Question

In: Accounting

The following trial balance was extracted from the books of HoodRobin Bhd as at 31 December...

The following trial balance was extracted from the books of HoodRobin Bhd as at 31 December 2019.

HoodRobin

Trial Balance as at 31 December 2019

    Debit

     ’000

      Credit

’000

Turnover

880,000

Inventory at 1 January 2019

10,000

Trade receivables and payables

60,000

55,000

Purchases

400,000

Administrative salaries

98,000

Selling and distribution expenses

65,000

Finance expenses

5,500

Investment

234,000

Cash in hand and bank

10,500

Director’s remuneration

34,000

Auditor’s fees

3,000

Ordinary share capital -400 million shares as at 1 January 2019

425,000

Retained profit as at 1 January 2019

67,000

5% debentures repayable in 10 years

140,000

Interim dividend paid

15,000

Debentures interest paid

6,000

Tax paid

65,000

Tax underprovided

2,000

Plant and machinery at cost

100,000

Building at cost

400,000

Freehold land

118,000

Accumulated depreciation as at 1 January 2019

Plant and machinery

Building

20,000

39,000

   1,626,000        

1,626,000

Additional information:

  1. Included in the turnover is 2 million for receipt that the company’s auditor has advised are commission sales.
  2. A physical count of inventories at the end of financial year revealed inventory at a cost of 15,000,000. However, inventory costing 4,000,000 was damaged and it was estimated that it could be sold for 3,000,000.
  3. Depreciation is charged on the following asset:

Plant and machinery            : 10% on cost

Building                              : 5 % on net book value

Depreciation is charged as follows:

Plant and machinery (cost of sales)

Building (administrative expenses)

  1. The income tax expense for the year is 70,000,000.

  1. On 20 December 2019, the company proposed a final dividend of 5%.

  1. Land was revalued during the year. The surplus on revaluation was 1,500,000.

  1. At the end of the financial year, a bonus issue of 10,000,000 units was made and the company decided to utilize the Retained Profit for this purpose. These shares are not ranked for the dividend.

Required:

  1. Prepare the statement of profit or loss and other comprehensive income for the year ended 31 December 2019.

                                                                                                                           

  1. Prepare the statement of changes in equity for the year ended 31 December 2019.

  1. Prepare the statement of Financial Position as at 31 December 2019.

[25 marks]

