‭FACULTY OF ACCOUNTANCY (AC110)‬

‭FAR270‬

‭FINANCIAL ACCOUNTING 4‬

‭ ROUP:‬
G
‭AC1104E‬

‭ EMESTER:‬
S
‭ ARCH 2024 - AUGUST 2024‬
M

‭PREPARED BY:‬
‭NAME‬ ‭MATRIC NO.‬

‭NUR SAIDATUL ATHIRAH BINTI JAAIS‬ ‭2022807468‬

‭NUR AZZAHIRA HANI BINTI NOR IZAM‬ ‭2022861008‬

‭IRDINA BATRISYA FAN BINTI MIKAEL FAN‬ ‭2022492572‬

‭AUSI SYAMIMI BINTI MUHAMMAD KHAIRY LIM‬ ‭2022823216‬

‭AKMAL BIN MUSTAPHA‬ ‭2022877902‬

‭ REPARED FOR:‬
P
‭ IR AZIZI @ HAMIZI BIN HASHIM‬
S

‭ UE DATE:‬
D
‭5 JULY 2024‬
‭TABLE OF CONTENT‬

‭NO.‬ ‭CONTENT‬ ‭PAGES‬

‭1‬ ‭ACKNOWLEDGEMENT‬ ‭i‬

‭2‬ ‭INTRODUCTION‬ ‭1‬

‭3‬ ‭ADJUSTMENT AND JOURNAL ENTRIES‬ ‭2-8‬

‭4‬ ‭ADJUSTED TRIAL BALANCE‬ ‭9-10‬

‭5‬ ‭ TATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE‬

S ‭11‬
‭INCOME‬

‭6‬ ‭STATEMENT OF CHANGES IN EQUITY‬ ‭12‬

‭7‬ ‭STATEMENT OF FINANCIAL POSITION‬ ‭13‬

‭8‬ ‭ OTES TO FINANCIAL STATEMENT - PROPERTY, PLANT AND‬

N ‭14‬
‭EQUIPMENT‬
‭ACKNOWLEDGEMENT‬

‭Bismillahirrahmanirrahim,‬‭in‬‭the‬‭name‬‭of‬‭Allah,‬‭the‬‭most‬‭merciful,‬‭all‬‭praises‬‭to‬‭Allah‬‭for‬
‭giving‬‭us‬‭enough‬‭motivation‬‭to‬‭complete‬‭this‬‭assignment‬‭until‬‭the‬‭end.‬‭Our‬‭deepest‬‭gratitude‬‭to‬
‭Sir‬ ‭Azizi‬ ‭for‬ ‭guiding‬ ‭and‬ ‭advising‬ ‭us‬ ‭in‬ ‭order‬ ‭to‬ ‭finish‬ ‭our‬‭assignment.‬‭Not‬‭only‬‭that‬‭but‬‭also‬
‭patiently‬ ‭clearing‬‭our‬‭confusions‬‭and‬‭teaching‬‭us‬‭the‬‭subject‬‭Financial‬‭Accounting‬‭4‬‭(FAR270)‬
‭in‬ ‭order‬‭for‬‭us‬‭to‬‭understand‬‭better.‬‭We‬‭also‬‭were‬‭thankful‬‭for‬‭our‬‭group‬‭members‬‭for‬‭giving‬‭a‬
‭very good commitment and not giving up to finishing this assignment together.‬
‭We‬ ‭hope‬ ‭our‬ ‭assignment‬ ‭is‬ ‭complete‬ ‭and‬ ‭will‬ ‭be‬‭received‬‭and‬‭also‬‭our‬‭efforts‬‭are‬‭not‬
‭going to waste. We also hope that our effort will pay off.‬

