Required:

Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 and approved accounting standards:

1. Statement of Profit or Loss for Jaya Bhd for the year ended 31 December 2019.

(12 marks)

2. Statement of Changes in Equity for Jaya Bhd for the year ended 31 December 2019.

(4 marks)

3. Statement of Financial Position of Jaya Bhd as at 31 December 2019.

(A note on property, plant and equipment is required)

(14 marks)

[30 marks]

Question 1 1. Included in revenue is RM1.2 million for receipt that the company's auditors have advised is dividend received Jaya Bhd, a company supplying electronic widgets, is currently preparing its financial statements for the year ending 31 December 2019. Below is the trial balance as at 31 December 2019 2. The land is revalued every three years and the balance in the asset revaluation reserve is related to the previous year's revaluation. Current year revaluation showed a decrease of RM5,000,000 in the value of the land and this has not been recorded Credit RM Debit RM 34,000,000 30,000,000 42,310,000 3. It is the policy of the company to depreciate its building over 50 years on a yearly basis Plant and equipment are depreciated over 10 years on a yearly basis. Depreciation expense is to be included as part of the administrative expenses 3,000,000 12,693,000 8,657,000 23,200.000 4. In addition to capitalized development cost of RM23.2 million, further Research and Development cost were incurred on a new project which commenced on 1 January 2019 The research stage of new project lasted until 31 May 2019 and incurred a cost of RM1.5 million. From that date, the project incurred development cost of RM800,000 per month The directors became confident that the project would be successful. The project is still in . development as at 31 December 2019 and the company haven't recorded this transaction yet Freehold land at valuation as at 1 January 2019 Building at costas at 1 January 2019 Plant and equipment at cost as at 1 January 2019 Accumulated depreciation as at 1 January 2019. Building Plant Investment property Capitalized development cost Ordinary shares capital Retained earnings as at 1 January 2019 Asset revaluation reserve 5% Debentures Trade receivables and payables Bank Inventories w Tax paid Cost of sales Rental income Sales revenue Dividend received Interim dividend Administrative expenses Distribution expenses Finance cost Accruals 94,000,000 17,700,000 4,000,000 10,000,000 1,240,000 5. The tax expense for the year was RM1,500,000 864.000 2,670.000 413 000 1,775,000 15,534 000 6. Company made a rights issue of 1 share for every 20 shares held on 31 December 2019 Al the shares were taken up by the shareholders. . 7. The investment property is measured based on the fair value model. The fair value is estimated at RM9,000,000 as at 31 December 2019. 900.000 38,614,000 48,000 1,575 000 15,418,000 5,331 000 500.000 52 000 182,247.000 182.247.000 Additional information: Question 1 1. Included in revenue is RM1.2 million for receipt that the company's auditors have advised is dividend received Jaya Bhd, a company supplying electronic widgets, is currently preparing its financial statements for the year ending 31 December 2019. Below is the trial balance as at 31 December 2019 2. The land is revalued every three years and the balance in the asset revaluation reserve is related to the previous year's revaluation. Current year revaluation showed a decrease of RM5,000,000 in the value of the land and this has not been recorded Credit RM Debit RM 34,000,000 30,000,000 42,310,000 3. It is the policy of the company to depreciate its building over 50 years on a yearly basis Plant and equipment are depreciated over 10 years on a yearly basis. Depreciation expense is to be included as part of the administrative expenses 3,000,000 12,693,000 8,657,000 23,200.000 4. In addition to capitalized development cost of RM23.2 million, further Research and Development cost were incurred on a new project which commenced on 1 January 2019 The research stage of new project lasted until 31 May 2019 and incurred a cost of RM1.5 million. From that date, the project incurred development cost of RM800,000 per month The directors became confident that the project would be successful. The project is still in . development as at 31 December 2019 and the company haven't recorded this transaction yet Freehold land at valuation as at 1 January 2019 Building at costas at 1 January 2019 Plant and equipment at cost as at 1 January 2019 Accumulated depreciation as at 1 January 2019. Building Plant Investment property Capitalized development cost Ordinary shares capital Retained earnings as at 1 January 2019 Asset revaluation reserve 5% Debentures Trade receivables and payables Bank Inventories w Tax paid Cost of sales Rental income Sales revenue Dividend received Interim dividend Administrative expenses Distribution expenses Finance cost Accruals 94,000,000 17,700,000 4,000,000 10,000,000 1,240,000 5. The tax expense for the year was RM1,500,000 864.000 2,670.000 413 000 1,775,000 15,534 000 6. Company made a rights issue of 1 share for every 20 shares held on 31 December 2019 Al the shares were taken up by the shareholders. . 7. The investment property is measured based on the fair value model. The fair value is estimated at RM9,000,000 as at 31 December 2019. 900.000 38,614,000 48,000 1,575 000 15,418,000 5,331 000 500.000 52 000 182,247.000 182.247.000 Additional information