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TUTORIAL 8 & 9 Solutions (Company Accounts (Part 2))
Q1.
7% Redeemable PS [300000*80%]
240,000
Premium on redemption [240000*0.2]
48,000
Bank [240000*1.2]
288,000
Share Premium
48,000
Premium on redemption
48,000
Retained Earnings
240,000
Capital redemption reserve
240,000
Q2. Gembira Bhd
Statement of Comprehensive Income for the year ended 30 September 2010
RM’000
RM’000
Revenue
5,200
Ccost of sales (W1)
(3,248)
Gross profit
1,952
Selling and distribution expenses (W1)
(489)
Administrative expenses (W1)
(1,174.5)
1,663.5
Operating profit
288.5
Finance cost (div RPS + Deb int = 4.5+24) (W2)
(28.5)
Profit before tax
260
Income tax expense
(80)
Profit after tax
180
Other comprehensive income
Gain on revaluation
300
Total comprehensive income
480
Gembira Bhd
Statement of changes in equity for the year ended 30 September 2010
Share capital Share Premium
Retained
profit
Revaluation
reserves
Total
RM’000
RM’000
RM’000
RM’000
RM’000
Balance @ 1/10/2009
2,500
60
561
Nil
3,121
Net profit for the year
180
180
Interim dividend paid
(50)
(50)
Revaluation of land
300
300
Rights issue (W3)
125
6.25
131.25
Balance @ 30/9/2010
2,625
66.25
691
300
3,682.25
Statement of Financial Position as at 30 September 2010
RM’000
RM’000
Non-current asset
Property, plant & equipment (W4)
3,577
Current assets
Inventory
219
Trade receivables (478-8-23.5)
446.5
Prepayments
5
Bank (250000+131250)
381.25
1,051.75
4,628.75
Equities & Liabilities:
Authorised Capital
Ordinary Shares @ RM2 each
9% Redeemable Preference Shares @ RM1 each
√3,000
√80
Issued Capital
Ordinary share capital
2,625
Share Premium
66.25
Q1.
7% Redeemable PS [300000*80%]
240,000
Premium on redemption [240000*0.2]
48,000
Bank [240000*1.2]
288,000
Share Premium
48,000
Premium on redemption
48,000
Retained Earnings
240,000
Capital redemption reserve
240,000
Q2. Gembira Bhd
Statement of Comprehensive Income for the year ended 30 September 2010
RM’000
RM’000
Revenue
5,200
Ccost of sales (W1)
(3,248)
Gross profit
1,952
Selling and distribution expenses (W1)
(489)
Administrative expenses (W1)
(1,174.5)
1,663.5
Operating profit
288.5
Finance cost (div RPS + Deb int = 4.5+24) (W2)
(28.5)
Profit before tax
260
Income tax expense
(80)
Profit after tax
180
Other comprehensive income
Gain on revaluation
300
Total comprehensive income
480
Gembira Bhd
Statement of changes in equity for the year ended 30 September 2010
Share capital Share Premium
Retained
profit
Revaluation
reserves
Total
RM’000
RM’000
RM’000
RM’000
RM’000
Balance @ 1/10/2009
2,500
60
561
Nil
3,121
Net profit for the year
180
180
Interim dividend paid
(50)
(50)
Revaluation of land
300
300
Rights issue (W3)
125
6.25
131.25
Balance @ 30/9/2010
2,625
66.25
691
300
3,682.25
Statement of Financial Position as at 30 September 2010
RM’000
RM’000
Non-current asset
Property, plant & equipment (W4)
3,577
Current assets
Inventory
219
Trade receivables (478-8-23.5)
446.5
Prepayments
5
Bank (250000+131250)
381.25
1,051.75
4,628.75
Equities & Liabilities:
Authorised Capital
Ordinary Shares @ RM2 each
9% Redeemable Preference Shares @ RM1 each
√3,000
√80
Issued Capital
Ordinary share capital
2,625
Share Premium
66.25