Thank you in advance
SUSU SEGAR BERHAD Adjusted Trial Balance As at 31 December 2019 Description Debit (RM) Credit (RM) Non-current assets - at cost: Freehold land 6,250,000 Building 9,500,000 Equipment 3,750,000 Machinery 3,000,000 Accumulated depreciation: Building 570,000 Equipment 1,000,000 Machinery 900,000 Long term investment 6,435,875 Trademark 1,250,000 Computer software 1,950,750 Inventory 2,926,250 Trade receivables 1,726,250 Prepaid insurance 600,000 Bank 1,884,725 Allowance for doubtful debts 172,625 Long term borrowing 3,750,000 Deferred tax liability 1,250,000 Trade payables 1,850.900 Other payables 421,550 Accumulated amortization - Computer software 780,300 Share capital 7,500,000 Share premium 2,500,000 Retained profits 8,902,225 Sales revenue 25.849,375 Dividend income 1,851,600 Sales return and allowance 1,126,000 Cost of sales (Cost of goods sold) 8,657,113 Finance cost 426,000 Depreciation expense: Building 190.000 Equipment 250.000 Machinery 300,000 Amortisation expense: Computer software 390, 150 Insurance expense 300,000 Advertising expense 1,551,500 Salary and wages expense 1,750,000 Supplies expense 1,096.325 Utilities expense 1,151,325 Rent expense 750.000 Bad debt expense 86,313 Total 57,298,575 57,298.575Additional Information: Summary of transactions for the year 2020 are as follows: Property, Plant and Equipment (PPE) SUSU SEGAR BERHAD uses the straight line method for depreciation. The estimated annual depreciation expense for PPE are as follows: a. 2% of building. b. 10 % of machinery. c. 7% of equipment. On 1 January, 2020, SUSU SEGAR BERHAD exchanged it's old machinery plus RM350,000 cash for a new machinery. The old machinery had a fair value of RM4,650,000. On 1 July, 2020, SUSU SEGAR BERHAD purchased a factory motor vehicle by cash at RM1,250,000 with a trade discount of 1%. The motor vehicle is estimated to have a RM37,500 residual value at the end of its 10-year useful service life. Receivables Sales on account of RM19,950,000. ii. Sales returns and allowances of RM375,000. ini. Collections of trade receivables of RM13,800.000. iv. The estimated bad debts expense is 5% of trade receivables. Payables Credit purchase of RM8,900,000 were made for merchandise. 11. Paid of RM6,095.300 on trade payables. in. Provided services for customers who had made advance payments of RM421,550 (including in other payables). IV. Shareholders approved the proposed a final dividend which is 25% of share capital at the annual general meeting held on 30 October 2020. Intangible Assets 1. The company uses straight line amortization method for all intangible assets that are subject to amortization. ii. On 1 January 2020, SUSU SEGAR BERHAD acquired a patent for RM750,000. The estimated useful life of the patent is 20 years from the date of acquisition. However, the entity will consume the patent's future economic benefits evenly over 15 years from the date of acquisition. ifi. The estimated annual amortization of computer software is 20%. Inventories 1. SUSU SEGAR BERHAD uses the periodic inventory system. 11. A physical count of inventory on 31 December 2020 revealed that the company had inventory on hand amounted to RM3,951.975. Hi. The net realizable value of inventory on 31 December 2020 is RM3.680,875. Others Cash sales of RM12,100.000. ji. Cash purchases of RM7,225,000. Half of the prepaid insurance has been expired in the current year. iv. The following expenses had an increment of 15% than the previous year and all expenses incurred have been paid: a. Advertising expense b. Salaries and wages expense c. Supplies expense d. Utilities expense e. Rent expense
