Question
The following is a draft trial balance of DeLyod Sdn Bhd as at 31 December 2019. Debit RM Credit RM Profit for the year (before
The following is a draft trial balance of DeLyod Sdn Bhd as at 31 December 2019.
Debit RM | Credit RM | |
Profit for the year (before adjustments) | 256,000 | |
Freehold property | 200,000 | |
Equipment at cost | 680,000 | |
Equipment Accumulated depreciation (1 January 2019) | 272,000 | |
Inventories | 180,000 | |
Trade receivables | 140,000 | |
Trade payables | 75,000 | |
Allowance for doubtful debts (1 January 2019) | 4,000 | |
Long term investments | 130,000 | |
5% Bank Loan, repayable in 2024 | 100,000 | |
Cash | 142,000 | |
Share Capital (1 January 2019) | 680,000 | |
Revaluation reserve (1 January 2019) | 10,000 | |
Retained profits (1 January 2019) | 95,000 | |
Dividend for the year | 20,000 | |
1,492,000 | 1,492,000 | |
Additional information:
- The allowance for doubtful debts as at 31 December 2019 is RM3,800, after making adjustment for a RM1,500 bad debt written off.
- Depreciation on equipment, at 10% on straight line method, has yet to be made.
- Being a socially responsible company, DeLyod Sdn Bhd decided to provide for a clean-up cost estimated at RM30,000, to clean the operational waste that had leaked into a nearby stream during the year. The clean-up work is targeted to take place in January 2020.
- Rental income is RM2,000 per month. During the year, total rent received was RM22,000.
- A freehold property was revalued during the year, giving rise to a revaluation reserve of RM40,000. No record was made of this revaluation.
Required:
Prepare the following statements in a form suitable for publication, in accordance with MFRS 101 Presentation of Financial Statements:
- Statement of Changes in Equity for the year ended 31 December 2019.
- Statement of Financial Position as at 31 December 2019
(15 marks)
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