Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following are extracted balances from Abba Sdn Bhd' accounts along with other information relating to the business's year end on 30 April 2022. Relevant
The following are extracted balances from Abba Sdn Bhd' accounts along with other information relating to the business's year end on 30 April 2022. Relevant information: i. The rental includes RM6,000 relating to May, June and July 2022. ii. The machinery still has to be depreciated at year end by 10% straight line. iii. There were unpaid salaries at year end 30 April 2022 of RM1,800. iv. Closing inventory has been counted and is valued at RM56,000. v. Motor Vehicles depreciated at 10% per annum using the reducing balance method vi. Machinery is to be depreciated at 10% per annum on its original cost. Required: Prepare, for external use, the following financial statements for Abba Sdn Bhd in accordance with MFRS 101 Presentation of Financial Statements: (Notes to the accounts are not required.) a. Statement of Comprehensive Income for the year ended 30 April 2022. (16 marks) b. Statement of Financial Position as at 30 April 2022. (18 marks) c. Explain the problems from a working capital perspective for a business which has too many orders and too few orders. (6 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started