Question
The following information has been extracted from the books of accounts of Gugglos Sdn Bhd as at 31 December 2014 Additional information: 1. The inventory
The following information has been extracted from the books of accounts of Gugglos Sdn Bhd as at 31 December 2014
Additional information:
1. The inventory at 31 December 2014 was estimated to be worth RM80,000. 2. Wages and salaries are to be apportioned: administrative expenses 65%, distribution costs 35%.
3. Rent and rates are to be apportioned: administrative expenses 2/3, distribution costs 1/3.
4. Depreciate motor vehicles at 25% on cost. 5. All of fixtures and fittings are related to administrative expenses. Depreciation is at 20% per annum on cost.
6. Accrued auditor's remuneration of RM22,000. 7. Corporate tax for the year at the rate of 25% is RM30,000. 8. Of the loan notes, RM50,000 is repayable in 6 months' time, while the remaining RM100,000 is repayable in 6 years time.
Required:
- Prepare Gugglos Sdn Bhd's Income Statement for publication (please round up your answer).
- Prepare Gugglos Sdn Bhd's Statement of Financial Position for publication (please round up your answer)
RM RM Cash at bank and in hand 500.000 185.000 Depreciation on fixtures and fittings Depreciation on motor vehicles 73,000 3.000 Carriage outwards Wages and salaries Rent and rates 340,000 45.000 6,000 Carriage inwards Factory closure costs 30,000 General distribution expenses 75,000 General administrative expenses 104,000 Discount allowed 14,000 Motor vehicles at cost: Administrative 135.000 Distribution 230,000 425,000 Fixtures and fittings at cost Retained profit (at 1 January 2014) 50.000 Purchases 1.083.000 Sales 2.236.000 Ordinary share capital (RM1 shares) 500,000 Inventory (at 1 January 2014) 170.000 General reserve 70.000 Loan notes 150.000 Trade accounts payable 545.000 Trade accounts receivable 625.000 3.789.000 3.789.000
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