‭i‬
‭INTRODUCTION‬

‭PERABOT‬ ‭Bhd‬ ‭manufactures‬ ‭and‬ ‭supplies‬ ‭office‬ ‭equipment.‬ ‭It‬ ‭was‬ ‭located‬ ‭at‬ ‭no‬ ‭7,‬
‭Jalan‬ ‭Ikhlas,‬ ‭Lintasan‬ ‭Semarak,‬ ‭Bandar‬ ‭Jengka,‬ ‭26400‬ ‭Bandar‬ ‭Tun‬ ‭Razak,‬ ‭Pahang.‬ ‭The‬
‭financial‬‭year‬‭of‬‭PERABOT‬‭Bhd‬‭ends‬‭on‬‭31‬‭December‬‭each‬‭year.‬‭The‬ ‭directors‬‭authorized‬‭the‬
‭financial‬ ‭statement‬ ‭on‬ ‭30‬ ‭June‬ ‭2024.‬ ‭The‬ ‭following‬ ‭trial‬ ‭balance‬ ‭was‬ ‭extracted‬ ‭from‬ ‭the‬
‭company’s books at the end of the 31 December 2023‬

‭1‬
‭ADJUSTMENT AND JOURNAL ENTRIES‬

‭1)‬‭The‬‭following‬‭is‬‭the‬‭information‬‭related‬‭to‬‭the‬‭property,‬‭plant‬‭and‬‭equipment.‬‭No‬‭adjustments‬
‭have‬ ‭been‬ ‭made‬ ‭for‬ ‭property,‬ ‭plant‬ ‭and‬ ‭equipment‬ ‭for‬ ‭the‬ ‭year‬ ‭ended‬ ‭31‬ ‭December‬ ‭2023.‬
‭(MFRS116)‬

‭●‬ ‭The‬‭company's‬‭building‬‭had‬‭an‬‭estimated‬‭useful‬‭life‬‭of‬‭20‬‭years‬‭and‬‭it‬‭was‬‭depreciated‬
‭based‬‭on‬‭a‬‭straight‬‭line‬‭method.‬‭PERABOT‬‭Bhd‬‭adopts‬‭a‬‭revaluation‬‭model‬‭for‬‭building‬
‭and‬ ‭land.‬ ‭On‬ ‭31‬ ‭December‬ ‭2023,‬ ‭the‬ ‭fair‬ ‭value‬ ‭of‬ ‭the‬ ‭building‬ ‭increased‬ ‭to‬
‭RM6,000,000‬‭and‬‭the‬‭land‬‭was‬‭revalued‬‭to‬‭RM18,000,000.‬‭The‬‭company‬‭adopts‬‭a‬‭cost‬
‭model for measuring its plant and equipment, furniture‬‭and motor vehicles.‬

‭Freehold land:‬
‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Land (RM18,000,000 - RM16,625,000)‬ ‭1,375,000‬

‭Surplus on revaluation‬ ‭1,375,000‬

‭Building:‬
‭RM‬

‭ ear ended 31 December 2023‬

Y
‭Initial Cost‬ ‭ ,000,000‬
5
‭(-) Accumulated depreciation - 1 January 2023‬ ‭(300,000)‬
‭Carrying amount as at 1 January 2023‬
‭4,700,000‬
(‭ -) Current year depreciation‬ ‭(250,000)‬
‭New Carrying Amount as at 31 December 2023‬ ‭ ,450,000‬
4

‭ air value on 31 December 2023‬

F ‭ ,000,000‬
6
‭Surplus on revaluation‬ ‭1,550,000‬

‭2‬
 ‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭SOPL- Depreciation Building‬ ‭250,000‬

