ACW163 – FINANCIAL ACCOUNTING AND REPORTING 1
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ACW163 – FINANCIAL ACCOUNTING AND REPORTING 1
MID-SEMESTER EXAMINATION
PLEASE ANSWER ALL PARTS OF THE QUESTION
TOTAL MARKS = 100
SHOW ALL WORKINGS CLEARLY
The following information relates to Brex Berhad for the year ended 28 February 2020:
|
Brex Berhad |
|
|
|
Trial Balance as at 28 February 2020 |
|
|
|
|
Dr |
Cr |
|
|
RM |
RM |
|
Dividends paid |
61,810 |
|
|
Purchases |
433,903 |
|
|
Sales |
|
986,143 |
|
Returns Outwards |
|
2,951 |
|
Motor expenses |
19,705 |
|
|
Accounts receivable |
102,000 |
|
|
Rent |
19,489 |
|
|
Inventory as at 1 March 2019 |
43,104 |
|
|
Accounts payable |
|
85,747 |
|
Plant & equipment: at cost |
579,660 |
|
|
Motor vehicles: at cost |
250,560 |
|
|
Plant & equipment: accumulated depreciation at 1 March 2019 |
|
110,880 |
|
Motor vehicles: accumulated depreciation at 1 March 2019 |
|
61,440 |
|
Sundy operating expenses |
108,476 |
|
|
Cash at bank |
1,092 |
|
|
6% loan notes 2028-2030 |
|
150,000 |
|
Loan note interest paid |
4,500 |
|
|
General reserve |
|
22,600 |
|
Bad debt expenses |
24,310 |
|
|
Share premium |
|
46,000 |
|
Allowance for doubtful debts at 1 March 2019 |
|
4,093 |
|
Issued ordinary share capital |
|
62,000 |
|
Rent received |
|
7,070 |
|
Directors' remuneration |
78,890 |
|
|
|
1,727,499
|
1,727,499
|
Additional information:
1. The inventory was counted on 28 February 2020 and was valued at a cost of RM 44,201.
2. Depreciation is to be charged at the following annual rates:
i. Plant & Equipment (reducing balance) – 15%
ii. Motor Vehicles (straight-line) – 20%
3. The amount shown for rent on the trial balance includes a payment of RM 6,120 which represents twelve months ’ rent to 31 October 2020.
4. Motor expenses incurred for which no invoices have yet been received amount to a total of RM 5,661.
5. The allowance for doubtful debt is to revise to 5% of accounts receivable.
6. The loan note interest is paid in two annual instalments and the second instalment needs to be provided for.
7. The corporation tax charge on the profit for the year is estimated to be RM 40,000.
8. The directors wish to transfer RM 7,000 to general reserve.
Required:
(i) Prepare the Statement of Profit or Loss and Comprehensive Income for the year ended 28 February 2020 as per MFRS 101 – Presentation of Financial Statements
(34 marks)
(ii) Prepare the Statement of Financial Position as of 28 February 2020 as per MFRS
101 – Presentation of Financial Statements. (50 marks)
(iii) Prepare the Statement of Changes in Equity for the year ended 28 February 2020
as per MFRS 101 – Presentation of Financial Statements. (16 marks)
2022-08-02