4 The following is the depreciation policy for the non current assets Freehold

4 the following is the depreciation policy for the

This preview shows page 4 out of 4 pages.

4. The following is the depreciation policy for the non-current assets: Freehold land No depreciation charged Building 2% on cost, yearly basis Plant and equipment 15% on cost, yearly basis Motor vehicles 20% on carrying value, yearly basis The depreciation charge for motor vehicles was to be classified under selling and distribution expenses. 5. The tax expense for the year was RM3,450,000. 6. Accrued auditor’s fee and accrued director’s remuneration amounted to RM13,600 and RM34,000 respectively. Required: Prepare the following financial statements in accordance with the requirements of the Companies Act 1965 (as amended), MFRS 101 and other relevant Malaysian Financial Reporting Standard a. i. Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2014. (11 marks) ii. Statement of Changes in Equity for the year ended 30 June 2014. (4 marks) iii. Statement of Financial Position as at 30 June 2014. (8 marks) b. Prepare Notes to the accounts on property, plant and equipment. (7 marks) (Total: 30 marks) 4
Image of page 4
  • Spring '18

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes