i The balances listed below were extracted from the records of Sofa Bhd on 30 June...
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i The balances listed below were extracted from the records of Sofa Bhd on 30 June 2018: RM (1) (2) (3) Revenue Purchases Returns (inwards) Delivery vehicles (carrying amount) Factory plant and equipment (carrying amount) Land and buildings (carrying amount) Factory overheads (4) (5) (6) Administrative expenses Rent received Investments Investment income Inventory at 1 July 2017 Trade receivables Trade payables Distribution costs Cash in hand Bank overdraft 530,650 298,400 1,880 19,230 24,000 350,000 66,420 18,710 Ordinary shares (RM1 each) Retained earnings at 1 July 2017 The following transactions and events occurred on 30 June 2018, after the above balances had been extracted: 12,000 30,000 1,500 24,680 15,690 34.700 44.280 410 4,820 150,000 160,030 Sofa received RM460 from a customer. Inventory was valued at RM29,170 at the close of business. Sofa received an electricity bill for RM1,240 relating to the factory for the three months to 30 June 2018. The bill was paid in July 2018. Sofa paid RM690 to a supplier in full settlement of an invoice for RM700. The company's land and buildings were valued by a chartered surveyor at RM390,000 and the new value is to be included in the statement of financial position. Depreciation was provided on the reducing balance basis at the following annual rates: a) Statement of total comprehensive income b) Statement of changes in equity c) Statement of financial position Delivery vehicles 20% Factory plant and equipment 10% (7) Bonus shares were issued on the basis of one for every two held on 29 June 2018. (8) Income tax for the financial year ended 30 June 2018 was estimated at RM38,100. Required: Prepare for Sofa for the year ended 30 June 2018, in accordance with IAS I Presentation of Financial Statements: i The balances listed below were extracted from the records of Sofa Bhd on 30 June 2018: RM (1) (2) (3) Revenue Purchases Returns (inwards) Delivery vehicles (carrying amount) Factory plant and equipment (carrying amount) Land and buildings (carrying amount) Factory overheads (4) (5) (6) Administrative expenses Rent received Investments Investment income Inventory at 1 July 2017 Trade receivables Trade payables Distribution costs Cash in hand Bank overdraft 530,650 298,400 1,880 19,230 24,000 350,000 66,420 18,710 Ordinary shares (RM1 each) Retained earnings at 1 July 2017 The following transactions and events occurred on 30 June 2018, after the above balances had been extracted: 12,000 30,000 1,500 24,680 15,690 34.700 44.280 410 4,820 150,000 160,030 Sofa received RM460 from a customer. Inventory was valued at RM29,170 at the close of business. Sofa received an electricity bill for RM1,240 relating to the factory for the three months to 30 June 2018. The bill was paid in July 2018. Sofa paid RM690 to a supplier in full settlement of an invoice for RM700. The company's land and buildings were valued by a chartered surveyor at RM390,000 and the new value is to be included in the statement of financial position. Depreciation was provided on the reducing balance basis at the following annual rates: a) Statement of total comprehensive income b) Statement of changes in equity c) Statement of financial position Delivery vehicles 20% Factory plant and equipment 10% (7) Bonus shares were issued on the basis of one for every two held on 29 June 2018. (8) Income tax for the financial year ended 30 June 2018 was estimated at RM38,100. Required: Prepare for Sofa for the year ended 30 June 2018, in accordance with IAS I Presentation of Financial Statements:
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a Statement of Total Comprehensive Income Revenue 350000 Less Cost of Sales 66420 Gross Profit 28358... View the full answer
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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