‭Accumulated depreciation building‬ ‭250,000‬

‭Accumulated depreciation building (RM250,000 + RM300,000)‬ ‭550,000‬

‭Building‬ ‭6,000,000‬

‭Building‬ ‭5,000,000‬

‭SOPL- Surplus on revaluation‬ ‭1,550,000‬

‭●‬ ‭The‬‭plant‬‭and‬‭equipment‬‭was‬‭depreciated‬‭using‬‭a‬‭reducing‬‭balance‬‭method‬‭on‬‭a‬‭yearly‬
‭basis‬ ‭at‬ ‭10%‬ ‭per‬ ‭annum.‬ ‭On‬ ‭1‬ ‭July‬ ‭2023,‬ ‭one‬ ‭of‬ ‭the‬ ‭components‬ ‭of‬ ‭the‬ ‭plant‬ ‭and‬
‭equipment‬‭broke‬‭down‬‭and‬‭needed‬‭to‬‭be‬‭replaced.‬‭PERABOT‬‭Bhd‬‭decided‬‭to‬‭replace‬‭it‬
‭with‬ ‭a‬ ‭new‬ ‭component‬ ‭that‬ ‭can‬ ‭improve‬ ‭the‬ ‭performance‬ ‭of‬ ‭the‬ ‭plant‬ ‭and‬‭equipment,‬
‭which‬ ‭amounted‬ ‭to‬ ‭RM70,000.‬ ‭It‬ ‭was‬ ‭already‬ ‭paid‬ ‭by‬ ‭cheque.‬ ‭The‬ ‭old‬ ‭component,‬
‭which amounted to RM50,000 was purchased on 1 July 2021.‬

‭Plant and Equipment:‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Accumulated Depreciation (10% x RM50,000) x [10% x‬ ‭9,500‬

(RM50,000- RM5000)]‬

‭Loss On Disposal‬ ‭40,500‬

‭Plant and Equipment‬ ‭50,000‬

‭Plant and Equipment‬ ‭70,000‬

‭Cash at Bank‬ ‭70,000‬

‭Depreciation 10% X [(RM4,500,000 + RM70,000 - RM50,000) -‬ ‭250,450‬

(RM2,025,000 - RM9500)]‬

‭Accumulated Depreciation‬ ‭250,450‬

‭3‬
 ‭●‬ ‭On‬ ‭30‬ ‭June‬ ‭2023,‬ ‭PERABOT‬ ‭Bhd‬‭acquired‬‭motor‬‭vehicles‬‭using‬‭cheques‬‭.‬‭The‬‭motor‬
‭vehicle was depreciated using straight line method with rate 10% per annum‬

‭Motor Vehicle:‬
‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Motor vehicle‬ ‭120,000‬

‭Cash at Bank‬ ‭120,000‬

‭Depreciation Motor Vehicle (RM120,000 x 10%)‬ ‭12000‬

‭Accumulated Depreciation‬ ‭12000‬

‭●‬ ‭On‬ ‭1‬ ‭February‬ ‭2023,‬ ‭the‬ ‭company‬ ‭purchased‬ ‭new‬ ‭furniture‬ ‭for‬ ‭the‬ ‭business‬ ‭costing‬
‭RM80,000‬‭using‬‭cheque.‬‭The‬‭furniture‬‭is‬‭depreciated‬‭at‬‭the‬‭end‬‭of‬‭the‬‭year‬‭at‬‭5%‬‭using‬
‭the straight line method.‬

‭Furniture and Fittings:‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬
‭Furniture and fitting‬ ‭80,000‬
‭Cash at Bank‬ ‭80,000‬
‭Depreciation of Furniture and Fitting‬ ‭4000‬
‭Accumulated Depreciation‬ ‭4000‬

‭2)‬ ‭PERABOT‬ ‭Bhd‬ ‭purchased‬ ‭new‬ ‭land‬ ‭by‬ ‭cheque‬ ‭for‬ ‭its‬ ‭future‬‭use‬‭investment‬‭property‬‭on‬‭1‬
‭January 2023. No adjustment has been made to rectify the changes of Land.‬‭(MFRS140)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Investment Property - Land‬ ‭5,000,000‬

