The following is the trial balance of Gagah Sdn. Bhd. as at 30 April 2021: Trial...

 

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The following is the trial balance of Gagah Sdn. Bhd. as at 30 April 2021: Trial balance as at 30 April 2021 Debit RM Credit RM 300,000 Ordinary shares 7% preference shares 6% debentures (repayable year 2030) General reserve 150,000 160,000 18,000 Retained earnings as at 1 May 2020 Discounts received 50,000 12,000 442,500 15,400 10,400 Sales Commission received Returns outwards 3,300 46,000 3,500 2,500 1,000 Discounts allowed Wages and salaries Carriage inwards Returns inwards Carriage outwards Purchases 291,400 3,100 Utilities expenses Insurance 10,000 Audit fees 15,000 3,300 3,000 120,000 86,000 290,000 Bad debts General expenses Machinery at cost Motor vehicles at cost Land at cost Accumulated depreciation - Machinery Accumulated depreciation Motor vehicles Trade payables Debenture interest 24,000 16,340 68,000 4,000 101,000 36,000 Trade receivables Directors' remuneration Interim preference share dividend Cash in hand 6,000 101,040 130,000 12,000 Cash at bank Inventories as at 1 May 2020 Allowance for doubtful debts 1,500 1,268,140 1,268,140 Additional information: Inventories as at 30 April 2021 have a cost of RM32,000 and a net realisable value of RM28,000. 1. 2. Allowance for doubtful debts is to be adjusted to 2% of net trade receivables. 3. Unpaid utilities amounted to RM500 as at the year-end on 30 April 2021. 4. Depreciation policy of the company is as follows: Machinery Motor vehicles : 10% per annum on cost; 10% per annum on net book value. This question paper consists of 4 questions on 8 printed pages. 5. The directors have made the following provisions forthe year ended 30 April 2021: (1) A final dividend of RM0.10 per shareis to be paid to ordinary shareholders. (ii) Preference dividend to be paid in full. (ii) Transferred RM4,000 to the general reserve account. Required: a) Prepare the statement of profit or loss of Gagah Sdn. Bhd. for the year ended 30 April 2021. b) Prepare the statement of changes in equity of Gagah Sdn. Bhd. for the year ended 30 April 2021. c) Prepare the statement of financial position of Gagah Sdn. Bhd. as at 30 April 2021 The following is the trial balance of Gagah Sdn. Bhd. as at 30 April 2021: Trial balance as at 30 April 2021 Debit RM Credit RM 300,000 Ordinary shares 7% preference shares 6% debentures (repayable year 2030) General reserve 150,000 160,000 18,000 Retained earnings as at 1 May 2020 Discounts received 50,000 12,000 442,500 15,400 10,400 Sales Commission received Returns outwards 3,300 46,000 3,500 2,500 1,000 Discounts allowed Wages and salaries Carriage inwards Returns inwards Carriage outwards Purchases 291,400 3,100 Utilities expenses Insurance 10,000 Audit fees 15,000 3,300 3,000 120,000 86,000 290,000 Bad debts General expenses Machinery at cost Motor vehicles at cost Land at cost Accumulated depreciation - Machinery Accumulated depreciation Motor vehicles Trade payables Debenture interest 24,000 16,340 68,000 4,000 101,000 36,000 Trade receivables Directors' remuneration Interim preference share dividend Cash in hand 6,000 101,040 130,000 12,000 Cash at bank Inventories as at 1 May 2020 Allowance for doubtful debts 1,500 1,268,140 1,268,140 Additional information: Inventories as at 30 April 2021 have a cost of RM32,000 and a net realisable value of RM28,000. 1. 2. Allowance for doubtful debts is to be adjusted to 2% of net trade receivables. 3. Unpaid utilities amounted to RM500 as at the year-end on 30 April 2021. 4. Depreciation policy of the company is as follows: Machinery Motor vehicles : 10% per annum on cost; 10% per annum on net book value. This question paper consists of 4 questions on 8 printed pages. 5. The directors have made the following provisions forthe year ended 30 April 2021: (1) A final dividend of RM0.10 per shareis to be paid to ordinary shareholders. (ii) Preference dividend to be paid in full. (ii) Transferred RM4,000 to the general reserve account. Required: a) Prepare the statement of profit or loss of Gagah Sdn. Bhd. for the year ended 30 April 2021. b) Prepare the statement of changes in equity of Gagah Sdn. Bhd. for the year ended 30 April 2021. c) Prepare the statement of financial position of Gagah Sdn. Bhd. as at 30 April 2021

Answer rating: 100% (QA)

Statement of Profit or Loss RM RM 442500 2500 Sales Les... View the full answer