Question

In: Accounting

The following trial balance relates to Atlop Sdn Bhd at 31 March 2020 : RM’000 RM’000...

The following trial balance relates to Atlop Sdn Bhd at 31 March 2020 :

RM’000

RM’000

Ordinary share @ RM0.50 per share

70,000

Retained profit at 1 April 2019

11,200

Land and building at cost (land RM100milion)

60,000

(note i)

Plant and equipment at cost (note i)

94,500

Accumulated depreciation at 1 April 2019 :

-

Building

20,000

-

Plant and equipment

24,500

Inventories at 31 March 2020

43,700

Trade receivables

42,200

Bank

6,800

Deferred tax (note ii)

6,200

Trade payables

35,100

Revenue

550,000

Cost of sales

411,500

Distribution cost

21,500

Administrative expenses

30,900

Dividend paid

20,000

Bank interest

700

Current tax (note ii)

1,200

725,000

725,000

The following notes are relevant :

8

  1. Non current assets :

On 1 April 2019, the director decided that the financial statements would show an improved position if land and building were revalued to market value. At the date, an independent valuer valued the land at RM12 million and the building at RM35 million and these valuations were accepted by the directors. The remaining life of the buildings at that date was 14 years. Atlop does not make a transfer to retained profit for excess depreciation. Ignore deferred tax on the revaluation surplus.

Plant and equipment is depreciated at 20% per annum using the reducing balance method and time apportioned appropriate. All depreciation is charged to cost of sales but none has yet been charged on any non current asset for the year ended 31 March 2020.

  1. Atlop estimates that an income tax provision of RM27.2 million is required for the year ended 31 March 2020 and at that date the liability to deferred tax is RM9.4 million. The movement on deferred tax should be taken to profit or loss. The balance on current tax in the trial balance represents the under/over provision of the tax liability for the year ended 31 March 2019.

Required :

  1. Prepare the statement of profit or loss and other comprehensive income for Atlop for the year ended 31 March 2020.

  1. Prepare the statement of financial position of Atlop as at 31 match 2020.

c) Prepare the changes on equity on related column only.

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