‭Cash at Bank‬ ‭5,000,000‬

‭4‬
‭3)‬ ‭As‬ ‭at‬ ‭31‬ ‭December‬ ‭2023,‬ ‭the‬ ‭fair‬ ‭value‬ ‭of‬ ‭the‬ ‭land‬ ‭was‬ ‭determined‬ ‭to‬ ‭be‬ ‭RM3,000,000.‬
‭There are no adjustments made to rectify the changes in fair value. (‬‭MFRS140)‬

DEBIT (RM)‬ ‭CREDIT (RM)‬

‭SOPL - Deficit on fair value (RM5,000,000 - 3,000,000)‬ ‭2,000,000‬

‭Investment Property - Land‬ ‭2,000,000‬

‭4)‬ ‭On‬ ‭31‬ ‭july‬ ‭2023,‬ ‭Perabot‬ ‭Bhd‬ ‭found‬ ‭a‬ ‭wrong‬ ‭transaction‬ ‭made‬ ‭by‬ ‭a‬ ‭staff‬ ‭member.‬ ‭It‬ ‭is‬ ‭a‬
‭payment‬ ‭received‬ ‭from‬ ‭trade‬ ‭receivables‬ ‭amounted‬ ‭RM200,000‬ ‭on‬ ‭18‬ ‭August‬ ‭2022‬ ‭was‬
‭deposited into his own account.‬‭(MFRS108)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Retained Profit‬ ‭200,000‬
‭Trade Receivables‬ ‭200,000‬

‭5)‬ ‭The‬ ‭payment‬‭made‬‭to‬‭account‬‭trade‬‭payable‬‭on‬‭1‬‭April‬‭2023‬‭amounted‬‭to‬‭RM150,000‬‭was‬

‭wrongly recorded as directors' remuneration.‬‭(MFRS108)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Trade Payables‬ ‭150,000‬
‭Directors' Remuneration‬ ‭150,000‬

‭6)‬ ‭The‬ ‭auditors‬ ‭discovered‬‭a‬‭fraudulent‬‭transaction‬‭by‬‭PERABOT‬‭Bhd‬‭on‬‭31‬‭December‬‭2023.‬

‭The‬ ‭amount‬ ‭of‬ ‭cost‬ ‭of‬ ‭goods‬ ‭sold‬ ‭is‬ ‭adjusted‬ ‭from‬‭RM5,200,000‬‭to‬‭RM5,000,000‬‭to‬‭increase‬
‭the profit of the company.‬‭(MFRS110)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Cost of sales (RM 5,200,000 - RM 5,000,000)‬ ‭200,000‬
‭Inventory‬ ‭200,000‬

‭5‬
‭7)‬ ‭On‬ ‭20‬ ‭June‬ ‭2023,‬ ‭one‬ ‭of‬ ‭the‬ ‭customers‬ ‭was‬ ‭declared‬ ‭bankrupt.The‬ ‭amount‬ ‭owed‬ ‭of‬
‭RM30,000 was not expected to be recovered.‬‭(MFRS110)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Allowance for Impairment Trade Receivables‬ ‭30,000‬

‭Trade Receivables‬ ‭30,000‬

‭8)‬ ‭PERABOT‬ ‭Bhd‬ ‭has‬ ‭a‬ ‭return‬ ‭policy‬ ‭that‬ ‭allows‬ ‭customers‬ ‭to‬ ‭return‬ ‭faulty‬ ‭goods‬ ‭within‬ ‭6‬
‭months‬‭of‬‭purchase‬‭regardless‬‭of‬‭when‬‭the‬‭company‬‭is‬‭no‬‭longer‬‭under‬‭the‬‭legal‬‭obligation‬‭to‬
‭do so. PERABOT Bhd estimated returns amounted to RM3,100 per year.‬‭(MFRS137)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Statement of Profit or Loss - Warranty expenses‬ ‭3,100‬

