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    July 2023 (Published FS)

    Uploaded by

    Nur Alya Damia

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    © All Rights Reserved
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    July 2023 (Published FS)

    Uploaded by

    Nur Alya Damia
    8 views4 pages

    Original Title

    JULY 2023 (PUBLISHED FS) (1)

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    © © All Rights Reserved

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    8 views4 pages

    July 2023 (Published FS)

    Uploaded by

    Nur Alya Damia

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    JULY 2023 (Q1)

    SOLUTION 1

    a) Harxurn Bhd
    Statement of Profit or Loss for the Year Ended 31 December 2022

    Note (RM)
    Revenues (14,270,050+50k) 14,320,050
    Cost of sales (4,550,000)
    Gross profit 9,770,050
    Increase in FV of IP (350k-300k) 50,000
    Gain on disposal – land (2,520k-2500k) 20,000
    Investment income 134,660
    Administrative costs W1 (2,611,000)
    Selling and distribution costs (674,000)
    Finance costs (3%x650kx4/12) (6,500)
    Profit before taxation 6,683,210
    Income tax expense (500,000)
    Profit for the year 6,183,210

    Other comprehensive income


    Surplus on revaluation – land 10,000
    Total comprehensive income for the year 6,193,210

    Administrative
    expenses
    W1 RM
    As per trial balance 1,747,000
    Depreciation - machinery (W2) (450k+372k) 822,000
    Depreciation – building(2%x1,450k) 29,000
    Loss in disposal old component 13,000
    machine
    2,611,000

    W2
    Cost 9,000,000
    (-) acc. Depreciation
    2.6m + depreciation current year (9m/10x6/12) (3,050,000)
    CA as at 30/6/2022 5,950,000
    (-) CA old component
    20k – (20k/10x3.5) (13,000)
    (+) new component 15,000
    New CA 5,952,000
    Depreciation for the year (6/12)
    (5,952k/8x6/12) (372,000)
    CA as at 31/12/2022 5,580,000

    b)

    Hurxurn Bhd
    Statement of Changes in Equity for the year ended
    31 December 2022

    Ordinary Retained
    Shares Earnings ARR
    Balance, 1/1/2022 5,600,000 1,072,070
    Retrospective adjustment 15,000
    Restated balance 1,087,070
    Profit for the year 6,183,210
    Revaluation -land 10,000
    Disposal of land 10,000 (10,000)
    Balance, 31/12/2022 5,600,000 7,720,280 10,000

    Hurxurn Bhd

    c) Statement of Financial Position as at 31 December 2022


    Note (RM'000) (RM'000)
    Non-current assets
    Property, plant and equipment 1 6,801,000
    Investment Property (1,320k+50k) 1,370,000
    Long-term Investments 530,000
    8,701,000
    Current assets
    Tax recoverable (550k-500k) 50,000
    Inventories 1,770,000
    Cash and bank (905,550+50k+2,520k-15k) 3,460,550
    Accounts receivable (1,234.5k-11,050) 1,223,450
    Less: AFITR (157,340-11,050) (146,290) 1,077,160
    6,357,710

    15,058,710
    Financed by:
    Share capital 5,600,000
    Reserves 7,280,280
    13,340,680
    Non-current Liabilities
    Loan from Perdana Bank 650,000

    Current liabilities
    Accounts payable (1,540,430-15k) 1,525,430
    Accrued interest on loan (3%x650kx4/12)-3.5k 3,000
    15,058,710

    NOTES TO THE FINANCIAL STATEMENTS

    i.Property, plant & equipment


    Plant and
    Freehold Building machinery
    land Total
    Valuation / Cost (RM) (RM) (RM) (RM)
    Bal b/d 2,490,000 1,450,000 9,000,000
    Surplus on revaluation 10,000
    Disposal (2,500,000) (20,000)
    Acquisition 15,000
    0 1,450,000 8,995,000

    Acc. Depreciation
    Bal b/d - 200,000 2,600,000
    Disposal (7,000)
    Charge for the year - 29,000of 822,000of
    0 229,000 3,415,000

    Carrying amount 0 1,221,000 5,580,000 6,801,000

    ii. Contingent liability

    On 1 July 2022, one of the company’s customers sued the company due to unfunctional
    chip amounting RM13,000. However, the legal advisor is in the opinion that the company
    will not liable because of the customer was incorrectly installed the chip and not following
    the installation guideline.

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