157,600 8,400 30,000 38,000 18,200 Credit RM'000 1,100,000 2,240 50,000 72,000 Continued. . . Trade payables 24,000 Bank overdraft (unsecured) 12,000 Tax paid 20,000 Ordinary share capital 260,000 10% Redeemable preference shares 40,000 Retained prots 122,360 Deferred tax liability 4,000 1,686.600 1,686,600 The following notes are relevant: a. Revenue includes sales of RM30 million of maturing inventory to Lily Enterprise on 1 July x19. The cost of goods at the date of sale was RM20 million and Daisy Bhd has an option to repurchase these goods at any time within three years of the sale at a price of RM30 million plus accrued interest from the date of sale of 10% per annum. At 31 December x19, the option has not been exercised, but it is highly likely that it will be before the date lapses. b. 0n 1 July x19, the company issued at market price 20 million shares at RM4 each. c. At 31 December x19, a provision is required for directors' bonuses equal to 1% of revenue for the year. d. The tax paid account related to the tax paid during the year for the current year and under provision of previous year of RM2 million. The current year's tax expense was estimated to be RM38 million inclusive of an increase to deferred tax of RM6 million. e. On January x19, the directors of Daisy Bhd decided land and building should reect their market values. At that date, an independent valuer valued the land at RM300 million and the buildings at RM5 00 million and these valuations were expected by directors. The remaining life of buildings at that date was 25 years. Plant and machinery is depreciated at 20% per annum using the reducing balance method and time apportioned as appropriate. Depreciation is charged to cost of sales and no depreciation has been charged for the year ended 31 December x19

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