In: Accounting
Lemonade Bhd , a manufacturing company was incorporated two years ago. The following is the statement of financial position of the company as at 31 December 2018.
Lemonade Bhd
Statement of financial position as at 31 December 2018
RM |
|
Issued and paid up capital |
|
5,000,000 Ordinary shares |
10,000,000 |
1,000,000 7% Preference Shares |
5,000,000 |
Reserves |
|
Retained earnings |
10,767,000 |
Non Current Liabilities |
|
5% Debenture |
10,000,000 |
Current Liabilities |
|
Account payable |
573,000 |
36,340,000 |
|
Financed by: |
|
Non current asset |
34,343,000 |
Investment |
850,000 |
Current Assets |
|
Inventory |
250,000 |
Account receivables |
657,000 |
Bank |
240,000 |
36,340,000 |
|
During the year ended, the company resolved the following matters
Required:
Answer to a
Journal entries are as follows
Answer to b
Statement of financial Position as at 31 December 2019