FAR160 - Assignment (answer) - Final PDF

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Summary

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED31 DECEMBER 2017RMSales 5,800, Cost of sales (1,780,000) Gross profit 4,020, Administration cost (983,500) Selling and distribution cost (6,000) Operating profit 3,030, Finance Cost (43,500) Rental received 100, Dividend re...

Description

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017 RM 5,800,000 (1,780,000) 4,020,000 (983,500) (6,000) 3,030,500 (43,500) 100,000 281,500 3,368,500 (280,000) 3,088,500

Sales Cost of sales Gross profit Administration cost Selling and distribution cost Operating profit Finance Cost Rental received Dividend received (255,000+26,500) Profit before tax Tax Profit for the year

WORKING 1

Director remuneration Stationeries (24,500-1,000) Depreciation on building Depreciation on office equipment Depreciation on machinery Advertisement Dividend on 3% RPS (3%x1,450,000) Sales commission Salaries

Administration 50,000 23,500 140,000 35,000 55,000

S&D

Finance

6,000 43,500 30,000 650,000 983,500

6,000

43,500

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2017

Balance b/d Profit for the year Bonus Issue Transfer Dividend

Ordinary Share 4,150,000

Preference Share -

8,300

4,158,300

-

Retained Earning 1,970,000 3,088,500 (8,300) 20,000 (430,000) 4,640,200

General Reserved 475,000

(20,000) 455,000

WORKING 2

Ordinary Share Capital

Interim 15,000

Proposed (RM0.20x2075000) =415,000

Total 430,000

Redeemable Preference Share

21,750

(3%x1,450,000) =43,500 (43,500-21,750) =21,750

43,500

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017

Non-Current Assets Property, plant and equipment Investment

NOTE

RM

1

3,745,000 6,250,000

RM

9,995,000 Current Assets Invetories Account receivable Bank Accrued dividend received Prepaid Stationeries

164,000 1,650,000 840,750 26,500 1,000 2,682,250 12,677,250

TOTAL ASSETS Financed By Share Capital Reserves (4,640,200+455,000)

4,158,300 5,095,200 9,253,500

Non-Current Liabilities Long term loan 3% Redeemable Preference Share

638,000 1,450,000 2,088,000

Current Liabilities Account payable Accrued tax expenses (280,000-196,000) Accrued directors remuneration Accrued dividend 3% RPS Accrued dividend Ordinary Share TOTAL LIABILITIES

765,000 84,000 50,000 21,750 415,000 1,335,750 12,677,250

NOTE ON PROPERTY, PLANT AND EQUIPMENT Building

Office Equipment

Machinery

Cost/Valuation Balance b/d Balance c/d

3,560,000 3,560,000

1,575,000 1,575,000

310,000 310,000

Accumulated Depreciation Balance b/d Charge for the year Balance c/d Net Carrying Value

1,150,000 140,000 1,290,000 2,270,000

260,000 35,000 295,000 1,280,000

60,000 55,000 115,000 195,000

Total

3,745,000...