Q1. The following trial balance has been extracted from the ledgers of Osiris Berhad at 31...

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Q1. The following trial balance has been extracted from the ledgers of Osiris Berhad at 31 December 2020. Dr Cr RM RM Sales 680,000 Inventory at I January 2020 Purchases 15,000 323,000 Trade receivables and payables Administrative expenses Distribution expenses 82,000 41,000 90,000 102,000 Plant and machinery at cost Building at cost Frechold land at cost 200,000 600,000 103,000 Accumulated depreciation at 1 January 2020: Plant and machinery Building 80,000 200,000 Bank overdraft 19,000 Cash 3,500 Directors' remuneration 24,000 Audit fees 2,000 Ordinary shares of RM4 each Retained earnings at 1 January 2020 8% debentures, repayable in 10 years Interim dividends paid Interest paid Тах рaid Total 452,800 1,500 120,000 20,000 4,800 25.000 1,594.300 1,594,300 Additional information at 31 December 2020: • A physical check at year end reveals inventory at cost of RM13,500. • Prepaid administrative expenses amount to RM10,000 and prepaid distribution expenses amount to RM3,000. • Accrued administrative expenses amount to RM5,000. • Debenture interest for second half-year has not been provided. • Accrued interest on overdraft is RM1,000. Provision for doubtful debts of 10% is to be made after writing ofT RM2.000 of Question 1 (Continued) Depreciation to be charged as follows: o Building 4% on cost o Plant and machinery 10% reducing balance The tax expense for the year was RM23,000. The amount shown in the trial balance is the amount paid for the current financial year. Required: Prepare the following financial statements: (a) Statement of Profit or Loss for the year ended 31 December 2020. (20 marks) (b) Statement of Financial Position as at 31 December 2020. (20 marks) [Total: 40 marks] Q1. The following trial balance has been extracted from the ledgers of Osiris Berhad at 31 December 2020. Dr Cr RM RM Sales 680,000 Inventory at I January 2020 Purchases 15,000 323,000 Trade receivables and payables Administrative expenses Distribution expenses 82,000 41,000 90,000 102,000 Plant and machinery at cost Building at cost Frechold land at cost 200,000 600,000 103,000 Accumulated depreciation at 1 January 2020: Plant and machinery Building 80,000 200,000 Bank overdraft 19,000 Cash 3,500 Directors' remuneration 24,000 Audit fees 2,000 Ordinary shares of RM4 each Retained earnings at 1 January 2020 8% debentures, repayable in 10 years Interim dividends paid Interest paid Тах рaid Total 452,800 1,500 120,000 20,000 4,800 25.000 1,594.300 1,594,300 Additional information at 31 December 2020: • A physical check at year end reveals inventory at cost of RM13,500. • Prepaid administrative expenses amount to RM10,000 and prepaid distribution expenses amount to RM3,000. • Accrued administrative expenses amount to RM5,000. • Debenture interest for second half-year has not been provided. • Accrued interest on overdraft is RM1,000. Provision for doubtful debts of 10% is to be made after writing ofT RM2.000 of Question 1 (Continued) Depreciation to be charged as follows: o Building 4% on cost o Plant and machinery 10% reducing balance The tax expense for the year was RM23,000. The amount shown in the trial balance is the amount paid for the current financial year. Required: Prepare the following financial statements: (a) Statement of Profit or Loss for the year ended 31 December 2020. (20 marks) (b) Statement of Financial Position as at 31 December 2020. (20 marks) [Total: 40 marks]

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i Osiris berhand Profit and loss account for the year ended 31st December 2020 sales 680000 cost of ... View the full answer