Financial Accounting Report 400
APRIL 2011, Q 1 (B) – Answer
KASTURI Bhd
Statement of Comprehensive Income for the year ended 31 March 2011 | | Notes | RM’000 | | Turnover (600,000 – error 5,000) | 2 | 595,000 | | Cost of sales (408,000 + dep:LP 5,000 + dep:PPE 19,200) | | (432,200) | | Gross Profit | | 162,800 | | | | | | Distribution cost | | (29,000) | W1 | Administrative expenses | | (43,900) | W2 | Other operating expenses | | (15,600) | | Profit from operations | | 74,300 | | Finance cost | | (400) | | Loss on disposal of plant | | (3,000) | | Foreign currency transaction gain | | 3,200 | | Profit before tax | 3 | 74,100 | | Taxation | 4 | (23,200) | | Profit after tax | | 50,900 | | | | | | Other comprehensive income: | | | | Deficit on revaluation of leasehold property | | (9,000) | | Total comprehensive income | | 41,900 | | | | |
KASTURI Bhd
Statement of Changes in Equity for the year ended 31 March 2011 | Ordinary share capital | Revenue reserve | Retained Profit | Total | | RM’000 | RM’000 | RM’000 | RM’000 | Bal b/d | 100,000 | 20,000 | 49,000 | 169,000 | Total comprehensive income | - | (9,000) | 50,900 | 41,900 | Dividend | | | (13,600) | (13,600) | Rights issue | | | | 5,000 | Bal c/d | 105,000 | 11,000 | 86,300 | 202,300 |
WORKINGS W1: Administrative cost | RM | W2: Other operating expenses | RM | Bal. as per t. b. | 44,400 | Research cost | 2,800 | Audit fee | 100 | Development cost | 4,800 | Legal suit* | (800) | Amortisation expense | 8,000 | Legal cost | 200 | | 15,600 | | 43,900 | | |
*Since outcome of litigation is only 20% (remote), it is not appropriate to provide for damages. The unrecoverable legal costs are a liability as the start of legal action is past event and should be provided in full.
KASTURI Bhd
Statement of Financial Position as at 31 March 2011 | Notes | RM | RM | Non-current Assets | | | | Property, Plant and
KASTURI Bhd
Statement of Comprehensive Income for the year ended 31 March 2011 | | Notes | RM’000 | | Turnover (600,000 – error 5,000) | 2 | 595,000 | | Cost of sales (408,000 + dep:LP 5,000 + dep:PPE 19,200) | | (432,200) | | Gross Profit | | 162,800 | | | | | | Distribution cost | | (29,000) | W1 | Administrative expenses | | (43,900) | W2 | Other operating expenses | | (15,600) | | Profit from operations | | 74,300 | | Finance cost | | (400) | | Loss on disposal of plant | | (3,000) | | Foreign currency transaction gain | | 3,200 | | Profit before tax | 3 | 74,100 | | Taxation | 4 | (23,200) | | Profit after tax | | 50,900 | | | | | | Other comprehensive income: | | | | Deficit on revaluation of leasehold property | | (9,000) | | Total comprehensive income | | 41,900 | | | | |
KASTURI Bhd
Statement of Changes in Equity for the year ended 31 March 2011 | Ordinary share capital | Revenue reserve | Retained Profit | Total | | RM’000 | RM’000 | RM’000 | RM’000 | Bal b/d | 100,000 | 20,000 | 49,000 | 169,000 | Total comprehensive income | - | (9,000) | 50,900 | 41,900 | Dividend | | | (13,600) | (13,600) | Rights issue | | | | 5,000 | Bal c/d | 105,000 | 11,000 | 86,300 | 202,300 |
WORKINGS W1: Administrative cost | RM | W2: Other operating expenses | RM | Bal. as per t. b. | 44,400 | Research cost | 2,800 | Audit fee | 100 | Development cost | 4,800 | Legal suit* | (800) | Amortisation expense | 8,000 | Legal cost | 200 | | 15,600 | | 43,900 | | |
*Since outcome of litigation is only 20% (remote), it is not appropriate to provide for damages. The unrecoverable legal costs are a liability as the start of legal action is past event and should be provided in full.
KASTURI Bhd
Statement of Financial Position as at 31 March 2011 | Notes | RM | RM | Non-current Assets | | | | Property, Plant and