FAR160 PYQ TQ5 Publish FS.doc - FAR 160 TQ 5 PYQ PUBLISHED...

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CAW. MELAKACAW. MELAKAFAR 160TQ 5PYQ PUBLISHED FINANCIAL STATEMENTSQUESTION 1 (DEC 2019)The following balances were extracted from the books of Competitive Bhd as at 31December 2018.Debit (RM)Credit (RM)Sales16,116,500Cost of sales8,800,000Ordinary shares14,700,0008% Preference shares9,800,000General reserve2,795,000Interest on loan175,000Income on investment130,500Interim dividend paid:Ordinary dividend870,000Preference dividend380,000Administrative expenses1,600,000Advertisement1,200,000Freehold land11,700,000Building (at cost)12,000,000Motor vehicle (at cost)6,620,000Office furniture(atcost)6,480,000Accumulated depreciation as at 1 January 2018:-Building750,000-Motor vehicle1,300,000-Office furniture1,680,000Auditors’ fee107,000Investment5,280,000Trade receivables and Trade payable663,000865,000lnventorv as at 31 December 2018505,0007% Bank loan2,700,000Bank2,460,000Tax paid for the year497,000Retained profit as at 1 January 20188,500,00059,337,00059,337,000Additional information:1.Depreciation on property, plant and equipment are to be provided as follows:i.Building 5% on costii.Motor vehicle 10% on costiii.Office furniture 10% on carrying value.Depreciation on motor vehicle is to be treated as selling and distribution expenses.2.Provisions are to be made for:i.Directors' remuneration of RM650,000ii.Transfer of RM290,000 from retained profit to general reserve.3.The board of directors had declared a final dividend of 5% on ordinary shares and theremaining dividend of 8% preference shares.4.Part of the interest on loan was still unpaid.5.Investment income not yet received was RM97,000.6.The current year tax was estimated at RM710,000Required:a.Prepare the following financial statements in a form suitable for publication and incompliance with the Companies Act 2016 and related Malaysian Financial ReportingStandards (MFRS):i.Statement of Profit or Loss and Other Comprehensive Income for the yearended 31 December 2018.

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Motor Vehicles

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