The following trial balance was extracted from the books of HoodRobin Bhd as at 31 December...
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The following trial balance was extracted from the books of HoodRobin Bhd as at 31 December 2019. HoodRobin Trial Balance as at 31 December 2019 Turnover Inventory at 1 January 2019 Trade receivables and payables Purchases Administrative salaries Selling and distribution expenses Finance expenses Investment Cash in hand and bank Director's remuneration Auditor's fees Ordinary share capital -400 million shares as at 1 January 2019 Retained profit as at 1 January 2019 5% debentures repayable in 10 years Interim dividend paid Debentures interest paid Tax paid Tax underprovided Plant and machinery at cost Building at cost Debit RM'000 10,000 60,000 400,000 98,000 65,000 5,500 234,000 10,500 34,000 3,000 15,000 6,000 65,000 2,000 100,000 400,000 Credit RM'000 880,000 55,000 425,000 67,000 140,000 Additional information: 1. Included in the turnover is RM2 million for receipt that the company's auditor has advised are commission sales. 2. A physical count of inventories at the end of financial year revealed inventory at a cost of RM15,000,000. However, inventory costing RM4,000,000 was damaged and it was estimated that it could be sold for RM3,000,000. 3. Depreciation is charged on the following asset: Plant and machinery Building : 10% on cost : 5% on net book value Depreciation is charged as follows: Plant and machinery (cost of sales) Building (administrative expenses) 4. The income tax expense for the year is RM70,000,000. 5. On 20 December 2019, the company proposed a final dividend of 5%. 6. Land was revalued during the year. The surplus on revaluation was RM1,500,000. 7. At the end of the financial year, a bonus issue of 10,000,000 units was made and the company decided to utilize the Retained Profit for this purpose. These shares are not ranked for the dividend. Required: (a) Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2019. (b) Prepare the statement of changes in equity for the year ended 31 December 2019. (c) Prepare the statement of Financial Position as at 31 December 2019. (5 marks) (10 marks) The following trial balance was extracted from the books of HoodRobin Bhd as at 31 December 2019. HoodRobin Trial Balance as at 31 December 2019 Turnover Inventory at 1 January 2019 Trade receivables and payables Purchases Administrative salaries Selling and distribution expenses Finance expenses Investment Cash in hand and bank Director's remuneration Auditor's fees Ordinary share capital -400 million shares as at 1 January 2019 Retained profit as at 1 January 2019 5% debentures repayable in 10 years Interim dividend paid Debentures interest paid Tax paid Tax underprovided Plant and machinery at cost Building at cost Debit RM'000 10,000 60,000 400,000 98,000 65,000 5,500 234,000 10,500 34,000 3,000 15,000 6,000 65,000 2,000 100,000 400,000 Credit RM'000 880,000 55,000 425,000 67,000 140,000 Additional information: 1. Included in the turnover is RM2 million for receipt that the company's auditor has advised are commission sales. 2. A physical count of inventories at the end of financial year revealed inventory at a cost of RM15,000,000. However, inventory costing RM4,000,000 was damaged and it was estimated that it could be sold for RM3,000,000. 3. Depreciation is charged on the following asset: Plant and machinery Building : 10% on cost : 5% on net book value Depreciation is charged as follows: Plant and machinery (cost of sales) Building (administrative expenses) 4. The income tax expense for the year is RM70,000,000. 5. On 20 December 2019, the company proposed a final dividend of 5%. 6. Land was revalued during the year. The surplus on revaluation was RM1,500,000. 7. At the end of the financial year, a bonus issue of 10,000,000 units was made and the company decided to utilize the Retained Profit for this purpose. These shares are not ranked for the dividend. Required: (a) Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2019. (b) Prepare the statement of changes in equity for the year ended 31 December 2019. (c) Prepare the statement of Financial Position as at 31 December 2019. (5 marks) (10 marks)
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