QUESTION $3$:

$\backslash$table$[[$FANTASY$],[$Trial balance as at $31$ Dec $2020],[,$Dt$,$Ct$],[$Ordinary share capital,RM$,$RM$],[$Asset Revaluation reserve,,$240,000],[$Retained earning,,$16,000],[5\%$ Debentures,$63,256,],[$Sales$,,28,000],[$Cost of sales,,$169,000],[$Interim dividend paid,$69,310,],[$Administration expenses,$16,000,],[$Distribution expenses,$31,025,],[$Finance cost$,28,331,],[$Land$,1,900,],[$Building$,142,600,],[$Plant and equipment,$90,650,],[$Accumulated depreciation:,$53,430,],[$Building$,,],[$Plant and equipment,,$9,065],[$Investment property,,$15,915],[$Trade receivables & payables,$86,628,],[$Bank$,4,184,1,152],[$Inventories$,16,680,],[$Tax payable,$3,658,],[$ToTAL$,,2,008],[,544,396,544,396]]$

Additional Information:

The fair value of land as at ${31}^{st}$ December $2020$ is RM $150,000.$ The revaluations not yet recorded in the accounts at the year end.

On $1^{st}$ Jan $2020,$ Fantasy Bhd entered into a $4-$year operating lease agreement with Guni Bhd for a machine. The annual lease payment for the machine is RM $12,000,$ payable at the end of each lease year at an interest rate of $6\%.$ The estimated useful life of the asset is $10$ years.

$151$

Extract of PVIFA Table:

$\backslash$table$[[$Year$,$Interest $6\%],[1,0\mathrm{.}943],[2,1\mathrm{.}833],[3,2\mathrm{.}673],[4,3\mathrm{.}465],[5,4\mathrm{.}212]]$

A new equipment costing RM $1,650$ was purchased on $1^{st}$ Jan $2020$ to replace old equipment that was purchased on $1^r$Jan$2016$ at a cost of RM $1,220.$ The old equipment was disposed for RM $885.$

Plant and equipment depreciated over their useful life of $10$ years and estimated life of the building is $10$ years.

A plant was purchased on $1^{st}$ Jan $2014$ at cost RM $1,340$ had a reduction in production capacity because of several breakdowns since March $2020.$ The management decided to provide impairment on the plant as at year end. The fair value of the plant as at ${31}^{st}$ December $2020$ is RM $350$ and a dismantling cost is RM $124,$ if the plant is to be disposed.

Management have estimated current tax charge for the year was RM $2,516.$

You are required prepare:

a$)$ Statement of comprehensive income for the year ended ${31}^{st}$ December $2020$

b$)$ Statement of changes in equity for year ended ${31}^{st}$ December $2020$

c$)$ Statement of financial position as at ${31}^{st}$ December $2020$

$152$