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    Tutorial 11 Qs

    Uploaded by

    Dylan Rabin Pereira
    National Foods Pvt. Ltd. generated net income of RM1,050,000 in 2018 from canned food sales of RM2,700,000. Operating expenses totaled RM375,000. Assets increased to RM2,176,500 in 2018 from RM1,680,000 in 2017. Shaaz Ltd. reported net income of RM61,000 in 2019 from sales of RM300,000. Operating expenses were RM31,000. Total assets grew to RM300,000 in 2019 from RM250,000 in the prior year.

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    Tutorial 11 Qs

    Uploaded by

    Dylan Rabin Pereira
    52 views3 pages
    National Foods Pvt. Ltd. generated net income of RM1,050,000 in 2018 from canned food sales of RM2,700,000. Operating expenses totaled RM375,000. Assets increased to RM2,176,500 in 2018 from RM1,680,000 in 2017. Shaaz Ltd. reported net income of RM61,000 in 2019 from sales of RM300,000. Operating expenses were RM31,000. Total assets grew to RM300,000 in 2019 from RM250,000 in the prior year.

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    Lecture

    Original Title

    Tutorial 11 Qs (1)

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    National Foods Pvt. Ltd. generated net income of RM1,050,000 in 2018 from canned food sales of RM2,700,000. Operating expenses totaled RM375,000. Assets increased to RM2,176,500 in 2018 from RM1,680,000 in 2017. Shaaz Ltd. reported net income of RM61,000 in 2019 from sales of RM300,000. Operating expenses were RM31,000. Total assets grew to RM300,000 in 2019 from RM250,000 in the prior year.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    52 views3 pages

    Tutorial 11 Qs

    Uploaded by

    Dylan Rabin Pereira
    National Foods Pvt. Ltd. generated net income of RM1,050,000 in 2018 from canned food sales of RM2,700,000. Operating expenses totaled RM375,000. Assets increased to RM2,176,500 in 2018 from RM1,680,000 in 2017. Shaaz Ltd. reported net income of RM61,000 in 2019 from sales of RM300,000. Operating expenses were RM31,000. Total assets grew to RM300,000 in 2019 from RM250,000 in the prior year.

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    Tutorial 11

    Question 1
    National Foods Pvt. Ltd. is a company producing canned foods. Below are the company’s financial
    statements:
    National Foods Pvt. Ltd.
    Statement of Comprehensive Income for the year ended 31 August 2018
    RM
    Sales revenue 2,700,000
    Cost of goods sold (900,000)

    Gross profit 1800,000


    Operating Expenses
    Administration & Distribution expenses (195,000)
    Depreciation expense (30,000)
    Other operating expense (150,000)
    Interest expense (135,000)

    Net profit before tax 1,290,000


    Income tax expense (240,000)

    Net income 1,050,000

    National Foods Pvt. Ltd.


    Statement of Financial Position as at 31 August 2018
    2017 2018
    RM RM RM RM
    Non-current Assets
    Van 600,000 900,000
    (-) Accumulated depreciation (120,000) 480,000 (150,000) 750,000
    Current Assets  
    Bank 825,000 1,186,500
    Debtors 300,000 150,000
    Inventory 75,000 90,000
    Total Assets 1,680,000 2,176,500

    Non-current Liabilities
    Loan 480,000 630,000
    Current Liabilities
    Creditors 90,000 135,000
    Operating expenses payable 31,500 33,000
    Shareholders’ Equity
    Ordinary share capital 478,500 478,500
    Retained earnings 600,000 900,000
    Total Liabilities & Equities  1,680,000 2,176,500

    Required:
    Prepare the statement of cash flows for National Foods Pte. Ltd. for the year ended 31 August 2018 using
    the direct method. (Show all calculations).
    Question 2
    The financial statement of Shaaz Ltd is given below:
    Shaaz Ltd.
    Statement of Comprehensive Income for year ended 31 Dec 2019
    RM
    Sales revenue 300,000
    Cost of goods sold (180,000)

    Gross profit 120,000


    Operating Expenses
    Advertising expenses (9,000)
    Depreciation expense (16,000)
    Other operating expense (6,000)
    Interest expense (6,000)

    Net profit before tax 83,000


    Income tax expense (22,000)

    Net income 61,000

    Shaaz Ltd.
    Statement of Financial Position as at 31 December
    2018 2019
    RM RM RM RM
    Non-current Assets
    Plant & Machinery 160,000 240,000
    (-) Accumulated depreciation (32,000) 128,000 (48,000) 192,000
    Current Assets  
    Cash at Bank 32,000 48,000
    Account receivables 70,000 30,000
    Inventory 20,000 30,000
    Total Assets 250,000 300,000

    Non-current Liabilities
    Loan 100,000 95,000
    Current Liabilities
    Trade payables 15,000 19,000
    Advertising expense payable 4,000 6,000

    Shareholders’ Equity
    Ordinary share capital 100,000 90,000
    Retained earnings 31,000 90,000
    Total Liabilities & Equities  250,000 300,000

    Required:
    Prepare the statement of cash flows for Shaaz Ltd. for the year ended 31 December 2019 using the direct
    method. (Show all calculations).

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