Reference no: EM133109740
Question - Given below are the financial statements of Mentari Bhd for the year ended 31 December 2021:
|
MENTARI BHD Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2021
|
|
|
|
RM
|
|
Revenue
|
|
2,525,000
|
|
Cost of sales
|
|
1,550,000
|
|
Gross profit
|
|
975,000
|
|
Gain on sale of motor vehicle
|
|
5,200
|
|
|
|
980,200
|
|
Wages and salaries
|
235,000
|
|
|
Administrative expenses
|
268,200
|
|
|
Director's remuneration
|
110,000
|
|
|
Rent expenses
|
9,000
|
|
|
Depreciation
|
116,100
|
|
|
Interest expenses
|
27,500
|
|
|
Loss on sale of machinery
|
8,000
|
773,800
|
|
Profit before tax
|
|
206,400
|
|
Taxation
|
|
55,000
|
|
Profit after tax
|
|
151,400
|
MENTARI BHD Statement of Financial Position as at 31 December
|
|
2021 RM
|
|
2020 RM
|
|
Non-current asset
|
|
|
|
|
|
Land
|
|
359,000
|
|
250,000
|
|
Motor vehicle
|
650,000
|
|
536,000
|
|
|
Accumulated depreciation
|
(167,500)
|
|
(115,200)
|
|
|
|
482,500
|
|
420,800
|
|
Machinery
|
570,000
|
|
498,300
|
|
|
Accumulated depreciation
|
(228,600)
|
|
(212,900)
|
|
|
|
436,800
|
|
285,400
|
|
Current asset
|
|
|
|
Inventories
|
269,800
|
272,000
|
|
Accounts receivable
|
314,700
|
289,700
|
|
Short term investment
|
4,500
|
2,300
|
|
Bank
|
440,300
|
288,500
|
|
2,307,600
|
1,808,700
|
|
|
|
|
Equity and reserve
|
|
|
|
Ordinary shares
|
1,032,000
|
800,000
|
|
Asset revaluation reserves
|
109,000
|
-
|
|
Retained profit
|
360,380
|
208,980
|
|
|
|
|
Non-current liabilities
|
|
|
|
Bank loan
|
200,000
|
250,000
|
|
5% Debentures
|
120,000
|
-
|
|
|
|
|
Current liabilities
|
|
|
|
Accounts payable
|
459,420
|
535,500
|
|
Tax payable
|
10,500
|
-
|
|
Accrued wages and salaries
|
5,800
|
6,320
|
|
Accrued administrative expenses
|
10,500
|
7,900
|
|
2,307,600
|
1,808,700
|
Additional information:
1. Land was revalued. There was no new acquisition of land during the year.
2. Depreciation charged for the year for motor vehicles and machinery were RM78,600 and RM37,500 respectively.
3. A motor vehicle costing RM71,800 was sold during the year for RM50,700.
4. An existing machinery costing RM120,000 was sold during the year for cash.
5. Dividend paid for the year ended 31 December 2021 was RM38,400.
Required - Prepare the Statement of Cash Flows for Mentari Bhd for the year ended 31 December 2021 using a direct method in accordance with MFRS 107 Statement of Cash Flows.