2.Maverick Sdn BhdThe following is the trial balance of Maverick Sdn Bhd at 31 March 2021.DrCrRM'000RM'000Equity share capitalRetained earnings10% Loan notes, repayable 2023Office equipmentAccumulated depreciationComputer equipmentAccumulated depreciationInventoryTrade receivablesAllowance for receivablesCash507912016032200401962532612Bank96Trade payablesAdministration expensesSelling and distribution expensesLoan note interestBank overdraft interest892862698Revenue4,414Purchases3,5624,9464,946Additional information:i) Inventory at 31 March 2021 was RM156,000.ii) Prepaid administration expenses were RM5,000ii) Accrued selling and distribution expenses were RM26,000.iv) No interest has been accrued for the loan which was taken out on 1September 2020.v) Depreciation is 20% per annum for office equipment and computer equipmentand should be classified as administration expenses.vi) Trade receivable of RM8,000 are irrecoverable and the allowance forreceivables was RM32,000.vii) The tax for current year is estimated at RM18,000.2Required:For Maverick Sdn Bhd, prepare the followings:(i) Statement of profit or loss for the year ended 31 March 2021(ii) Statement of financial position as at 31 March 2021.Remark: Round your answer to the nearest thousand.

1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…

2. Maverick Sdn Bhd The following is the trial balance of Maverick Sdn Bhd at 31 March 2021. Dr RM'000 Cr RM'000 Equity share capital Retained earnings 10% Loan notes, repayable 2023 Office equipment - Accumulated depreciation Computer equipment - Accumulated depreciation Inventory Trade receivables Allowance for receivables Cash Bank 50 79 120 160 32 200 40 196 253 26 12 96 89 Trade payables Administration expenses Selling and distribution expenses Loan note interest Bank overdraft interest Revenue Purchases 286 269 4,414 3,562 4,946 4,946 Additional information: ) Inventory at 31 March 2021 was RM156,000. i) Prepaid administration expenses were RM5,000 H) Accrued selling and distribution expenses were RM26,000. v) No interest has been accrued for the loan which was taken out on 1 September 2020. v) Depreciation is 20% per annum for office equipment and computer equipment and should be classified as administration expenses. vi) Trade receivable of RM8,000 are irrecoverable and the allowance for receivables was RM32,000. vii) The tax for current year is estimated at RM18,000. Required: For Maverick Sdn Bhd, prepare the followings: O Statement of profit or loss for the year ended 31 March 2021 (H) Statement of financial position as at 31 March 2021. Remark: Round your answer to the nearest thousand.

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...