Reference no: EM132468514
Point 1: A customer who owed the company RM30,500 and whose debt has been written off as bad few years ago, came back and paid all the amount due. This transaction has not been recorded yet.
Point 2: On 29 June 2016, the company made a purchase of a new factory building of RM500,000. The purchase was made through financing from CIMB Bank. First instalment will be made in August 2016. This purchase has not been recorded yet.
Point 3: Included in the long-term financing is a newly approved financing by Public Bank Berhad amounted to RM3,000,000 in December 2015. The financing would be settled within ten years, where total settlement will be at RM3,300,000. Monthly instalment starts in January 2016 and payment for June 2016 has not been made yet.
Point 4: During the company's AGM held in May 2016, final dividend of 5 sen for every outstanding ordinary share and dividend for preference share has been approved by the members, thus declared. Shares issued within the year are not qualified for the dividend. At the end of the financial year, no dividend has been paid yet for both ordinary and preference shareholders.
Point 5: The company estimates its doubtful debt at the end of every financial year base on its sales amount. Through experience 0.5% of the total sales will not be able to be collected.
Point 6: The company's tax expense for the financial year ending 30 June 2016 is calculated to be RM1,800,000.
Point Depreciation for the company's Property, Plant and Equipment is calculated at the end of the financial year.
Required:
Question 1: Show the journal entries to all necessary adjustments needed to adjust the balances of accounts of XYZ Berhad.
Question 2: Prepare a Statement of Profit or Loss and Other Comprehensive Income for XYZ Berhad the year ending 30 June, 2016.
Question 3: Prepare a Statement of Financial Position for XYZ Berhad as at 30 June, 2016. (19 marks)
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