Scribd Logo
Upload

Welcome to Scribd!

  • 2 views

    Jan 2024

    Uploaded by

    Nur Alya Damia

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Jan 2024

    Uploaded by

    Nur Alya Damia
    2 views3 pages

    Original Title

    JAN 2024 (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2 views3 pages

    Jan 2024

    Uploaded by

    Nur Alya Damia

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    JAN 2024 (FUBLISHED FS)

    SOLUTION 1

    a.
    AMG Bhd
    Statement of profit and loss and other comprehensive income
    for the year ended 31 December 2022

    RM’000
    Revenue (276,505,000 – 250,000) 276,255
    Cost of sales (106,520,000+500,000) (107,020)
    Gross profit 169,235
    Other income - Rental 860
    Administrative expenses (26,550) W1
    Deficit on revaluation of land (85M – 84M) (1,000)
    Distribution expenses (9,500)
    Other operating expenses – Damage cost (1,000)
    Profit from operation 132,045

    Finance expenses (720)


    Income from investment 4,500
    FV loss on investment property (4.5M–5M) (500)
    135,325
    Profit before tax
    Income tax expense (26,000)
    Profit for the year 109,325

    Other comprehensive income:


    Surplus on revaluation of freehold property 2,000
    [18m-(20m-6m)]
    Total comprehensive income 111,325

    Workings 1:
    Admin Dist exp Finance
    exp exp
    RM’000 RM’000 RM’000
    As per Trial Balance 16,280 9,500 720
    Depreciation on building (2% x 2,000
    100M)
    Depreciation on plant & 6,400
    equipment (80M-16M) x 10%
    Depreciation of freehold 450
    property (18M/40 years)
    Maintenance expense 1,420
    Total 26,550 9,500 720
    b.

    AMG Bhd
    Statement of changes in equity for the year ended 31 December 2022

    Asset
    Ordinary revaluation Retained
    shares reserve earning
    RM’000 RM’000 RM’000
    Bal as at 1 Jan 2022 122,000 - 44,900
    Prior year adjustment –
    maintenance cost (2,200)

    Restated balance 42,700


    Surplus on revaluation of
    freehold property 2,000
    Current year profit 109,325
    Ordinary shares dividend (6,800)
    Bal as at 31 Dec 2022 122,000 2,000 145,225
    c.
    AMG Bhd
    Statement of financial position as at 31 December 2022
    Non-current assets RM’000
    Property, plant and equipment 251,150
    Investment properties (5m-0.5m) 4,500
    Long term investments 21,000
    276,650
    Currents assets
    Inventory (12.5m-0.5m) 12,000
    Trade receivable 13,275
    Bank 16,350
    318,275
    Equity
    Share capital 122,000
    Reserves 147,225
    269,225

    Non-current liabilities
    8% bank loan 9,000

    Current liabilities
    Trade payable 35,600
    Tax payable (26m-25m) 1,000
    Provisions for damages 1,000
    Unearned revenue 250
    Accrued maintenance cost 2,200
    318,275
    Note on PPE
    Land Freehold Building Plant and Total
    property equipment
    Cost/valuation RM’000 RM’000 RM’000 RM’000 RM’000
    As at 1 Jan 2022 85,000 20,000 100,000 80,000
    Surplus on revaluation 2,000
    Deficit on revaluation (1,000)
    Elimination of acc dep (4,000)
    As at 31 Dec 2022 84,000 18,000 100,000 80,000
    Accumulated
    Depreciation
    As at 1 Jan 2022 - 4,000 6,000 16,000
    Current year - 450of 2,000of 6,400of
    depreciation
    Elimination of acc dep (4,000)
    As at 31 Dec 2022 - 450 8,000 22,400
    Carrying amount 84,000 17,550 92,000 57,600 251,150

    ii. Contingent liabilities

    On 2 January 2023, part of company’s warehouse was damaged by heavy floods. The
    loss was estimated at RM235,000.

    You might also like