‭Provision of warranty‬ ‭3,100‬

‭9)‬ ‭On‬‭4‬‭August‬‭2021,‬‭PERABOT‬‭Bhd‬‭sued‬‭one‬‭of‬‭its‬‭suppliers‬‭for‬‭failing‬‭to‬‭provide‬‭goods‬‭that‬
‭have‬ ‭been‬‭agreed‬‭in‬‭the‬‭contract.‬‭Company‬‭lawyers‬‭are‬‭certain‬‭that‬‭the‬‭company‬‭can‬‭win‬‭the‬
‭case‬‭and‬‭receive‬‭compensation.The‬‭court‬‭had‬‭ordered‬‭the‬‭supplier‬‭to‬‭pay‬‭RM400,000‬‭as‬‭of‬‭30‬
‭April 2023 for PERABOT BHD.‬‭(MFRS137)‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭Compensation on receivables‬ ‭400,000‬

‭SOPL-Compensation for damages‬ ‭400,000‬

‭6‬
‭10)‬ ‭On‬ ‭1‬ ‭February‬ ‭2023,‬ ‭PERABOT‬ ‭Bhd‬ ‭signed‬ ‭a‬ ‭contract‬ ‭to‬ ‭transfer‬ ‭a‬‭product‬‭to‬‭MEGAH‬
‭Bhd‬ ‭on‬ ‭31‬ ‭May‬ ‭2023.‬ ‭MEGAH‬ ‭Bhd‬ ‭has‬ ‭agreed‬ ‭to‬ ‭pay‬ ‭the‬ ‭full‬‭RM56,000‬‭upfront‬‭on‬‭1‬‭March‬
‭2023.‬ ‭The‬ ‭contract‬ ‭is‬‭non-cancelable.‬‭Unfortunately,‬‭MEGAH‬‭Bhd‬‭still‬‭does‬‭not‬‭pay‬‭yet‬‭until‬‭9‬
‭April 2023 and the products are delivered on 31 May 2023.‬‭(MFRS15)‬

‭DATE‬ ‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭1/3/2023‬ ‭Trade Receivables‬ ‭56,000‬

‭Contract Liability‬ ‭56,000‬

‭9/4/2023‬ ‭Cash at bank‬ ‭56,000‬

‭Trade Receivable‬ ‭56,000‬

‭31/5/2023‬ ‭Contract Liability‬ ‭56,000‬

‭Sales Revenue‬ ‭56,000‬

‭11)‬ ‭)‬ ‭On‬ ‭1‬‭May‬‭2023,‬‭PERABOT‬‭Bhd‬‭entered‬‭into‬‭a‬‭contract‬‭to‬‭transfer‬‭goods‬‭to‬‭Iqmal‬‭on‬‭30‬

‭June‬ ‭2023.‬ ‭The‬ ‭contract‬ ‭required‬ ‭that‬‭Iqmal‬‭pay‬‭the‬‭full‬‭contract‬‭price‬‭of‬‭RM6,400‬‭on‬‭31‬‭July‬
‭2023.‬‭The‬‭cost‬‭of‬‭goods‬‭transferred‬‭is‬‭RM3,200.‬‭PERABOT‬‭Bhd‬‭delivered‬‭the‬‭product‬‭to‬‭Iqmal‬
‭on 30 June 2023.‬‭(MFRS15)‬

‭DATE‬ ‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭30/6/2023‬ ‭Trade receivables‬ ‭6,400‬
‭Sales Revenue‬ ‭6,400‬
‭Cost of good sold‬ ‭3,200‬
‭Inventory‬ ‭3,200‬
‭31/7/2024‬ ‭Cash at bank‬ ‭6,400‬
‭Trade Receivables‬ ‭6,400‬

‭7‬
‭12) Tax expenses for the year amount RM3,300,000‬

Tax paid‬ ‭RM 3,150,000‬

Tax expenses‬ ‭RM 3,300,000‬

Tax payable‬ ‭RM 150,000‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

Tax expenses‬ ‭150,000‬
‭Tax payable‬ ‭150,000‬

‭13) Audit fees were still an accrued amount of RM20,000. No transaction has been recorded.‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

