The following balances were taken from the book of Syringe Berhad on 31 December 2020: Trial Balance as at 31 December 2020 Debit (RM) Credit (RM) Advertising 22,800 Cash 46,446 Cost of sales 536,928 Debenture in Salaries 63,350 Trade Receivables 319,620 10% debenture (due on 31 December 2025) 52,000 8% preference shares at RM 1: Fully Additional information: Inventory amounting to RM2,000 was damaged due to fire accident. The remaining inventories as at 31 December 2020 was valued at RM 46,000 at net realizable value. RM2,000 has been paid in advance for rent as at 31 December 2020. Allowance for doubtful debts has been reduced by RM1,000 General expense, insurance expense, rent expense and salaries expense are shared between selling & distribution and general & administrative cost in the ratio of 40% and 60% each respectively. Land & building above is represented by land – RM240,000 and building - RM250,000. Land & building and fixtures and fittings are shared between selling & distribution and general & administrative cost in the ratio of 50% and 50% each respectively whereas motor vehicle is shared between selling & distribution and general & administrative cost in the ratio of 80% and 20% each respectively. Depreciation for non-current assets to be provided as follows: Motor vehicles - 20% on cost, Fixtures and fittings - 30% on cost and building – 10% on cost. On 31 December 2020, the land was revalued to RM300,000. The directors decided that this revaluation must be incorporated int the final accounts. The board of directors proposed: A dividend of RM0.10 per share to be paid on the ordinary shares and preference shares. Corporate tax is 25% and To transfer RM2,000 from retained earnings to the general reserve. In in accordance with MFRS101(IAS 1) Presentation of financial statements, required: 

a. Prepare notes to account for cost of sales, selling & distribution cost, general & administrative cost, finance cost and property plant and equipment.

 b. Prepare Statement of comprehensive income for the year ended 31 December 2020.

c. Prepare Statement of changes in equity for the year ended 31 December 2020. d. Prepare Statement of financial position as at 31 December 2020.

Answer rating: 100% (QA)

a Prepare notes to account for cost of sales selling distribution cost general administrative cost finance cost and property plant and equipment Cost of sales Inventory as at 31 December 2020 was valu... View the full answer