9 marks Total 30 marks 2 QUESTION 2 The following is the trial balance of

9 marks total 30 marks 2 question 2 the following is

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(9 marks) (Total: 30 marks) 2
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QUESTION 2 The following is the trial balance of Kenanga Sari Bhd as at 30 June 2014: Debit Credit RM RM Ordinary share capital 10,000,000 9% Preference share capital 2,000,000 Revenue 47,100,000 Share premium 560,000 Retained profit as at 1 July 2013 6,690,000 Income from investment 104,200 Cost of sales 14,665,200 Administrative expenses 3,660,000 Selling and distribution expenses 10,816,900 Audit fees 43,400 Directors’ remuneration 471,000 Rental income 78,000 Long term loan interest 180,000 Freehold land(at cost) 1,600,000 Building(at cost) 6,900,000 Plant and equipment(at cost) 4,350,000 Motor vehicles(at cost) 3,460,000 Investment 7,460,000 Trade receivables 6,484,000 Bank 5,810,000 Inventories as at 30 June 2014 6,240,000 Accumulated depreciation as at 1 July 2013: Building 690,000 Plant and equipment 1,957,500 Motor vehicles 1,245,600 Trade payables 2,040,000 Tax paid 2,960,000 Dividend paid 364,800 6% Long term loan 3,000,000 75,465,300 75,465,300 3
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Additional information: 1. Inventories costing RM440,000 were discovered to be obsolete and damaged. 2. A piece of freehold land was revalued on 16 June 2014 with a surplus on revaluation of RM250,000. The directors decided to incorporate the revalued amount in the books. 3. Due to the increase in production, an additional plant and equipment were purchased by cash at a cost of RM1,650,000. The purchase of these assets has not been recorded in the account of the company.
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