20 on carrying amount Motor vehicles 10 on cost Depreciation on plant and

20 on carrying amount motor vehicles 10 on cost

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20% on carrying amount Motor vehicles 10% on cost Depreciation on plant and equipment is to be treated as administrative expenses while depreciation on motor vehicles is to be treated as selling and distribution expenses. Land and building is not depreciated. 2. On 1 July 2013, the company purchased a motor vehicle amounted to RM120,000 by cash. The purchases have not been recorded in the books of account of the company. 3. At 30 June 2014, the net realisable value for the inventory was RM214,500. 4. Taxation on profit for the year was RM54,925. 5. An independent valuer revalued the land at RM7,200,000. The directors decided to incorporate the new value in the books of Super Green Bhd for the year ended 30 June 2014. Required: a. Prepare the following financial statements in accordance with the requirements of the Companies Act 1965 (as amended), MFRS 101 Presentation of Financial Statements and other relevant Malaysian Financial Reporting Standard: i. Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2014. (7 marks) ii. Statement of Changes in Equity for the year ended 30 June 2014. (6 marks) iii. Statement of Financial Position as at 30 June 2014. (8 marks) b. Prepare Notes on property, plant and equipment.
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