Audit fees expenses‬ ‭20,000‬
‭Accrued audit fees‬ ‭20,000‬

‭14) ) 5% Interest on loan amount RM125,000 was not recorded yet at the end of the year.‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

Interest on loan‬ ‭125,000‬
‭Cash at bank‬ ‭125,000‬

‭8‬
 ‭PERABOT Bhd‬
‭ADJUSTED TRIAL BALANCE AS AT 31 DECEMBER 2023‬

‭DEBIT (RM)‬ ‭CREDIT (RM)‬

‭ rdinary share capital‬
O ‭12,000,000‬
‭10% Preference share capital‬ ‭4,000,000‬
‭Retained profit as at 1 January 2023‬ ‭11,257,500‬
‭Revenue (RM70,550,000+ RM56,000 + RM 6400)‬ ‭70,612,400‬
‭Cost of sales (RM35,240,000 + RM 3200 + RM200,000)‬ ‭35,443,200‬
‭Administrative expenses‬ ‭10,500,000‬
‭Selling and distribution expenses‬ ‭9,500,000‬
‭Audit fees (RM55,000 + RM20,000)‬ ‭75,000‬
‭Directors' remuneration (RM700,000 - RM150,000)‬ ‭550,000‬
‭Consultancy fees‬ ‭150,000‬
‭Long term loan from Mentari Bank‬ ‭2,500,000‬
‭Long term investment‬ ‭6,637,500‬
‭Freehold land (RM16,625,000 + RM1,375,000)‬ ‭18,000,000‬
‭Building (RM5,000,000 - RM5,000,000 + RM6,000,000)‬ ‭6,000,000‬
‭Plant and equipment (RM4,500,000+ RM70,000 - RM50,000)‬ ‭4,520,000‬
‭ ccumulated depreciation:‬
A
‭Building (RM300,000 + RM250,000 - RM550,000)‬ ‭‬
0
‭Plant and equipment (RM2,025,000 - RM9500 + RM250,450)‬ ‭2,265,950‬
‭Motor Vehicle‬ ‭12,000‬
‭Furniture‬ ‭4,000‬
‭ rade‬ ‭receivables‬ ‭(RM4,500,000‬ ‭-‬ ‭RM30,000‬ ‭+‬‭RM56,000‬‭-‬
T ‭4,270,000‬
‭RM56,000 + RM6400 - RM6400 - RM200,000)‬
‭Inventories (RM5,200,000 - RM3200 - RM200,000)‬ ‭4,996,800‬
‭Trade Payable (RM2,750,000 - RM150,000)‬ ‭2,600,000‬
‭ llowance‬‭for‬‭Impairment‬‭on‬‭Trade‬‭Receivables‬‭(RM750,000‬
A ‭720,000‬
‭- RM30,000)‬
‭Tax Paid‬ ‭3,300,000‬
‭Interim Dividend‬ ‭350,000‬
‭Investment Income‬ ‭325,000‬
‭ ash‬ ‭at‬ ‭bank‬ ‭(RM4,550,000‬ ‭-‬ R
C ‭ M70,000‬ ‭-‬ ‭RM120,000‬ ‭-‬ ‭782,600‬
‭RM80,000‬ ‭-‬ ‭RM5,000,000‬ ‭+‬ ‭RM56,000‬ ‭+‬ ‭RM6400‬ ‭-‬
‭RM125,000)‬
‭Furniture‬ ‭80,000‬
‭Motor Vehicle‬ ‭120,000‬
‭Investment Properties‬ ‭3,000,000‬
‭Accrued Audit Fees‬ ‭20,000‬

