Additional information:

1. No depreciation has been charged for the year. The company policy is to charge a full years 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:

(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 Statement

A. Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Credit (RM) Debit (RM) 156,250 193,750 25,000 68,750 65,000 10,000 26,250 137,500 172,500 18,750 38,250 201,875 50,000 56,500 Accounts Land Office building Equipment Motor vehicle Accumulated depreciation: - Office building - Equipment - Motor vehicle Bank Trade receivables Supplies Prepaid insurance Long term investment Goodwill 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