PART B Binjai Bhd is a public company with shares consisting of ordinary shares and 7%...

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PART B Binjai Bhd is a public company with shares consisting of ordinary shares and 7% Preference shares. As of 31 December 2022, the totalvalue of issued and paid-up capital of the company was RM4,500,000 comprise of 1,250,000 units of Ordinary share capital and 750,000 units of 7% Preference share capital. Below is the trial balance for Binjai Bhd as at 31 December 2022. Sales Cost of sales Rent received Income from investment 1,250,000 Ordinary share capital 750,000 7% Preference share capital. General Reserve Retained profits Administrative expenses Selling and distribution expenses Audit fee Directors' remuneration Interest on loan Investment Land (at cost) Building (at cost) Machinery (at cost) Inventories Account receivables Bank Accumulated depreciation at 1 January 2022: Building Machinery 6% Loan from United Bank Account payables Taxation paid Interim dividend: Ordinary dividend rence dividend 3 Debit (RM) 1,466,000 2,166,300 2,259,400 18,350 210,250 30,000 650,000 2,000,000 1,725,000 1,087,500 1,395,000 2,261,000 2,377,000 740,000 75,000 26,250 18,487,050 Credit (RM) 8,576,000 250,000 44,500 3,750,000 750,000 775,000 2,740,050 172,500 217,500 700,000 511,500 18,487,050 Additional information: The following information were taken place during the year ended 31 December 2022 and no adjustment have been made during the year: 1. 2. 3. 4. 5. 6. a. b. C. d. Provisions are to be made for: e. i. ii. iii. iv. Income on investment yet to be received is RM12,000 Audit fee outstanding was RM15,000 Directors' remuneration yet to be paid RM30,000 Interest on loan was still accrued at the end of the year. The loan was taken on 1 January 2022. Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 and Malaysian Financial Reporting Standard (MFRS) 101: On 31 December 2022, the board of directors declared the followings: i. Transfer of RM200,000 from general reserve to retained profits. Final dividend on 7% preference shares. ii. iii. 4% final dividend for ordinary shares. The following depreciation expenses are to be provided for the year: 10% per annum, straight line method 20% per annum, reducing balance method Building Machinery Bonus share issued on 20 December 2022 is based on 1 unit for every 20 units of ordinary shares held, had yet to be considered. Retained profit is utilized for this purpose. Tax expense for the year was RM705,000. The company decided to repurchase the 200,000 ordinary shares at RM3.35 per share in the open market. 40% of the repurchase share is held as treasury shares while the remaining balance is for immediate cancellation. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022. Statement of Changes in Equity for the year ended 31 December 2022. Statement of Financial Position as at 31 December 2022. The notes on financial statements for: i. Property, plant and equipment. Earnings per share. ii. Presentation of Financial Statement 4 (10 marks) (10 marks) (10 marks) (10 marks) (15 marks) (Total: 60 marks) PART B Binjai Bhd is a public company with shares consisting of ordinary shares and 7% Preference shares. As of 31 December 2022, the totalvalue of issued and paid-up capital of the company was RM4,500,000 comprise of 1,250,000 units of Ordinary share capital and 750,000 units of 7% Preference share capital. Below is the trial balance for Binjai Bhd as at 31 December 2022. Sales Cost of sales Rent received Income from investment 1,250,000 Ordinary share capital 750,000 7% Preference share capital. General Reserve Retained profits Administrative expenses Selling and distribution expenses Audit fee Directors' remuneration Interest on loan Investment Land (at cost) Building (at cost) Machinery (at cost) Inventories Account receivables Bank Accumulated depreciation at 1 January 2022: Building Machinery 6% Loan from United Bank Account payables Taxation paid Interim dividend: Ordinary dividend rence dividend 3 Debit (RM) 1,466,000 2,166,300 2,259,400 18,350 210,250 30,000 650,000 2,000,000 1,725,000 1,087,500 1,395,000 2,261,000 2,377,000 740,000 75,000 26,250 18,487,050 Credit (RM) 8,576,000 250,000 44,500 3,750,000 750,000 775,000 2,740,050 172,500 217,500 700,000 511,500 18,487,050 Additional information: The following information were taken place during the year ended 31 December 2022 and no adjustment have been made during the year: 1. 2. 3. 4. 5. 6. a. b. C. d. Provisions are to be made for: e. i. ii. iii. iv. Income on investment yet to be received is RM12,000 Audit fee outstanding was RM15,000 Directors' remuneration yet to be paid RM30,000 Interest on loan was still accrued at the end of the year. The loan was taken on 1 January 2022. Required: Prepare the following statements in a form suitable for publication and in compliance with the Companies Act 2016 and Malaysian Financial Reporting Standard (MFRS) 101: On 31 December 2022, the board of directors declared the followings: i. Transfer of RM200,000 from general reserve to retained profits. Final dividend on 7% preference shares. ii. iii. 4% final dividend for ordinary shares. The following depreciation expenses are to be provided for the year: 10% per annum, straight line method 20% per annum, reducing balance method Building Machinery Bonus share issued on 20 December 2022 is based on 1 unit for every 20 units of ordinary shares held, had yet to be considered. Retained profit is utilized for this purpose. Tax expense for the year was RM705,000. The company decided to repurchase the 200,000 ordinary shares at RM3.35 per share in the open market. 40% of the repurchase share is held as treasury shares while the remaining balance is for immediate cancellation. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022. Statement of Changes in Equity for the year ended 31 December 2022. Statement of Financial Position as at 31 December 2022. The notes on financial statements for: i. Property, plant and equipment. Earnings per share. ii. Presentation of Financial Statement 4 (10 marks) (10 marks) (10 marks) (10 marks) (15 marks) (Total: 60 marks)

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