Answer Happy

Quiz Finish The following Trial Balance has been extracted from the accounting records of Major Berhad at 31 December 2021 RM'000 RM'000 Administrative expenses 2,500 Bank overdraft 250 10% Debentures 600 Distribution costs 1.200 Dividends received 130 Non-current asset investments at cost 730 Furniture and fittings - cost 100 Furniture and fittings - accumulated depreciation (at 1 Jan 2021) 40 Interim ordinary dividends paid 80 Ordinary share capital 1.300 Plant and equipment -cost 7.600 Plant and equipment - accumulated depreciation (at 1 Jan 2021) 5.000 10% Preference share capital 200 Preference dividends paid 20 Retained earnings at 1 January 2021 2.320 Provision for doubtful debts at 1 January 2021 160 Purchases and manufacturing expenses 7.250 Salos 13.260 Inventory at 1 January 2021 2. 170 Trade receivables and payables 2.800 990 23
Additional information: F 1. The inventory at 31 December 2021 was valued at RM2,500,000 2. Depreciation is to be charged as follows: Furniture and fittings (all relating to administration): 10% on cost Plant and equipment (all relating to cost of sales): 50% on reducing balance basis 3. The provision for doubtful debts is to be maintained at 8% of receivables. 4. Prepayments and accruals at 31 December 2021 were Prepayments (RM) Accruals (RM) Administrative expenses 120.000 10,000 Distribution costs 30.000 B0.000 5. Interest on debentures for the year has not been paid 6. At 31 December 2021 the directors propose to pay a final ordinary dividend of RM180.000
Required: Prepare in accordance with IAS 1 Presentation of Financial Statements the statement of profit or loss, the statement of changes in equity and the statement of financial position of Major Berhad as at 31 December 2021