Case Study
Company X works in the industrial domain. Below is the trial balance at the end of the year at 31/12/2006:
Financial Data
Gross Sales (80,413,113)
Sales Promotion 2,388,267
Stock I Raw Materials (at 1/1) 8,535,662
Stock I Finished Products (at 1/1) 6,545,157
Stock II Raw Material (at 31/12) 15,040,264
Stock II Finished Products (at 31/12) 19,321,514
Purchasing RM 55,189,532
Plant Salary 5,514,630
Plant Running cost (electricity, maintenance, phone, etc) 12,756,800
Marketing Expenses 2,000,839
Sales Commission 2,378,067
Transportation + Warehouse 1,394,980
Warehouse Expenses 545,265
Warehouse Rent 3,500,000
Sales Team Salary 4,540,000
Head Office salaries 98,640
Office rent 71,199
Office running cost 2,456,800
Cash and banks 11,952,534
Trade receivables 2,742,694
Employees account 3,819,681
PROPERTY PLANT AND EQUIPMENT 30,048,672
Trade payables (9,148,158)
Miscellaneous creditors (2,912,635)
Capital (49,028,445)
Loan from third (5,549,226)
Retained earnings (9,427,845)
Noting that the plant was established in 01/01/2004 and no depreciation is calculated and the recommended depreciation rate for the plant equipments is 10%.
Requirements:
Close the ended fiscal year and issue the financial statement according to the existing data.