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Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles at cost - Distribution Administration Plant and machinery at cost Wages - Warehouse staff Wages and salaries Maintenance of motor vehicles - Distribution Advertising and promotion Discount allowed on sales RM1000 12,000 50,300 85,800 200,000 2,300 1,600 1,200 860 5,400 2,580 3,760 12,000 1,620 1,432 2,600 4,200 19,000 12,000 56,000 1,740 3,680 2,040 3,220 1,820 Additional information: Inventory at 31 December 2019 was RM13,500. Wages and Salary were to be apportioned as: Distribution %, Administration %. Depreciation policy of Plus is: Motor Vehicles at rate of 20% on cost per annum Plant and Machinery (which was used for production) at rate of 10% on cost per annum iv. Accrued Auditors' Fees amounted to RM3,300. Corporate tax was estimated to be RM8,200. vi. RM6,000 was to be transferred to General Reserve. vii. Proposed Ordinary Share Dividends amounted to RM10,800. Required: Prepare the Statement of Comprehensive Income for the year ended 31 December 2019 by adopting the function of expense or "cost of sales" method in accordance with MFRS 101 Presentation of Financial Statements. (Show workings where appropriate) (30 marks] Step 1: Familarise with SOCI and SOFP format as per required by MFRS101 Statement of Comprehensive Income for the year ended 31 December 2019 RM Revenue Cost of Sales (x) Gross Profit Other income Distribution Cost Administrative Cost Other expenses Profit from operations Finance cost Profit Before Tax Taxation Profit After Tax Add/(Less): Other comprehensive income/(loss) Foreign currency translation Total comprehensive income for the year * * 33 *|* *|* &* RM RM Statement of Financial Position as at 31 December 2019 RM Non Current Assets Land and Buildings Plant & Machinery Equipment XXX Xxx XXX XXX Current Assets Inventories Receivables Cash and Bank Balances Prepayment XXX XXX XXX XXX Xxx Current Liabilities Short term borrowings Payables Accrued expenses Dividends payable Tax payable (xxx) (xxx) (xxx) (xxx) (xxx) Net Current Assets/Liabilities Equities and Liablities Ordinary Share Capital Retained earnings XXX Non current liabilities Long term borrowings Debenture XXX XXX