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    2021 S2 18 Limited COmpany

    Uploaded by

    Jingyi
    The document provides financial information for Royal Bhd for the year ended 31 December 2020. It includes details of the company's issued share capital, assets, liabilities, income and expenses. Additional information is provided regarding inventory, bad debts, insurance, directors' remuneration, depreciation, and reserves. The required tasks are to prepare an income statement, statement of changes in equity, and calculate dividends for a shareholder.

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    2021 S2 18 Limited COmpany

    Uploaded by

    Jingyi
    5 views2 pages
    The document provides financial information for Royal Bhd for the year ended 31 December 2020. It includes details of the company's issued share capital, assets, liabilities, income and expenses. Additional information is provided regarding inventory, bad debts, insurance, directors' remuneration, depreciation, and reserves. The required tasks are to prepare an income statement, statement of changes in equity, and calculate dividends for a shareholder.

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    The document provides financial information for Royal Bhd for the year ended 31 December 2020. It includes details of the company's issued share capital, assets, liabilities, income and expenses. Additional information is provided regarding inventory, bad debts, insurance, directors' remuneration, depreciation, and reserves. The required tasks are to prepare an income statement, statement of changes in equity, and calculate dividends for a shareholder.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    5 views2 pages

    2021 S2 18 Limited COmpany

    Uploaded by

    Jingyi
    The document provides financial information for Royal Bhd for the year ended 31 December 2020. It includes details of the company's issued share capital, assets, liabilities, income and expenses. Additional information is provided regarding inventory, bad debts, insurance, directors' remuneration, depreciation, and reserves. The required tasks are to prepare an income statement, statement of changes in equity, and calculate dividends for a shareholder.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    PAY FONG MIDDLE SCHOOL

    Term Test (2) 2021


    Book-keeping
    Class: C2 He /Ping /Zhen

    Prepared by: Koh Her Loke Date: 6th September 2021


    Proofread by: Yu Mei Chuen Time: 10am – 11am

    Royal Bhd was a limited company with an authorised capital of 300,000 ordinary shares of RM 1
    each, and 50,000 5% preferred shares of RM 2 each. The following information was extracted from
    the books of the company for the year ended 31 December 2020:

    Debit (RM) Credit (RM)


    Issued Shares Capital ~ Ordinary Shares 250,000
    ~ 5% Preferred Shares 100,000
    Land and Building, on cost 300,000
    Motor Vehicles, on cost 50,000
    Furniture and Fixtures, on cost 30,000
    Accumulated Depreciation
    ~ Motor Vehicle 25,000
    ~ Furniture and Fittings 5,700
    Investment (quoted) at cost
    120,000
    (Market Value RM 170,000)
    Accounts Receivable and Accounts Payable 25,380 18,750
    15% Loan Notes 50,000
    Bank 3,150
    Allowance for Doubtful Debts 500
    Purchases and Revenue 95,830 109,000
    Inventory, 1 January 2020 27,370
    Carriage inwards 5,000
    Discounts 7,000 6,000
    Bad Debts 200
    Insurance 3,000
    Legal Expenses 5,000
    Office Salaries 8,000
    Interest on Loan Notes 3,750
    Carriage outwards 2,500
    Audit Fees 4,000
    Preliminary Expenses 2,000
    General Reserve 40,000
    Income from Investment 10,000
    Interim Dividends Paid ~ Ordinary Shares 12,500
    ~ 5% Preferred Shares 5,000
    Retained Profits, 1 January 2020 38,430
    Share Premium 50,000
    706,530 706,530
    The following details are related to the company for the financial year:
    1. Inventory on 31 December 2020 was RM 32,770.
    2. An amount of RM 380 included in the accounts receivable is to be written off as bad debt.
    The allowance for doubtful debts is to be provided at 4% of remaining accounts receivable.
    3. Insurance was paid for 15 months up to 31 March 2021.
    4. Income from investments not yet received was amounted to RM 2,000.
    5. The Directors are entitled to RM 10,000 per annum remuneration.
    6. To charge depreciation as follows:
    ~ Motor Vehicles: 5% per annum using straight line method;
    ~ Furniture and Fittings: 10% per annum using reducing balance method.
    7. The board of directors recommended the following:
    ~ General Reserve to be increased by RM 5,000;
    ~ An asset replacement reserve amounting to RM 10,000 to be created.

    You are required to prepare the following financial statements:


    a. Income Statement for the year ended 31 December 2020;
    b. Statement Of Changes In Equity for the year ended 31 December 2020;
    c. Mr Ong hold 1,000 Ordinary Share and 2,000 Preference Share in Royal Bhd, how much
    dividend will he receive for the year if the directors proposed to pay final dividend of RM
    0.40 per share making a total of RM 0.45 on ordinary shares for the year, and the
    preference share dividends were also paid in full?

    ========== End of Question ==========


    *Save your File Name as follow: BK_Seat No_Name. (Example: BK 15 Lim Yong Da.pdf)

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