Using the trial balance prepared and Statement of Comprehensive Income prepared below, prepare the Statement of Financial Position as at 31 December 2019 for ABC Sdn Bhd.[20marks]
TRIAL BALANCE | ADJUSTMENTS | ADJUSTED TRIAL BALANCE | ||||
Accounts | DEBIT | CREDIT | DEBIT | CREDIT | DEBIT | CREDIT |
Land | 500,000 | 500,000 | ||||
Building | 200,000 | 200,000 | ||||
Motor vehicles | 120,000 | 1000 | 119,000 | |||
Plant and machinery | 70,000 | 70,000 | ||||
Retained profit as at 01.01.2019 | 312,150 | 312,150 | ||||
8% debenture | 150,000 | 150,000 | ||||
Ordinary share | 200,000 | 200,000 | ||||
Accumulated depreciation as at 31.12.2019: | ||||||
Building | 60,000 | 60,000 | ||||
Motor vehicles | 69,250 | 69,250 | ||||
Plant & machinery | 40,000 | 40,000 | ||||
Sales returns | 3,600 | 3,600 | ||||
Purchase returns | 4,100 | 4,100 | ||||
Sales | 700,000 | 700,000 | ||||
Purchases | 400,000 | 400,000 | ||||
Sales discounts | 5,000 | 2000 | 3,000 | |||
Purchase discounts | 3,500 | 2000 | 1,500 | |||
Opening inventory | 52,000 | 52,000 | ||||
7% Preference shares | 50,000 | 50,000 | ||||
Provision for bad debts | 2,000 | 2,000 | ||||
Trade receivables | 26,700 | 3800 | 30,500 | |||
Trade payable | 43,200 | 43,200 | ||||
Administrative expenses | 18,000 | 500 | 18,500 | |||
Staff training cost | 4,000 | 4,000 | ||||
Bad debts | 12,500 | 12,500 | ||||
Motor expenses | 27,000 | 1000 | 28,000 | |||
Rental | 90,000 | 90,000 | ||||
Bank overdraft | 15,400 | 500 | 15,900 | |||
Wages and salaries | 115,000 | 115,000 | ||||
Debenture interest | 6,000 | 6,000 | ||||
Suspense account | 200 | 4000 | ||||
1,649,800 | 1,649,800 | 7,300 | 3,500 | 1,652,100 | 1,652,100 |
Statement of comprensive income as at 31st December 2019:
Sales (less return) | 696,400 |
Cost of Goods Sold | 400,900 |
Gross Profit | 295,500 |
Operating Expenses: | |
Sales Discount | 3,000 |
Purchase Discount | (1,500) |
Bad debts | 12,500 |
Administrative expenses | 18,500 |
Motor Expense | 28,000 |
Rental | 90,000 |
Wages | 115,000 |
Debanture Interest | 6,000 |
Total Operating Expenses | 271,500 |
Net Income | 24,000 |
Staff training has not been considered in the given Statement of comprensive income. Therefore, Revise Statement of comprensive income is as follow:-
Particulars | Amount ($) |
Sales (less return) | 6,96,400 |
Cost of Goods Sold | 4,00,900 |
Gross Profit | 2,95,500 |
Operating Expenses: | |
Sales Discount | 3,000 |
Purchase Discount | -1,500 |
Bad debts | 12,500 |
Administrative expenses | 18,500 |
Motor Expense | 28,000 |
Rental | 90,000 |
Wages | 1,15,000 |
Staff training cost | 4,000 |
Debanture Interest | 6,000 |
Total Operating Expenses | 2,75,500 |
Net Income | 20,000 |
Statement of Financial Position as at 31 December 2019 for ABC Sdn Bhd
BALANCE SHEET AS AT 31st DEC. 2019 | |||
Particulars | Note | Amount ($) | |
NON CURRENT ASSETS | |||
Property, plant and equipment and Investment Property | 1 | 7,19,750 | |
TOTAL NON CURRENT ASSETS | 7,19,750 | ||
CURRENT ASSETS | |||
Inventories | 2 | 47,000 | |
Trade receivables | 3 | 28,500 | |
TOTAL CURRENT ASSETS | 75,500 | ||
TOTAL ASSETS | 7,95,250 | ||
SHAREHOLDERS' EQUITY | |||
Share capital | 4 | 2,50,000 | |
Surplus | 20,000 | ||
Retained earnings | 3,12,150 | ||
TOTAL SHAREHOLDERS’ EQUITY | 5,82,150 | ||
NON CURRENT LIABILITIES | |||
Interest-bearing loans and long term borrowings | 1,50,000 | ||
TOTAL NON CURRENT LIABILITIES | 1,50,000 | ||
CURRENT LIABILITIES | |||
Banks overdrafts and short-term borrowings | 15,900 | ||
Trade payables | 43,200 | ||
Other liabilities | 4,000 | ||
TOTAL CURRENT LIABILITIES | 63,100 | ||
TOTAL LIABILITIES | 2,13,100 | ||
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 7,95,250 | ||
Note 1 : Property, Plant and Equipments | |||
Particular | Cost | Accumulated Depreciation | W.D.V |
Land | 5,00,000 | 5,00,000 | |
Building | 2,00,000 | 60,000 | 1,40,000 |
Motor vehicles | 1,19,000 | 69,250 | 49,750 |
Plant and machinery | 70,000 | 40,000 | 30,000 |
Total | 8,89,000 | 1,69,250 | 7,19,750 |
Note 2 : Inventory | |||
Particular | Amount ($) | ||
Opening Inventory | 52,000 | ||
Purchases | 4,00,000 | ||
Purchases Return | -4,100 | ||
Total Cost | 4,47,900 | ||
Less: Cost of Sales | 4,00,900 | ||
Closing Inventory | 47,000 | ||
Note 3 : Trade receivables | |||
Particular | Amount ($) | ||
Gross Trade Receivables | 30,500 | ||
Less: Provision for Bad Debts | -2,000 | ||
Net Trade Receivables | 28,500 | ||
Note 4 : Share capital | |||
Particular | Amount ($) | ||
Ordinary share | 2,00,000 | ||
7% Preference shares | 50,000 | ||
Net Trade Receivables | 2,50,000 |
Using the trial balance prepared and Statement of Comprehensive Income prepared below, prepare the Statement of...
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