Assignment Task:

You are required to perform the following tasks:
Form a group of 3 or 4 students, complete the following task. You are to use Microsoft Excel to do this assignment.

Case Study
Digital Experts Sdn Bhd supplies laptops and computers to companies. Below are the extract of the unadjusted trial balance and Statement of Financial Position as at 31 December 2019

Digital Experts Sdn Bhd Unadjusted Trial Balance as at 31 December 2019 Digital Experts Sdn Bhd Statement of Financial Position as at 31 December 2018

The accounts executive is uncertain of some transactions and has put these transactions aside and not recorded them in the accounts. The details of the transactions omitted are as follows:

  1. On 1 January 2019, motor vehicles with a total cost of RM220,000 have been sold for RM160,000. The associated accumulated depreciation on 1 January is RM80,000.
  2. During the year, addition to motor vehicles is RM324,000.
  3. Motor vehicles are depreciated using the straight-line method, over 5 years. Furniture and fittings are depreciated based on reducing balance method, at 25%. No depreciation on the asset in the year of disposal and full-year depreciation is provided on assets acquired regardless of the month of purchase.
  4. Taxation for the financial year is RM150,000. This is payable within 12 months from the financial year-end.
  5. During the financial year, retained profits of RM170,000 is used to issue bonus shares.
  6. Dividends paid during the financial year is RM160,000.

 

REQUIRED:

Prepare the following financial statements, show the detailed calculation.

  1. Statement of Profit or Loss for the financial year ending 31 December 2019
  2. Statement of Financial Position as at 31 December 2019
  3. Statement of Cash Flows for the financial year ending 31 December 2019.

 


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  • Uploaded By : Alex Cerry
  • Posted on : February 25th, 2019

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