- Al Haramain A Limited Company Has An Accounting Year End At 31st December The Following Trial Balance Was Extracted On 1 (164.72 KiB) Viewed 22 times
- Al Haramain A Limited Company Has An Accounting Year End At 31st December The Following Trial Balance Was Extracted On 2 (71.79 KiB) Viewed 22 times
Al Haramain a limited
company, has an accounting year end at 31st December. The following trial balance was extracted on 31st December 2020. AL HARAMAIN Trial Balance as at 31st December 2020 Debit RM Credit RM 205,000 Freehold land at cost Building at cost 500,000 240,000 Plant & machinery at cost Investments 36,000 Inventory as at 1st January 2020 33,000 Trade receivables & Trade payables 84,000 10,500 Cash at Bank & In Hand Purchases & Turnover 312,000 Administrative expenses 90,000 Selling & distribution expenses 32,000 Other expenses 27,000 Accumulated depreciation as at 1st January 2020 Plant & machinery Building Provision for doubtful debts Directors' emoluments 34,000 Auditors' fees 15,000 Ordinary share capital @RM2 each share General reserve Retained profits 10% Debentures 20,000 Interim dividends paid Debenture interest paid 12,000 1,650,500 The following information is available: 1) Closing inventories were valued at a cost of RM55,000. Provision for depreciation is to be made for: 2) i. Plant & machinery 10% using reducing balance method ii. Buildings 5% on cost 3) Accrued directors' emoluments of RM50,000. 46,500 651,200 72,000 120,000 4,800 500,000 40,000 96,000 120,000 1,650,500
4). Provision for doubtful debts to be increased to RM5,200. 5) Board of directors proposed the following: i.to transfer RM 8,000 to general reserve. ii.to provide for final ordinary shares dividend of RM0.15 per share. 6) The directors, on the advice of an independent appraiser, wish to revalue the land at RM400,000 thus bringing the value in line with the current price. 7) Tax rate is 24%. You are required to prepare: a) The
Statement of Comprehensive Income (internal use) for the year ended 31st December 2020 [10 marks] b) The
Statement of Changes in Equity for the year ended 31st December 2020 [5 marks] c)
Statement of Financial Position as at 31st December 2020 [10 marks]