Management of Blossom, Inc., an electronic games manufacturer, is planning to purchase flash memory from one of two sources. Kyoto, Inc., quotes a price of ¥7,200 per gigabyte. The current exchange rate is ¥101.10/$. Another Japanese manufacturer offers to supply the same flash memory at a price of €57.80 per gigabyte. The spot rate available is ¥232.53/€. (Round answers to 2 decimal places, e.g. 15.25.) Find cost from vendor 1 per gb and cost from vendor 2 per gb.

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The following balances were extracted from the books of TopWatch Sdn Bhd for the year ended 31 December 2021. Land Building Motor vehiclos Plant and machinery Retained profit as at 1.1.2021 8% debenture Ordinary share Acc depreciation as at 1.1.2021: -Building -Motor Vehicles -Plant & Machinery Returns Revenue Purchases Discounts Carriage inwards Carriago outwards Opening inventory 7% Preference shares. Provision for bad debts. Trade receivables / Trade payable General reserve Advertising Staff training cost Bad debts Motor expenses Rental Bank Wages and salarios Proceed from sale of motor vehicles Debenture interest Additional information: ill. iv. V. vi. vii. viii. ix. X. Dr (RM) 500,000 a. 200,000 120,000 70,000 3.600 Required: b. 400.000 5.000 7,700 8,000 52,000 Plant and machinery 20% on cost -Vehicles 25% reducing balance 66,000 18,000 4,000 12.500 i. Closing inventory at 31 December 2021 was valued at RM65.000. This excluded the following items: • 27,000 90,000 115,000 6,000 1,704,800 Cr (RM) ii. In December 2021, the company sent goods on a sale or return basis to one of their customers. These goods were included, at their sales value, in the revenue figure in the trial balance. These goods had a cost price of RM5,000 and it is the policy of the company to add a margin of 20% to these types of goods. As at 31 December 2021 the customer had not agreed to buy these goods. One of its customers, Antrim Sdn Bhd, who owed RM4,000 was declared bankrupt. This is to be written off. The provision for bad debts should be 4% of trade receivables. In December 2021, the company got the land professionally valued at RM600,000. The company has decided to include this valuation in their financial statement. 312,150 150,000 230,000 60,000 69,250 40,000 4,100 700,000 3.500 50 000 2,000 43,200 25,000 7.600 8,000 1,704,800 Product A. which had cost RM3,000 to produce and had a net realisable value of RM2,900 and • Product B, which was partly completed. This had incurred costs to date of RM500 and it is estimated that it will require a further RM500 to completo. Rent prepaid during the period was RM8,000 at the end of the year. The proceeds for sale of a motor vehicle, in the trial balance, relates to the disposal, is of a motor vehicle that was purchased for RM12,000 during 2019. Depreciation is to be charged as follows: -Buildings 2% on cost Full year's depreciation is charged in the year of purchase and none in the year of sale. Provide for the debenture interest and preference dividend outstanding at year end. During January 2021, the company realised that the closing inventory at 31 December 2020 was understated by RM7,700. In accordance to MFRS 101 Presentation of Financial Statements (as amended) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021 (Show workings where appropriate). (20 marka) Prepare Statement of Financial Position for the year onded 31 December 2021 (Show workings where appropriate). (20 marks) Ignore notes to financial statements. The following balances were extracted from the books of TopWatch Sdn Bhd for the year ended 31 December 2021. Land Building Motor vehiclos Plant and machinery Retained profit as at 1.1.2021 8% debenture Ordinary share Acc depreciation as at 1.1.2021: -Building -Motor Vehicles -Plant & Machinery Returns Revenue Purchases Discounts Carriage inwards Carriago outwards Opening inventory 7% Preference shares. Provision for bad debts. Trade receivables / Trade payable General reserve Advertising Staff training cost Bad debts Motor expenses Rental Bank Wages and salarios Proceed from sale of motor vehicles Debenture interest Additional information: ill. iv. V. vi. vii. viii. ix. X. Dr (RM) 500,000 a. 200,000 120,000 70,000 3.600 Required: b. 400.000 5.000 7,700 8,000 52,000 Plant and machinery 20% on cost -Vehicles 25% reducing balance 66,000 18,000 4,000 12.500 i. Closing inventory at 31 December 2021 was valued at RM65.000. This excluded the following items: • 27,000 90,000 115,000 6,000 1,704,800 Cr (RM) ii. In December 2021, the company sent goods on a sale or return basis to one of their customers. These goods were included, at their sales value, in the revenue figure in the trial balance. These goods had a cost price of RM5,000 and it is the policy of the company to add a margin of 20% to these types of goods. As at 31 December 2021 the customer had not agreed to buy these goods. One of its customers, Antrim Sdn Bhd, who owed RM4,000 was declared bankrupt. This is to be written off. The provision for bad debts should be 4% of trade receivables. In December 2021, the company got the land professionally valued at RM600,000. The company has decided to include this valuation in their financial statement. 312,150 150,000 230,000 60,000 69,250 40,000 4,100 700,000 3.500 50 000 2,000 43,200 25,000 7.600 8,000 1,704,800 Product A. which had cost RM3,000 to produce and had a net realisable value of RM2,900 and • Product B, which was partly completed. This had incurred costs to date of RM500 and it is estimated that it will require a further RM500 to completo. Rent prepaid during the period was RM8,000 at the end of the year. The proceeds for sale of a motor vehicle, in the trial balance, relates to the disposal, is of a motor vehicle that was purchased for RM12,000 during 2019. Depreciation is to be charged as follows: -Buildings 2% on cost Full year's depreciation is charged in the year of purchase and none in the year of sale. Provide for the debenture interest and preference dividend outstanding at year end. During January 2021, the company realised that the closing inventory at 31 December 2020 was understated by RM7,700. In accordance to MFRS 101 Presentation of Financial Statements (as amended) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021 (Show workings where appropriate). (20 marka) Prepare Statement of Financial Position for the year onded 31 December 2021 (Show workings where appropriate). (20 marks) Ignore notes to financial statements.

Answer rating: 100% (QA)

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