Reference no: EM132431257
Problem: The following is the statement of financial position of Baiduri Berhad as at 1 January, 2017:
Baiduri Berhad Statement of Financial Position as at 1 January 2017 Asset:
RM Cash 650,000
Other asset 1,072,000
1,722,000
Shareholders' Equity:
Ordinary shares capital, no par value Issued: 160,000 shares 800,000
8% preference shares capital Issued: 50,000 shares 100,000
Retained Earnings 652,000
Liabilities
Other Liabilities 134,000
Dividend Payable 36,000
1,722,000
In the year 2017, the following transactions occurred during the financial year and have yet to be recorded:
January 15 Paid dividends payable to the shareholders.
January 31 Issued 150,000 ordinary shares to the public for RM4 per share.
May 29 Offered rights issue to existing shareholders, with the right to purchase one share for every fifty shares held. Market price on the date was RM4. All offers were taken up.
July 1 Issued 8% five-year bond with par value of RM400,000. The company received RM408,213 cash from the bonds. Current market interest rate is 7.5%. Interest payment is made semi-annually.
July 30 Issued a six-month note payable amounting to RM50,000 at 5% per year to expand the business. The principal together with interest is payable on maturity date.
November 15 Declared and distributed one-for-fifty share dividend to shareholders on record. Market value per share was RM3.
December 31 Paid interest on bond as at the end of the year.
Required:
Question 1: Journalise the above transactions. Narrations are not required. Where no entries are required, state your reason.
Question 2: Prepare the statement of financial position (liabilities and equity sections only) of Baiduri Berhad as at December 31, 2017.
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