Presented below is the trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses 15,625 Other operating expenses 15,000 Income tax expense 17,750 Notes payable 100,000 Dividend payable 18,750 Trade payables 12,500 Unearned revenue 25,000 1,640,625 1,640,625 Additional information: No depreciation has been charged for the year. The company policy is to charge a full year’s depreciation on all assets held at the year-end at the following rates: Office Building - 4% per annum on cost Equipment -5% per annum on cost Motor vehicle – 10% per annum on cost Commission to salesmen is paid on net income for 2020 are announced to be RM62,500. The annual payment will be made on 1 March 2021. A note payable of RM100,000 was issued on 1 December 2020 at 9% per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. 25% of the notes are due next year. It is estimated that the provision for doubtful debts for the year is RM5,000. At the end of the year 2020, RM6,250 of unearned revenue was earned. The revenue earned has not been recorded. Supplies expenses for the year are RM10,000 and have not been recorded. On 28 December 2020, the company purchased merchandise on account at a price of RM15,000. The transaction has not been recorded as at 31 December 2020. REQUIRED: Prepare a Statement of Financial Position for PBB as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements. hi, tutor I just need answers for this only because I already have answers for adjusting entries and statements of profit or loss for now I only need answers for this only. please help me bcs I've posted the same question many times but I didn't get the answers for this. your answers will surely help me. thanks in advance. I also have attached answers for the profit or loss statement for your reference.
- Presented below is the
trial balance for Pedu Belantik Bhd (PBB) as at 31 December 2020:
Accounts |
Debit (RM) |
Credit (RM) |
Land |
156,250 |
|
Office building |
193,750 |
|
Equipment |
25,000 |
|
Motor vehicle |
68,750 |
|
- Office building - Equipment - Motor vehicle |
65,000 10,000 26,250 |
|
Bank |
137,500 |
|
Trade receivables |
172,500 |
|
Supplies |
18,750 |
|
Prepaid insurance |
38,250 |
|
Long term investment |
201,875 |
|
|
50,000 |
|
Inventory |
56,500 |
|
Ordinary share capital |
375,000 |
|
Reserves |
25,000 |
|
|
206,250 |
|
Rent revenue |
71,875 |
|
Sales |
675,000 |
|
Gain on revaluation of properties |
11,250 |
|
Gain on sale of land |
12,500 |
|
Gain on translation of foreign operations |
6,250 |
|
Cost of goods sold |
280,000 |
|
Salary and wages expenses |
142,500 |
|
Finance cost |
25,000 |
|
Distribution expenses |
25,625 |
|
Advertising expenses |
15,625 |
|
Other operating expenses |
15,000 |
|
Income tax expense |
17,750 |
|
Notes payable |
100,000 |
|
Dividend payable |
18,750 |
|
Trade payables |
12,500 |
|
Unearned revenue |
25,000 |
|
1,640,625 |
1,640,625 |
Additional information:
- No depreciation has been charged for the year. The company policy is to charge a full year’s depreciation on all assets held at the year-end at the following rates:
Office Building - 4% per annum on cost
Equipment -5% per annum on cost
Motor vehicle – 10% per annum on cost
- Commission to salesmen is paid on net income for 2020 are announced to be RM62,500. The annual payment will be made on 1 March 2021.
- A note payable of RM100,000 was issued on 1 December 2020 at 9% per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. 25% of the notes are due next year.
- It is estimated that the provision for doubtful debts for the year is RM5,000.
- At the end of the year 2020, RM6,250 of unearned revenue was earned. The revenue earned has not been recorded.
- Supplies expenses for the year are RM10,000 and have not been recorded.
- On 28 December 2020, the company purchased merchandise on account at a price of RM15,000. The transaction has not been recorded as at 31 December 2020.
REQUIRED:
- Prepare a Statement of Financial Position for PBB as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements.
hi, tutor I just need answers for this only because I already have answers for
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