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SECTION A (25 MARKS) QUESTION 1 (25 MARKS) Below is the information of Statement of Profit or Loss and Other Comprehensive Income of Micah Berhad for the year ended 31 December 2018 and Statement of Financial Position as at 31 December 2019 and 2020. Micah Berhad Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020 RM Sales 500,000 Cost of sales (300,000) Gross profit 200,000 Wages and salaries 55,000 Directors' remuneration 27,000 Depreciation - plant 8,000 Depreciation - building 4,000 Loss on sale of plant 5,000 (159,600) RM 40,400 (10,000) 30,400 Profit before tax Tax expense for the year Profit after tax Dividends Preference Ordinary Retained profits for the year 9.750 11,000 (20,750) 9,650 CONFIDENTIAL 2 2019 RM RM 45.000 36,000 Micah Berhad Statements of Financial Position as 31 December 2020 RM RM Land and building 65.000 Plant and machinery 114.000 100,000 Provision for depreciation (64,000) 50,000 (64.000) Building 136,000 112.000 Provision for depreciation (28,000) (24,000) 108,000 Inventories 55.000 Receivables 220,000 Cash at bank 60,250 55.250 88,000 83,000 125,000 28,000 405,000 120,000 100,000 47,000 220,000 100,000 20,000 56,650 Ordinary shares 15% preference shares Share premium Retained earnings Asset Revaluation reserve Accrued wages and salaries Accried other administrative expenses Payables Tax payable 20.000 1,000 18,000 2,000 10,000 112,600 10,000 118.000 8.000 558.250 405,000 Additional Information: 1. Land was revalued to RM65,000. There was no acquisition or disposal of land during the year. 2. Plant and machinery costing RM33,000 was sold. 3. No buildings were sold during the year. Required: Prepare a statement of cash flow for Micah Berhad for the car ended 31 December 2020 using the indirect method CONFIDENTIALS