‭9‬
‭Interest on Loan (5% X RM2,500,000)‬ ‭125,000‬
‭Tax Payable (RM3,300,000 - RM3,150,000)‬ ‭150,000‬
‭Surplus on Revaluation of Land‬ ‭1,375,000‬
‭Surplus on Revaluation of Building‬ ‭1,550,000‬
‭Depreciation of Building‬ ‭250,000‬
‭Depreciation of Plant and Equipment‬ ‭250,450‬
‭Depreciation of Motor Vehicles‬ ‭12,000‬
‭Depreciation of Furniture‬ ‭4,000‬
‭Deficit on fair value of Investment Properties‬ ‭2,000,000‬
‭Warranty Expenses‬ ‭3,100‬
‭Compensation on Receivables‬ ‭400,000‬
‭Provision of Warranty‬ ‭3,100‬
‭Loss on Disposal of Plant and Equipment‬ ‭40,500‬
‭Compensation for Damages‬ ‭400,000‬
‭110,577,550‬ ‭110,577,550‬
‭TOTAL‬

‭10‬
 ‭ ERABOT Bhd‬
P
‭ TATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE‬
S
‭YEAR ENDED 31 DECEMBER 2023‬

‭RM‬
‭ evenue‬
R ‭ 0,612,400‬
7
‭Cost of sales‬ ‭(35,443,200)‬
‭Gross Profit‬ ‭ 5,169,200‬
3
‭ dministrative Expenses‬
A ‭(11,779,450)‬
‭Selling and Distribution Expenses‬ ‭(9,512,000)‬
‭Loss on Disposal of Plant and Equipment‬ ‭(40,500)‬
‭Deficit on fair value of Investment Property‬ ‭(2,000,000)‬
‭Compensation for Damages‬ ‭400,000‬
‭Warranty Expenses‬ ‭(3,100)‬
‭Profit from Operation‬ ‭12,234,150‬
‭ inance Cost‬
F ‭(125,000)‬
‭Investment Income‬ ‭325,000‬
‭Profit Before Tax‬ ‭ 2,434,150‬
1
I‭ncome Tax Expenses (RM3,150,000 + RM150,000)‬ ‭(3,300,000)‬
‭Profit for The Year‬ ‭9,134,150‬
‭ ther Comprehensive Income:‬
O
‭Surplus on revaluation of Land‬ ‭ ,375,000‬
1
‭Surplus on revaluation of Building‬ ‭1,550,000‬
‭Total Comprehensive Income for the Year‬ ‭12,059,150‬

‭Working:‬
‭ADMINISTRATIVE‬ ‭ ELLING AND‬
S ‭FINANCE‬
‭DISTRIBUTION‬
‭ s per trial balance‬
A ‭10,500,000‬ ‭9,500,000‬
‭Director's remuneration‬ ‭700,000‬
‭Audit fee‬ ‭75,000‬
‭Consultation fees‬ ‭150,000‬
‭Depreciation of building‬ ‭250,000‬
‭ epreciation‬ ‭of‬ ‭plant‬ ‭and‬
D ‭250,450‬
‭equipment‬
‭Depreciation of motor vehicles‬ ‭12,000‬
‭Depreciation of furniture‬ ‭4,000‬
‭Current year error‬ ‭(150,000)‬
‭Interest on loan‬ ‭125,000‬
‭11,779,450‬ ‭9,512,000‬ ‭125,000‬

‭11‬
 ‭ ERABOT Bhd‬
P
‭ TATEMENT OF CHANGES IN EQUITY AT THE END OF THE YEAR 31 DECEMBER 2023‬
S

‭ 0%‬
1 ‭ASSET‬
‭SHARE‬ ‭PREFERENCE‬ ‭RETAINED‬ R
‭ EVALUATION‬ G
‭ ENERAL‬
‭CAPITAL‬ ‭SHARE‬ ‭PROFIT‬ ‭ ESERVE‬
R ‭RESERVE‬
‭RM‬ ‭RM‬ ‭RM‬ ‭RM‬ ‭RM‬
‭Opening Balance‬ ‭12,000,000‬ ‭4,000,000‬ ‭11,457,500‬ ‭-‬ ‭-‬
‭Net profit for the year‬ ‭9,134,150‬
‭Prior year error‬ ‭(200,000)‬
‭ urplus on revaluation -‬
S
‭Land‬ ‭1,375,000‬
‭ urplus on revaluation -‬
S
‭Building‬ ‭1,550,000‬
‭Interim Dividend‬ ‭(350,000)‬

