Non current Assets Property plant equipment 137510 Investment property 17530

Non current assets property plant equipment 137510

This preview shows page 8 - 11 out of 12 pages.

Non-current Assets Property, plant & equipment 137,510 Investment property 17,530 Biological asset 73,340 Intangibles (14,000 – 2,800) 11, 200 Current Assets Inventories 37,820 Trade receivables 59,700 Bank 25,900 363,000 Equity Shares capital 98,900 Retained profit 220,200 Other reserves 750 Non-current liabilities 8% CIMB loan 10,000 Current liabilities Trade payables 28,780 Tax payable (10,000 – 1,600 – 6,570) 1,770 Accruals (400 + 200) 600 Provision for claims 2,000 363,000 QUESTION 3 (FAR 460, UiTM, JUNE 2016) Al Munawwaroh Bhd, a listed company based in Sepang, produces car accessories and is strictly following the Islamic Manufacturing Process (IMP) guidelines in its production process. It has the following trial balance as at 31 December 2015. 8
Image of page 8

Subscribe to view the full document.

Al Munawwaroh Bhd Trial Balance as at 31 December 2015 RM RM Land and building at cost (cost of land RM3,000,000) 6,090,000 Accumulated depreciation - building at 1 January 2015 1,090,000 Machinery at cost 1,500,000 Accumulated depreciation - machinery at 1 January 2015 450,000 Investment property 2,750,000 Biological assets 380,000 Inventories 95,000 Receivables 490,000 Bank 4,830,000 Ordinary share capital at RM1 each 5,500,000 Retained earnings 2,537,000 Dividend paid 1,500,000 Reserves 1,500,000 10% Debentures 2,500,000 Payables 1,511,000 Sales 9,679,000 Cost of sales 3,473,000 Administrative expenses 2,830,000 Selling and distribution expenses 542,000 Finance expenses 287,000 24,767,000 24,767,000 Additional information: 1. Al Munawwaroh adopts the revaluation model for its land and building. On 2 January 2015, the directors of Al Munawwaroh decided that the land was revalued to RM4,400,000 and the building was revalued to RM2,400,000 with an expected remaining useful life of 30 years. The straight-line depreciation policy on building will continue. It is the policy of the company to measure its machinery and equipment using the cost model and to depreciate on a straight-line method over a 10-year period. 2. Since 2010, Al Munawwaroh has entered into a contract to supply its products to a particular government agency. The rising material costs in 2013 have made the contract price to be lower than the costs of production. Al Munawwaroh has two more years to supply the product at the contract price, which the directors have estimated, will result in the company incurring losses of RM350,000. Al Munawwaroh has no option to exit the contract. 3. On 4 January 2015, Al Munawwaroh purchased a patent from Al Toyib at a cost of RM400,000 (inclusive of 10% legal and other attributable costs associated with the filing of the patent). The economic benefits are expected to be received indefinitely from the use of the patent. This transaction has not been recorded yet. 4. Al Munawwaroh purchased laboratory equipment costing RM850,000 on 1 July 2015. The equipment, with an estimated life of 10 years and no residual value, was used in a variety of research projects. The cost of the equipment was treated as part of the cost of sales since it was as part of the research projects. Depreciation on the equipment has not been provided for. 9
Image of page 9
5. The current year estimated taxation was RM2,170,000 and interest on debentures for the year had not been paid. Required: Prepare, in accordance with MFRS 101 Presentation of Financial Statements and other relevant Malaysian Financial Reporting Standards: a. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2015. (10 marks) b. Statement of Changes in Equity for the year ended 31 December 2015.
Image of page 10

Subscribe to view the full document.

Image of page 11
  • 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