Solutions

Expert Solution

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

The following trial balance was extracted from the books of MNZ Bhd as at 31 December...
The following trial balance was extracted from the books of MNZ Bhd as at 31 December 2019. MNZ Bhd Trial Balance as at 31 December 2019 Debit RM’000        Credit        RM’000 Turnover 440,000 Inventory at 1 January 2019 5,000 Trade receivables and payables 30,000 27,500 Purchases 200,000 Administrative salaries 49,000 Selling and distribution expenses 32,500 Other expenses 2,750 Investment 117,000 Cash in hand and bank 5,250 Director’s remuneration 17,000 Auditor’s fees 1,500 Ordinary share capital -200 million shares as...
On 31 December 2019, the following trial balance was extracted from the books of Syarikat Afif...
On 31 December 2019, the following trial balance was extracted from the books of Syarikat Afif Resources: Accounts   Debit (RM)   Credit (RM) Capital       29,250 Drawings   4,600   Cash   9,200   Salaries and Wages   23,000   Rental Revenue       68,000 Land   35,000   Accounts Receivable   12,350   Accounts Payable       18,000 Office Expenses   2,500   Utility Expenses   1,700   Prepaid Insurance   1,400   Building   15,000   Office Equipment   2,300   Vehicles   4,200   Inventory   4,100   Unearned Rental Revenue       500 Depreciation Expenses   400      115,750   115,750    Additional information for adjustment...
The following trial balance was extracted from the books of Big Bamboo Limited on December 31,...
The following trial balance was extracted from the books of Big Bamboo Limited on December 31, 2020                                                           Big Bamboo Ltd Trial Balance as at January 1, 2020 Motor vehicle at cost 10,600 Provision for depreciation on Motor Vehicle 2,120 Building at cost 90,000 Provision for depreciation on Buildings 1,800 Stock at January 1, 2020 53,000 Carriage inwards 500 Debtors 50,130 Returns Inwards 6,000 Returns Outwards 5,560 Bad debt provision 1,100 Cash 3,200 Creditors 30,350 Bank overdraft 15,500 Sales 600,000...
Q1 The following trial balance was extracted from the books of ABC Store on 31 December...
Q1 The following trial balance was extracted from the books of ABC Store on 31 December 20x5. DR CR $ $ Sales 223,940 Returns inwards 1, 900 Returns outwards 970 Discount allowed 800 Discount received 2,970 Purchases 80,100 Stock 56,000 Rent and rates 60,500 Electricity 5,800 Debtors 45,700 Creditors 29,750 Bank 110,450 Motor vehicle at cost 100,000 Accumulated depreciation for motor vehicle 30,000 Provision for doubtful debts 5,420 Other expenses 7,500 Capital 185,200 Drawings 9,500    ________ 478,250 478,250 The following...
The following trial balance was extracted from the books of Big Bamboo Limited on December 31,...
The following trial balance was extracted from the books of Big Bamboo Limited on December 31, 2020                                                           Big Bamboo Ltd Trial Balance as at January 1, 2020 Motor vehicle at cost 10,600 Provision for depreciation on Motor Vehicle 2,120 Building at cost 90,000 Provision for depreciation on Buildings 1,800 Stock at January 1, 2020 53,000 Carriage inwards 500 Debtors 50,130 Returns Inwards 6,000 Returns Outwards 5,560 Bad debt provision 1,100 Cash 3,200 Creditors 30,350 Bank overdraft 15,500 Sales 600,000...
The following unadjusted trial balance was extracted from the books of Carol’s Trading Company at December...
The following unadjusted trial balance was extracted from the books of Carol’s Trading Company at December 31, 2017, the end of the company’s fiscal year. The company is owned by Carol Williams who trades in the business of buying and selling household consumables. Carol’s Trading Company Trial Balance as at December 31, 2017 A/C Name DR $ CR $ Cash 250,000 Accounts Receivable 340,000 Allowance for Bad Debts 25,000 Merchandise Inventory 210,000 Store Supplies 120,000 Prepaid Insurance 156,000 Office Furniture...
The following trial balance was extracted from the books of Mike Karuvadu on 31 Dec 2018....
The following trial balance was extracted from the books of Mike Karuvadu on 31 Dec 2018. From it and the note inventory, prepare his Statement of Profit or Loss for the year ending 31 Dec 2018 and a Statement of Financial Position as at that date:                                                                                                 Dr                    Cr                                                                                                 $                      $ Sales                                                                                                                216,420 Purchases                                                                                109,680 Inventory: 1 Jan 2018                                                             10,410 Carriage outwards                                                                  2,115 Carriage inwards                                                                     1,840 Return inwards                                                                       5,900 Return outwards                                                                                             6,720 Salaries and wages                                                                  42,800 Motor expenses                                                                      ...
The following trial balance has been extracted from the books of Mr Momoh as at 31...
The following trial balance has been extracted from the books of Mr Momoh as at 31 March 2019 Le000 Le000 Administrative expenses       250 Distribution costs 295 Share capital (all ordinary share of Le 1.00)   270 Share premium 80 Revaluation reserve 20 Dividend    27 Cash at bank and in hand 3 Receivables        233 Interest paid    25 Dividend received    15 Interest received 1 Land and building at cost (land 380 building Le 100) 480 Land and building...
The following trial balance has been extracted from the books of Mr Momoh as at 31...
The following trial balance has been extracted from the books of Mr Momoh as at 31 March 2019 Le000 Le000 Administrative expenses       250 Distribution costs 295 Share capital (all ordinary share of Le 1.00)   270 Share premium 80 Revaluation reserve 20 Dividend    27 Cash at bank and in hand 3 Receivables        233 Interest paid    25 Dividend received    15 Interest received 1 Land and building at cost (land 380 building Le 100) 480 Land and building...
The following trial balance was extracted from the books of Robert Kiyosaki Books Shop at the...
The following trial balance was extracted from the books of Robert Kiyosaki Books Shop at the close of business on the 28 February 2017. Dr Cr Purchases and Sales 550,280 820,500 Cash at Bank 1,500,000 Cash in hand 50,000 Capital account 1 March 2016 1,470,080 Drawings 12,000 Office Furniture 25,000 Accumulated depreciation – Office Furniture 1,800 Returns inwards and outwards 19,000 12,000 Rent 30,000 Wages and Salaries 55,800 Discounts 8,000 20,000 Debtors and Creditors 40,000 18,000 Inventory 1 March 2016...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT