Page 76 - Ebook Financial Accounting 3

3. Depreciation charges on:

a. Machine 10% on cost
b. Vehicle 10% on net book value

4. The tax expense for the year is estimated at RM3,500.
5. Accrued Audit Fees is RM750

6. The directors intend to propose:

a. Preference share dividend
b. Ordinary share dividend for 5%

c. RM 1450 is to be transfer to General Reserve

Required:

Prepare the Statement of Comprehensive Income for the year ended 31 December 2020,

Statement of Changes in Equity for the year ended 31 December 2020 and Statement of
Financial Position as at 31 December 2020 for Megah Bhd.

ANSWER 4.1

Megah Berhad
Statement of Comprehensive Income for the year ended 31 December 2020

Notes RM

Gross Profit 85 500
Other income:

Receivable Discount 500

85 500
Expenses:

(-) Depreciation Machine 3 6 000
Depreciation Vehicle 3 2 900

Director Remuneration 1 200

Rental 2 9 600
Utility 560

Debenture Interest 4 500

General Expenses 750

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