Question
ZOM Berhad has the following trial balance at 31 December 2021: RM RM Revenue 7,602,504 Purchases 730,600 Returns inwards 208,000 Plant at cost 10,712,000 Machinery
ZOM Berhad has the following trial balance at 31 December 2021:
RM | RM | |
Revenue | 7,602,504 | |
Purchases | 730,600 | |
Returns inwards | 208,000 | |
Plant at cost | 10,712,000 | |
Machinery at cost | 4,940,000 | |
Office equipment at cost | 4,680,000 | |
Accumulated depreciation-- Plant | 936,000 | |
-- Machinery | 988,000 | |
-- Office equipment | 520,000 | |
Accounts payable | 629,200 | |
Long-term borrowing | 1,040,000 | |
Accounts receivable | 2,191,072 | |
Inventory | 218,400 | |
Cash and bank | 358,904 | |
Administration expenses | 520,000 | |
Long term borrowing interests | 26,000 | |
Salaries and wages | 252,720 | |
Marketing expenses | 208,000 | |
Discount allowed | 72,800 | |
Ordinary share capital | 8,320,000 | |
Retained profits as at 1 Jan 2021 | 4,602,208 | |
General Reserve | 480,584 | |
Total | 25,118,496 | 25,118,496 |
Additional information:
-Inventory as at 31 December 2021 was RM447,200.
-Provision for company tax was RM429,520.
-Depreciation 20% on cost per annum based on monthly pro rata basis to all noncurrent assets.
-Share capital: 7,800,000 ordinary shares and 520,000 4% preference shares.Both were fully paid.
-Ordinary share dividend proposed to be 6%.
-Long term borrowing interest where half year interest still owing.
Required:
Prepare Statement of Comprehensive Income and Statement of Financial Position as at 31 Dec 2021.
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