Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances...
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Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks) Sometimes Bhd is involved in the business of manufacturing handbags for local designers. The following balances were extracted from the books of Sometimes Bhd as at 31 December 2020. Debit RM Credit RM Revenue Investment income Cost of sales Administrative expenses Distribution expenses Finance costs Таx paid Land at valuation on 1 January 2020 Building at valuation on 1 January 2020 Plant & machinery at cost on 1 January 2020 Accumulated depreciation as at 1 January 2020: Building Plant & machinery Investment property Intangible asset Inventory Trade receivables Bank Trade payables Tax payables on 1 January 2020 Loan from Mebeng Bhd Asset revaluation reserve Ordinary share capital Preference share capital Retained earnings as at 1 January 2020 39,375,500 250,000 16,783,000 4,032,000 1,221,750 562,500 430,000 27,440,000 16,200,000 8,055,000 1,296,000 4,207,500 16,010,000 801,000 6,827,500 4,871,000 3,375,000 4,746,000 191,250 6,000,000 9,072,500 21,000,000 9,720,000 10,750,000 106,608,750 106,608,750 The following additional information have not been accounted for by Sometimes Bhd: 1. Balance in the asset revaluation reserve is brought forward from the previous year. A revaluation conducted on 2 January 2020 has resulted in a decrease of RM5,000,000 for land and RM2,500,000 for building have not been recorded. Revaluation exercise is made for every three years. It is the policy of the company to depreciate its non- current assets using straight line method on yearly basis. The expected useful life is 50 years for the building and 10 years for the plant and machinery. It is the company's policy not to make an annual transfer from asset revaluation reserve to retained earnings in respect of realisation of revaluation surplus. 2. The company had received a government grant of RM1,000,000 on 1 January 2019 to purchase a new machine amounting to RM2,500,000. The company uses deferred income method to recognise the grant. However, the amount of the government grant received had been deducted from the machine in prior year. 3. The company adopted the fair value model for its investment property. The fair value as at 31 December 2020 was RM17,500,000. 4. While updating the assets' record, the company discovered that the date of purchase for certain machineries over the last three years were mistakenly recorded. This affects the period of ownership of the machineries. As a result, the previous year depreciation of the machineries was overstated by RM850,000. 5. On 1 January 2020, the company found that the development cost of RM320,000 incurred in December 2019 had been expensed off. The development is expected to bring future benefit to the company since it met the criteria for capitalisation under MFRS138 Intangible Assets. 6. On 1 January 2020, Sometimes Bhd entered into a contract for 4 years, annual rental payments are RM100 000, payable at the end of each year and at the end of the lease term. The present value of lease liability is RM362,990 with incremental borrowing cost of 4%. The contract contains a lease. 7. The income tax charge for the year has been estimated at RM521,250. Required: Prepare the following statements in a form suitable for publication and in compliance with the relevant Malaysian Financial Reporting Standards. a. A statement of profit or loss and other comprehensive income for the year ended 31 December 2020. (Disclosure of earnings per share is required) (10 marks) b. A statement of changes in equity for the year ended 31 December 2020. (5 marks) A statement of financial position as at 31 December 2020. (A note on property, plant and equipment is required) C. (15 marks)
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Accounting For Cambridge International AS And A Level
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1st Edition
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