Question: hi expert, please help to solve this question and write the answer clearly step by step. Thank you for your support Lim Wood is a

 hi expert, please help to solve this question and write theanswer clearly step by step. Thank you for your support Lim Wood

hi expert, please help to solve this question and write the answer clearly step by step. Thank you for your support

Lim Wood is a publicly listed entity. Its financial statements for the year ended 31 March 2022 including comparatives are shown below: Notes: (i) On 1 July 2022, Lim Wood acquired an additional plant under a lease with an initial value of RM1.5 million. The right-of-use asset is included within property, plant and equipment. On this date it also revalued its property upwards by RM2 million and transferred RM650,000 of the resulting revaluation surplus this created to deferred tax. There were no disposals of noncurrent assets during the period. (ii) Depreciation of property, plant and equipment was RM900,000 and amortisation of the deferred development expenditure was RM200,000 for the year ended 31 March 2022. (iii)The 8% loan notes are repayable at a premium, giving them an effective rate of 10%. No loan notes were issued or redeemed during the year. (iv)RM 25,000 was credited to administrative expenses in respect of government grants during the year. Lim Wood is a publicly listed entity. Its financial statements for the year ended 31 March 2022 including comparatives are shown below: Notes: (i) On 1 July 2022, Lim Wood acquired an additional plant under a lease with an initial value of RM1.5 million. The right-of-use asset is included within property, plant and equipment. On this date it also revalued its property upwards by RM2 million and transferred RM650,000 of the resulting revaluation surplus this created to deferred tax. There were no disposals of noncurrent assets during the period. (ii) Depreciation of property, plant and equipment was RM900,000 and amortisation of the deferred development expenditure was RM200,000 for the year ended 31 March 2022. (iii)The 8% loan notes are repayable at a premium, giving them an effective rate of 10%. No loan notes were issued or redeemed during the year. (iv)RM 25,000 was credited to administrative expenses in respect of government grants during the year

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!