Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 Dec 2018 using the information given below. Make sure to identify gross profit, operating income, and Profit for the Year 2018.
accounting
Description
SECTION B: QUANTITATIVE QUESTIONS [60
MARKS]
Instruction
to candidate: Answer ALL questions in Section B.
QUESTION 3 [UNIT 2] [15 MARKS]
Prepare a Statement
of Profit or Loss and Other Comprehensive Income for the year ended 31 Dec 2018
using the information given below. Make sure to identify gross profit,
operating income, and Profit for the Year 2018. [15
Marks]
XYZ Berhad
|
Description |
RM |
|
Inventories |
50,000
|
|
Cost of Goods Sold |
250,000
|
|
Administrative Expenses |
80,000 |
|
Accumulated Depreciation |
150,000
|
|
Revenue |
850,000 |
|
Depreciation Expense |
50,000 |
|
Selling and Distribution
Expenses |
130,000 |
|
Common Stock Dividends |
8,000
|
|
Interest Expense |
8,000 |
|
Corporate Tax Rate |
35% |
QUESTION 4 [UNIT 2] [45 MARKS]
Construct the Statement of Financial
Position for Malaysia Aviation Berhad based on the
|
following
financial data. Malaysia Aviation Berhad Statement of Financial Position As at 31 December 2018 |
|
[45 Marks] |
|
Assets
|
|
RM |
|
Property, plant and equipment |
|
______________ |
|
Less: Accumulated Depreciation |
|
50,000 |
|
Property, plant and equipment |
|
______________ |
|
Total
non-current assets |
|
______________ |
|
Inventories |
|
______________ |
|
Trade and other receivables |
|
______________ |
|
Marketable securities |
|
______________ |
|
Cash and cash equivalents |
|
16,010 |
|
Total
current assets |
|
______________ |
|
Total assets Equity Share capital |
|
______________ |
|
Ordinary shares, issued and fully paid |
|
60,000 |
|
Paid in capital in excess of par |
|
13,400 |
|
Preferred shares, issued and fully paid |
|
7,353 |
|
Retained earnings |
|
181,600 |
|
Total
equity attributable to owners of the Company |
______________ |
|
Liabilities
|
Long Term Loans and Borrowings Total non-current liabilities |
______________ |
|
Accruals |
37,928 |
|
Notes payable |
______________ |
|
Trade payables |
57,600 |
|
Total current liabilities |
______________ |
|
Total liabilities |
______________ |
|
Total equity and liabilities |
______________ |
Key Financial Data (2018)
1. Revenue
totaled RM950,000.
2. The
gross profit margin was 40 percent.
3. Inventory
turned 6 times.
4. There
are 360 days in a year.
5. The
average collection period was 52.80 days.
6. The
current ratio was 2.08 times.
7. The
total asset turnover was 2.03 times.
8. The
debt ratio was 43.9392 percent.
9. Total
current assets equal RM274,350.
