Soalan Question 2 All Berhad is a clothes manufacturer. The financial year end of All Berhad is on 31 December 2018. Presented below is a partial trial balance for All Berhad as at 31 December 2018 Tajuk Akaun/Account Title Debit/Debits Kredit/Credits RM RM 220,000 400,000 120,000 ? ? Inventori/Inventory Tunai dan tunai setara/Cash and cash equivalents Muhibah/Goodwill Land/Tanah Building/Bangunan Susut nilai terkumpul bangunan Accumulated depreciation for building Jualan belum diperoleh Unearned sales revenue Nota belum bayar/ Note payable Bank Loan/ Pinjaman bank 9% Bon / Bond ? 300,000 2,000,000 8,000,000 5,000,000 Additional information: (1) Ali Berhad's inventory balance on 31 December 2018 was RM220,000 (based on an inventory count undertaken on 31 December 2018). The following items were all excluded from the RM220,000. (0) Merchandise with the sales price of RM130,000 and merchandise cost of RM125,000 was shipped from Ali Berhad f.o.b shipping point to a customer on 27 December 2018. The customer is scheduled to receive the merchandise on 2 January 2019. () Merchandise shipped from Ali Berhad 1.0.b. destination on 31 December 2018 is expected to be received by the customer on 2 January 2019. The sales price was RM80,000 and the merchandise cost RM60,000. (ii) Merchandise shipped to Ali Berhad f.o.b shipping point on 31 December 2018 was received on 7 January 2019. The invoice cost was RM75,000. (2) RM300,000 of the cash balance above consists of cash restricted for future plant expansion (3) On 1 January 2018, a plant facility consisting of land and building was acquired from Irau Berhad for RM980,000. Currently, assessed values of land and building for property tax purposes are RM250,000 and RM750,000 respectively. The building is estimated to have a useful life of 30 years and a residual value of RM135,000. Ali Berhad uses straight line depreciation method. (4) 9% of Bonds with a principal of RM5,000,000 above were issued for RM5,000,000 on 30 June 2016. The Bond matures on 30 June 2036. Bondholders have the option of calling (demanding payment on the bonds at any time. However, the call option is not expected to be exercised given prevailing market conditions. (5) RM 400,000 of the Note payable amounting RM2,000,000 above is due in September 2019 The loan of RM8,000,000 above is due on 31 December 2035. On 1 July 2018, AN Berhad breached a covenant on its debt obligation and the loan becomes due on demand. Having convinced the bank that the covenant issue will resolved by the first quarter of 2019, Ali Berhad managed to obtain a waiver from the bank on 27 December 2018. (7) Unearned sales revenue will be earned equally over the next 15 months. Dikehendakl/Required: Based on the account balances from the partial trial balance and all the information given above and with reference to MFRS 101 - Presentation of Financial Statements, prepare a partial statement of financial position of Ali Berhad, showing the current asset, non current asset, current liabilities and non current liabilities section that should be presented at 31 December 2018. The accounts should be property classified between current assets, non current assets, current liabilities and non current liabilities, and appropriate disclosure note should be included to explain the classification of the item (1) to (7). Provide all clear supporting calculations. (Jumlah/Total: 18 markah/marks)
