The following trial balance relates to Moby as at 31 December 2023. 1. The balance on the long-term contract is made up of the following items. The contract commenced on 1 January 2023 and is for a fixed price of RM25 million. Performance obligations are satisfied over time. The costs to complete the contract at 31 December 2023 are estimated at RM6 million. Moby's policy is to recognise satisfaction of performance obligations (and therefore accrue profits) on such contracts based on a stage of completion given by the work certified as a percentage of the contract price. 2. Non-current assets: Moby decided to revalue its land and buildings for the first time on 1 January 2023. A qualified valuer determined the relevant revalued amounts to be RM16 million for the land and RM38.4 million for the building. The building's remaining life at the date of the revaluation was 16 years. This revaluation has not yet been reflected in the trial balance figures. Moby does not make a transfer from the revaluation surplus to retained earnings in respect of the realisation of the revaluation surplus. Plant and equipment is depreciated at 12.5% per annum using the reducing balance method. No depreciation has yet been charged on any non-current asset for the year ended 31 December 2023. All depreciation is charged to cost of sales. 3. On 1 January 2023 Moby received a renewal quote of RM400,000 from the company's property insurer. The directors were surprised at how much it had increased and believed it would be less expensive for the company to 'self-insure'. Accordingly, they charged RM400,000 to administrative expenses and credited the same amount to the insurance provision. During the year, the company incurred RM250,000 of expenses relating to previously insured property damage which it has debited to the provision. 4. A provision for income tax for the year ended 31 December 2023 of RM3.4 million is required. The balance on current tax represents the under/over provision of the tax liability for the year ended 31 December 2022 5. The RM40 million loan note was issued at par on 1 January 2023. No interest will be paid on the loan; however, it will be redeemed on 31 December 2025 for RM53,240,000, which gives an effective finance cost of 10% per annum. 6. A share issue was made on 31 March 2023 of 4 million shares for RM1 per share. It was correctly accounted for. Required: In accordance with the relevant Malaysian Financial Reporting Standards, prepare the following financial statements for the year ended 31 December 2023 for Meera Atelier Bhd: a) Statement of Profit or Loss and Other Comprehensive Income, (Answer: Gross Profit RM56,900, Operating Profit RM27,050, Profit for the year RM19,800, OCl RM4,400) b) Statement of Changes in Equity, and (Answer: Share capital RM75,000, Share premium RM9,000, Revaluation Reserve RM11,000, Retained earnings RM87,700) c) Statement of Financial Position. (NCA RM255,000, CA RM73,000, Equity RM182,700, NCL NIL, CL RM145,300) The following trial balance relates to Moby as at 31 December 2023. 1. The balance on the long-term contract is made up of the following items. The contract commenced on 1 January 2023 and is for a fixed price of RM25 million. Performance obligations are satisfied over time. The costs to complete the contract at 31 December 2023 are estimated at RM6 million. Moby's policy is to recognise satisfaction of performance obligations (and therefore accrue profits) on such contracts based on a stage of completion given by the work certified as a percentage of the contract price. 2. Non-current assets: Moby decided to revalue its land and buildings for the first time on 1 January 2023. A qualified valuer determined the relevant revalued amounts to be RM16 million for the land and RM38.4 million for the building. The building's remaining life at the date of the revaluation was 16 years. This revaluation has not yet been reflected in the trial balance figures. Moby does not make a transfer from the revaluation surplus to retained earnings in respect of the realisation of the revaluation surplus. Plant and equipment is depreciated at 12.5% per annum using the reducing balance method. No depreciation has yet been charged on any non-current asset for the year ended 31 December 2023. All depreciation is charged to cost of sales. 3. On 1 January 2023 Moby received a renewal quote of RM400,000 from the company's property insurer. The directors were surprised at how much it had increased and believed it would be less expensive for the company to 'self-insure'. Accordingly, they charged RM400,000 to administrative expenses and credited the same amount to the insurance provision. During the year, the company incurred RM250,000 of expenses relating to previously insured property damage which it has debited to the provision. 4. A provision for income tax for the year ended 31 December 2023 of RM3.4 million is required. The balance on current tax represents the under/over provision of the tax liability for the year ended 31 December 2022 5. The RM40 million loan note was issued at par on 1 January 2023. No interest will be paid on the loan; however, it will be redeemed on 31 December 2025 for RM53,240,000, which gives an effective finance cost of 10% per annum. 6. A share issue was made on 31 March 2023 of 4 million shares for RM1 per share. It was correctly accounted for. Required: In accordance with the relevant Malaysian Financial Reporting Standards, prepare the following financial statements for the year ended 31 December 2023 for Meera Atelier Bhd: a) Statement of Profit or Loss and Other Comprehensive Income, (Answer: Gross Profit RM56,900, Operating Profit RM27,050, Profit for the year RM19,800, OCl RM4,400) b) Statement of Changes in Equity, and (Answer: Share capital RM75,000, Share premium RM9,000, Revaluation Reserve RM11,000, Retained earnings RM87,700) c) Statement of Financial Position. (NCA RM255,000, CA RM73,000, Equity RM182,700, NCL NIL, CL RM145,300)