Question

In: Accounting

Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.

 

Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.

 

Dr. (RM)

Cr. (RM)

Account receivables

             109,658

  

Buildings

         1,372,680

  

Cash

         1,314,264

  

Cost of goods sold

             856,152

  

Equipment

             504,000

  

Patent

               60,276

  

Income tax expense

               60,340

  

Inventory

             551,950

  

Land

             766,800

  

Maintenance and repair expenses

               11,953

  

Office expense

               14,086

  

Prepaid insurance

               48,000

  

Property tax expense

                 1,680

  

Salaries and wages expenses

               25,334

  

Sales returns and allowance

                 1,176

  

Accounts payable

  

               36,936

Accumulated depreciation – buildings

  

             137,268

Accumulated depreciation - equipment

  

             252,000

Deferred tax liability

  

               21,600

Gain on revaluation of properties

  

               29,640

Gain on sale of land

  

             109,560

Gain on translation of foreign operations

  

                 5,880

Notes payable

  

             194,400

Rent revenue

  

               57,600

Retained earnings

  

             912,720

Revaluation reserve

  

             560,640

Translation of foreign operations reserve

  

             263,160

Sales revenue

  

         2,238,180

Share capital

  

             878,765
 

5,698,349

5,698,349

Additional information:

  1. An unpaid salaries and wages as at 31 December 2019 is RM18,000.
  2. A tenant of an office space has not yet pay a rental for December 2019 amounting RM3,000.
  3. The company returned defect merchandise bought from supplier and was refunded RM3,500 in cash. The company use perpetual inventory system and this transaction has not yet been recorded.
  4. The company received RM35,000 in cash from a customer on 30 December 2019 and recorded as sales revenue. However the company only managed to supply the merchandise on 3 January 2020.
  5. Payment for a one-year insurance coverage was made on 1 July 2019.
  6. Annual depreciation for building and equipment are based on straight line depreciation basis over a period of 50 years and 10 years respectively with no scrap value.
  7. 30% of the notes payable is due next year. The note payable interest rate is 8% per annum.

REQUIRED:

  1. Journalise the adjusting entries on 31 December 2019.

 

  1. Prepare a Statement of Profit or Loss and Other Comprehensive Income for Jasa Tading Bhd for the year ended 31 December 2019 according to MFRS 101 Presentation of Financial Statement.

 

  1. Prepare a Statement of Financial Position for Jasa Tading Bhd as at 31 December 2019 according to MFRS 101 Presentation of Financial Statement.

 

       (Note: Round-up your answer to the nearest RM)

Solutions

Expert Solution

Answer:

Explanation:

Journal adjusting entries on 31 December 2019.

Statement of Profit or Loss and Other Comprehensive Income for Jasa Tading Bhd for the year ended 31 December 2019:

Statement of Financial Position:

ekkarill92 answered 1 year ago
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