SU QUESTION 4 a) Use the following selected data about Comfort Bhd. and prepare the operating cash flows of the company for the year 2020. Balances Sheet Data Account receivables Equipment Bonds payable Salaries payable Prepaid expenses Inventories Account payable Accumulated depreciation Common stock Retained Earning Income Statement Data Net sales Cost of goods sold Operating expenses (excluding depreciation expense) Net Income Gain on sale of equipment (included in net income above) Amortization of bond discount (included in net income above) 2020 2019 RM RM 34,000 42,000 60,000 40,000 50,000 100,000 2,000 1,000 5,000 3,000 29,000 25,000 30,000 35,000 10,000 16,000 150,000 100,000 38,000 20,000 2020 390,000 300,000 64,000 10,000 2,000 1,500 (15 marks) Net Income Gain on sale of equipment (included in net income above) Amortization of bond discount (included in net income above) 10,000 2,000 1,500 (15 marks) b) On 1 April 2019, K plus Berhad, a newly incorporated company, was granted a concession by the Malaysian Government. Under this concession, K plus Berhad would design, build and operate a tolled motorway for 30 years, after which it will hand over the motorway to the government for RM1. K plus Berhad secured financing of RM200 million for the project on 4 June 2019, at which time it appointed professional consultants for the design and survey component of the project. The design work commenced on 1 July 2019 and construction began on 2 January 2020. Required: For each of the four dates referred to in the scenario, state (with reasons), whether that is (/is not) the date on which K plus Berhad recognises the revenue income Date Revenue Recognition Reason (Yes/No) 1 April 2019 4 June 2019 1 July 2019 2 January 2020 (10 marks) (Total: 25 marks) End of Page TBH 7/11 GL Resources Berhad Statements of Profit or Logo and Other Comprehensive bicome For The Year Ended 31 March 2020 Group 2020 2019 RM'000 RM'000 Company 2020 2019 RM 000 RM000 Note Revenue sale of goods dividend income 23 147,025 147,025 94,248 94,248 147,025 18,5411 94,248 13,548) Cost of sales Gross profit Administrative expenses Distribution costs Other expenses Other income Results from operating activities Finance costs Finance income Share of profits of equity-accounted associates, net of tax Profit before tax 4,155,826 112 4,155,938 13,329.7621 826,176 273,625) 1194,7251 134,793) 31,376 354,409 167,029) 8,781 3,619,053 151 3.619.204 12,932,284 686,920 1234,7791 1136,6491 148,922) 46,205 312,775 160,6991 7,480 24 25 12611 16,674 152,897 139,2271 50,769 12,7721 12,588 100,516 136,224) 36,973 26 10,778 306,939 12,798 272,354 164,439 101,265 TOOM (194.725) (34,793) 31,376 354,409 167,029) 8,781 1136,649) 148,922) 46,205 312,775 160,699) 7.480 24 (261) 14,674 152,897 (39,227) 50,769 12,772) 12,588 100,516 (36,224) 36,973 25 26 10,778 306,939 167,972) 238,967 12,798 272,354 146,888] 225,466 27 164,439 (102) 164,337 101,265 (87) 101,178 Distribution costs Other expenses Other income Results from operating activities Finance costs Finance income Share of profits of equity-accounted associates, net of tax Profit before tax Tax expense Profit for the year Other comprehensive (expensel/income, net of tax Items that are or may be reclassified subsequently to profit or loss Foreign currency translation differences for foreign operations Share of loss of equity-accounted associates Cash flow hedge Total other comprehensive fexpensel/income for this year, net of tax Total comprehensive income for the year 146,665) 6,718 12,096) 126,424) 11,623) 12.341) 124,199) (2,229) 175,185) 2.754 (24.1991 12,229) 163,782 228,220 140,138 98,949 Statements of profit or loss and other comprehensive income for the year ended 31 March 2020 (continued) Group 2020 2019 RM'000 RM'000 Company 2020 2019 RM'000 RM8000 Note Profit attributable to: Owners of the Company Non-controlling interests Profit for the year 164,337 101,178 239,362 (395) 238,967 216,779 8,687 225,466 164,337 101,178 Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the year Basic earnings per ordinary share (sen) 140,138 98.949 167,797 14,015) 163,782 15 219.155 9.065 228.220 13 140.138 98.949 28 Statements of Financial Position A8 AT 31 March 2020 Group 2019 2020 RM000 Company 2020 2019 RM 000 RM'000 Note RM'000 3 1,961,370 34 58 4 2,006,422 366,200 21.013 Assets Property, plant and equipment Right-of-use assets Investment properties Prepaid lease payments Intangible assets Investment in subsidiaries A Investment in associates Deferred tax assets Other receivables Total non-current assets 5 6 7 21.980 54,122 10,416 10,092 1,310,633 8 9 1,211,786 10 142,175 9,621 15,544 2,571,067 138,856 12,802 11,851 2,211,397 11 437,688 1,748,355 302.900 1.514.744 12 13 Biological assets Inventories Current tax assets Trade and other receivables Prepayments and other assets 186,368 496,347 13,541 415,779 65,603 184,451 572,845 29,336 378,054 11 102,577 1,740 948 112,287 1,411 37,367 10 Deferred tax assets Other receivables Total non-current assets 11 9,621 15,544 2,571,067 12,802 11,851 2,211,397 437,688 1,748,355 302,900 1.514,744 12 13 Biological assets Inventories Current tax assets Trade and other receivables Prepayments and other assets Derivative financial assets Cash and cash equivalents 11 948 112,287 1.411 14 15 16 186,368 496,347 13,541 415,779 65,603 4.929 308.200 1.490,767 4,545 1,495,312 4,066,379 184,451 572,845 29,336 378,054 37,367 298 261,368 1,463,719 8,545 1,472,264 3,683,661 102,577 1,740 4,547 30,051 138.915 23,610 138,256 17 Assets classified as held for sale Total current assets Total assets 138,915 1,887,270 138,256 1.653,000 Equity Share capital Reserves Equity attributable to owners of the Company 620,025 1,397,491 2,017,516 620,025 1,315,017 1.935,042 620.025 316,831 936,856 620.025 249.703 869,728 18 Statements of financial position as at 31 March 2020 (continued) Group 2020 RM'000 2019 RM"000 Company 2020 2019 RM 000 RM 000 Note 19 590,013 633,523 516,630 Liabilities Loans and borrowings Lease liabilities Other payables Employee benefits Deferred tax liabilities Total non-current liabilities 20 21 650,361 129,035 972 8,178 110,060 898,606 498 7,357 105,633 703,501 10 633,523 516,630 19 596,638 244,682 212,384 67.169 41.232 Loans and borrowings Lease liabilities Trade and other payables Contract liabilities Derivative financial liabilities Current tax liabilities Total current liabilities Total liabilities Total equity and liabilities 20 22 15 655,482 19,243 368,114 13,077 7,834 13,009 1,076,759 1.975,365 4,066,379 13,026 330,087 25,704 13.030 355 965,814 1,669.315 3,683,661 4,998 42 316,891 950.414 1,887,270 266,642 783.272 1,653,000