A. Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A. Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Ассounts Credit (RM) Debit (RM) 156,250 193,750 25,000 68,750 Land Office building Equipment Motor vehicle Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank Trade receivables Supplies Prepaid insurance Long term investment Goodwill 137,500 172,500 18,750 38,250 201,875 50,000 56,500 Inventory Ordinary share capital Reserves Retained earnings Rent revenue Sales Gain on revaluation of properties Gain on sale of land Gain on translation of foreign operations Cost of goods sold Salary and wages expenses Finance cost Distribution expenses Advertising expenses Other operating expenses Income tax expense Notes payable Dividend payable Trade payables Unearned revenue 375,000 25,000 206,250 71,875 675,000 11,250 12,500 6,250 280,000 142,500 25,000 25,625 15,625 15,000 17,750 100,000 18,750 12,500 25,000 1,640,625 1,640,625 BKARI013 FINANCIAL ACCOUNTING AND REPORTING I Additional information: 1. No depreciation has been charged for the year. The company policy is to charge a full year's depreciation on all assets held at the year-end at the following rates: Office Building - 4% per annum on cost Equipment -5% per annum on cost Motor vehicle – 10% per annum on cost 2. Commission to salesmen is paid on net income for 2020 are announced to be RM62,500. The annual payment will be made on 1 March 2021. 3. A note payable of RM100,000 was issued on 1 December 2020 at 9% per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. 25% of the notes are due next year. 4. It is estimated that the provision for doubtful debts for the year is RM5,000. 5. At the end of the year 2020, RM6,250 of unearned revenue was earned. The revenue earned has not been recorded. 6. Supplies expenses for the year are RM10,000 and have not been recorded. 7. On 28 December 2020 the company purchased merchandise on account at a price of RM15,000. The transaction has not been recorded as at 31 December 2020. REQUIRED: (a) Journalise the adjusting entries on 31 December 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for PBB for the year ended 31 December 2020 according to MFRS 101 Presentation of Financial Statements. (c) Prepare a Statement of Financial Position for PBB as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements. 6 A. Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Ассounts Credit (RM) Debit (RM) 156,250 193,750 25,000 68,750 Land Office building Equipment Motor vehicle Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank Trade receivables Supplies Prepaid insurance Long term investment Goodwill 137,500 172,500 18,750 38,250 201,875 50,000 56,500 Inventory Ordinary share capital Reserves Retained earnings Rent revenue Sales Gain on revaluation of properties Gain on sale of land Gain on translation of foreign operations Cost of goods sold Salary and wages expenses Finance cost Distribution expenses Advertising expenses Other operating expenses Income tax expense Notes payable Dividend payable Trade payables Unearned revenue 375,000 25,000 206,250 71,875 675,000 11,250 12,500 6,250 280,000 142,500 25,000 25,625 15,625 15,000 17,750 100,000 18,750 12,500 25,000 1,640,625 1,640,625 BKARI013 FINANCIAL ACCOUNTING AND REPORTING I Additional information: 1. No depreciation has been charged for the year. The company policy is to charge a full year's depreciation on all assets held at the year-end at the following rates: Office Building - 4% per annum on cost Equipment -5% per annum on cost Motor vehicle – 10% per annum on cost 2. Commission to salesmen is paid on net income for 2020 are announced to be RM62,500. The annual payment will be made on 1 March 2021. 3. A note payable of RM100,000 was issued on 1 December 2020 at 9% per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. 25% of the notes are due next year. 4. It is estimated that the provision for doubtful debts for the year is RM5,000. 5. At the end of the year 2020, RM6,250 of unearned revenue was earned. The revenue earned has not been recorded. 6. Supplies expenses for the year are RM10,000 and have not been recorded. 7. On 28 December 2020 the company purchased merchandise on account at a price of RM15,000. The transaction has not been recorded as at 31 December 2020. REQUIRED: (a) Journalise the adjusting entries on 31 December 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for PBB for the year ended 31 December 2020 according to MFRS 101 Presentation of Financial Statements. (c) Prepare a Statement of Financial Position for PBB as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements. 6
Expert Answer:
Answer rating: 100% (QA)
Answer Date Particular Debit Credit Dec31 Depreciation Office building 775000 Depreciation ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Presented below is the trial balance of Scott Butler Corporation at December 31, 2014. Instructions Prepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore incometaxes.)...
-
Below is the Trial Balance for TK & Company Limited as at 31 December 2020. TK & Company Limited Trial Balance as at 31 December 2003 Cash at hand 2,000 Cash at bank 4,000 Land, cost 100,000...
-
Presented below is the trial balance of John Nalezny Corporation at December 31, 2008. Instructions Prepare a balance sheet at December 31, 2008, for John Nalezny Corporation. Ignore incometaxes. $...
-
Help Mad Mildred's Magic Mall by determining the missing values in the table Labor (workers/day) Output (units/day) Total fixed cost ($/day) Total variable cost ($/day) Total cost ($/day) 50 50 50 75...
-
What are the characteristics of an online newsroom?
-
For a solid metal having a Fermi energy of 8.500eV, what is the probability, at room temperature, that a state having an energy of 8.520eV is occupied by an electron?
-
Notes to the financial statements present information on significant accounting policies, complex or special transactions, details of reported amounts, commitments, contingencies, segments, quarterly...
-
A spherical thermocouple junction 1.0 mm in diameter is inserted in a combustion chamber to measure the temperature T of the products of combustion. The hot gases have a velocity of V = 5 m/s. (a)...
-
A project has earnings before interest and taxes of $6,500, fixed costs of $40,000, a selling price of $12 a unit, and a sales quantity of 10,000 units. Depreciation is $8,500. What is the variable...
-
New Horizons Co. is a high-tech firm whose owner does not have the required management expertise to run the firm. The owner wants to hire a manager with the required expertise. The continued success...
-
Jelly Galore (Pty) Ltd (Jelly Galore) is an entity that sells jelly worms. The entity uses the weighted average method to calculate inventory. The entity uses the perpetual inventory system. To date...
-
There is Parent company and their Sub Company that was acquired on the 1st of July 2022. Now that the financial year is over we need to prepare the consolidation journal entries, pre-acquisition...
-
Discuss ways in which organisations can identify their internal and external information needs?
-
Reg is 56 years of age and has worked for SD PTY. LTD. for 23 years. He earnt $180,000 this year before being made redundant. Reg is eligible for the full amount of his long service leave. He...
-
Answer these questions What is Nihilism? 2. Describe the evil crime that Leopold and Loeb committed in Chicago in the early 1950's 3. Describe Juds ( Mr. Leob) conversation with Ruth at the bar...
-
What mechanisms do operating systems use to manage concurrency? Compare and contrast different synchronization techniques, such as mutexes, semaphores, and condition variables .
-
Calculate the probability that soil from Alluria contains more than 400 g of ca.cinogen per kilogram (>400 g g -9). Express your an wer as a prcentage (%). Round your ansy or to the nearest tenth of...
-
What mass of KBr (in grams) should you use to make 350.0 mL of a 1.30 M KBr solution?
-
Intelligencia Inc. was incorporated as a research and development company in the biotechnology industry. The company incurred the following costs relating to various intangible assets: 1. During the...
-
Global Music Enterprises, Inc., had a balance sheet loaded with intangible assetscopyrights on music, goodwill from various prior acquisitions, and internet customer lists purchased from other online...
-
At the beginning of the year, The Claremont Comwae, pany purchased a 100-ton press for \($750,000\). The equipment had an estimated useful life of ten years and a salvage value of \($30,000\). The...
Study smarter with the SolutionInn App