- Question 1 Sutramaya Sdn Bhd Is A Manufacturer Of Batik In Kuala Terengganu On 1 January 2020 The Company Entered Into 1 (124.17 KiB) Viewed 6 times
(a) Describe TWO (2) rights or circumstances of Sutrayama Sdn Bhd for the right to use the equipment. [5 marks]
(b) Report all accounting treatments related in 2020 based on MFRS16 with the relevant calculations:
i. amount of right of use equipment.
ii. amount of depreciation right of use equipment.
iii. lease payment table for 4 years.
iv. journal entries. [15 marks]
(c) Prepare extracted Statement of Profit and loss and extracted Statement of Financial Position as at 31 December 2020. [5 marks]
URGENTTTT !!!!!!! PLEASE ANSWER ASAP
QUESTION 1 Sutramaya Sdn Bhd is a manufacturer of Batik in Kuala Terengganu. On 1 January 2020, the company entered into a lease contract for an equipment with a Guangzhou Equipment Bhd in China. The lease contract are as follows: The lease term is for 4 years and cannot be cancelled. i. ii. Sutramaya Sdn Bhd is required to pay RM25,000 annually during the end iii. iv. V. vi. Periods 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 year. At the end of the lease term, the equipment acquired has to be returned to Guangzhou Equipment Bhd in China. An estimated useful life for equipment is 10 years. Initial direct cost was RM10,000. The implicit rate of the lease is 5%. 6% 7% 0.9434 0.9346 1.8334 2.673 2.6243 2.5771 2.5313 2.4869 3.3872 3.3121 3.2397 3.1699 3.9927 3.8897 3.7908 4.6229 4.4859 4.3553 2.941 2.8839 2.8286 2.7751 2.7232 3.902 3.8077 3.7171 3.6299 3.546 3.4651 4.8534 4.7135 4.5797 4.4518 4.3295 4.2124 4.1002 5.7955 5.6014 5.4172 5.2421 5.0757 4.9173 4.7665 6.7282 6.472 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 5.033 4.8684 7.6517 7.3255 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 8.566 8.1622 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.9952 5.759 9.4713 8.9826 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 10.368 9.7868 9.2526 8.7605 8.3064 7.8869 7.4987 7.139 6.8052 6.4951 11.255 10.575 9.954 9.3851 8.8633 8.3838 7.9427 7.5361 7.1607 6.8137 9.3936 8.8527 12.134 8.3577 7.9038 7.4869 7.1034 11.348 10.635 9.9856 13.004 12.106 11.296 10.563 9.8986 13.865 12.849 11.938 11.118 10.38 9.295 8.7455 8.2442 7.7862 7.3667 9.7122 9.1079 8.5595 8.0607 7.6061 1% 2% 3% 0.9901 0.9804 0.9709 1.9704 1.9416 1.9135 4% 5% 0.9615 0.9524 1.8861 1.8594 8% 9% 10% 0.9259 0.9174 0.9091 1.808 1.7833 1.7591 1.7355