‭Closing balance‬ ‭12,000,000‬ ‭4,000,000‬ ‭20,041,650‬ ‭2,925,000‬ ‭-‬

‭16,000,000‬ ‭22,966,650‬

‭12‬
 ‭NOTES TO FINANCIAL STATEMENTS‬

‭LAND‬ ‭BUILDING‬ ‭PLANT AND‬ ‭MOTOR‬ ‭FURNITURE‬

‭ QUIPMENT‬ V
E ‭ EHICLE‬ ‭AND FITTINGS‬
‭RM‬ ‭RM‬ ‭RM‬ ‭RM‬ ‭RM‬
‭Cost:‬
‭16,625,000‬ ‭5,000,000‬ ‭4,500,000‬
‭ alance b/d‬
B
‭Acquisition‬ ‭70,000‬ ‭120,000‬ ‭80,000‬

‭Disposal‬ ‭(50,000)‬

‭Revaluation Surplus‬ ‭1,375,000‬ ‭1,550,000‬

‭Revaluation Deficit‬
‭(550,000)‬
‭Elimination‬
‭18,000,000‬ ‭6,000,000‬ ‭4,520,000‬ ‭120,000‬ ‭80,000‬
‭Balance c/d‬

‭ ccumulated‬
A
‭Depreciation:‬
‭ alance b/d‬
B ‭ 00,000‬
3 ‭2,025,000‬
‭Current Year‬ ‭250,000‬ ‭250,450‬ ‭12,000‬ ‭4,000‬

‭Disposal‬ ‭(9,500)‬

‭Elimination‬ ‭(550,000)‬
‭Balance c/d‬
‭0‬ ‭0‬ ‭2,265,950‬ ‭12,000‬ ‭4,000‬
‭Carrying Amount‬ ‭18,000,000‬ ‭6,000,000‬ ‭2,254,050‬ ‭108,000‬ ‭76,000‬
‭26,438,050‬

‭13‬
 ‭PERABOT Bhd‬
‭STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2023‬

‭Non-current asset‬ ‭RM‬ ‭RM‬

‭Property plant and equipment‬ ‭26,438,050‬
‭Investment Properties‬ ‭3,000,000‬
‭Long term investment‬ ‭6,637,500‬
‭36,075,550‬
‭Current Asset‬
‭Inventories‬ ‭4,996,800‬
‭Trade receivables‬ ‭4,270,000‬
‭( - )Allowance For Impairment on Trade Receivables‬ ‭(720,000)‬ ‭3,550,000‬
‭Compensation on receivables‬ ‭400,000‬
‭Total Asset‬ ‭45,022,350‬

‭Finance by:‬
‭Equity‬
‭Share capital‬ ‭16,000,000‬
‭Reserves‬ ‭22,966,650‬
‭Total Equity‬ ‭38,966,650‬

‭Non current Liabilities‬

‭Long term loan‬ ‭2,500,000‬ ‭2,500,000‬

‭Current Liabilities‬
‭Trade Payables‬ ‭2,600,000‬
‭Accrued Audit Fees‬ ‭20,000‬
‭Tax Payable‬ ‭150,000‬
‭Bank Overdraft‬ ‭782,600‬
‭Provision for warranty‬ ‭3,100‬
‭3,555,700‬
‭Total Equity and Liabilities‬ ‭45,022,350‬

‭14‬