Presented below is the trial balance for Akshara Bunga Bhd (ABB) as at 31 December 2020: Accounts Debit (RM) Credit (RM) Land 156,250 Office building 193,750 Equipment 25,000 Motor vehicle 68,750 Accumulated depreciation: - Office building - Equipment - Motor vehicle 65,000 10,000 26,250 Bank 137,500 Trade receivables 172,500 Supplies 18,750 Prepaid insurance 38,250 Long term investment 201,875 Goodwill 50,000 Inventory 56,500 Ordinary share capital 375,000 Reserves 25,000 Retained earnings 206,250 Rent revenue 71,875 Sales 675,000 Gain on revaluation of properties 11,250 Gain on sale of land 12,500 Gain on translation of foreign operations 6,250 Cost of goods sold 280,000 Salary and wages expenses 142,500 Finance cost 25,000 Distribution expenses 25,625 Advertising expenses 15,625 Other operating expenses 15,000 Income tax expense 17,750 Notes payable 100,000 Dividend payable 18,750 Trade payables 12,500 Unearned revenue 25,000 1,640,625 1,640,625 Additional information: 1.No depreciation has been charged for the year. The company policy is to charge a full years depreciation on all assets held at the year-end at the following rates: Office Building - 4% per annum on cost Equipment -5% per annum on cost Motor vehicle 10% per annum on cost 2. Commission to salesmen is paid on net income for 2020 are announced to be RM62,500. The annual payment will be made on 1 March 2021. 3. A note payable of RM100,000 was issued on 1 December 2020 at 9% per year. Interest is paid quarterly. The transaction has been recorded except for accrued interest. 25% of the notes are due next year. 4. It is estimated that the provision for doubtful debts for the year is RM5,000. 5. At the end of the year 2020, RM6,250 of unearned revenue was earned. The revenue earned has not been recorded. 6. Supplies expenses for the year are RM10,000 and have not been recorded. 7. On 28 December 2020 the company purchased merchandise on account at a price of RM15,000. The transaction has not been recorded as at 31 December 2020. REQUIRED: Prepare a Statement of Profit or Loss and Other Comprehensive Income for ABB for the year ended 31 December 2020 according to MFRS 101 Presentation of Financial Statements. Prepare a Statement of Financial Position for ABB as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements.

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Empowering Students

StudyZin: Your Ultimate Q&A Repository

StudyZin has more than one million of the most reliable questions to enable any student earn good understanding of their subjects. In case an answer seems to be difficult, Zin AI takes it a step farther as it dissects the problem and provides detailed step-by-step explanation, while also incorporating visuals such as diagrams and pictures for effective communication. StudyZin has also been noted to have certain similarities with Chegg and CourseHero in the sense that it is designed to provide academic assistance, only this time it has many advantages over those two services, including being able to make learning easier, faster, cheaper and more enjoyable through the use of interactive explanations and supporting inclusion.

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Advanced Student Help Website

As the education landscape evolves, so do the tools available to students. A modern student-help website utilizes advanced AI technologies like ChatGPT to offer comprehensive and innovative solutions for learners. Below are the main features of our website, each designed to simplify students' academic journeys while harnessing the power of artificial intelligence.

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Create Images: AI-Generated

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PowerPoint/ Google Slides: Coming Soon

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How AI Transforms Education

These features leverage the latest advancements in AI, ensuring they are accurate, user-friendly, and adaptable. Here’s how AI is changing these tools:

Personalized Learning: The platform tailors itself to each student’s preferred learning style, whether they learn best through visual aids, hands-on activities, or listening to explanations.
Efficiency: Automation streamlines repetitive tasks like creating graphs or slides, saving valuable time.
Inclusivity: Voice recognition and image processing enhance accessibility for a broader range of learners, including those with disabilities.
Real-Time Feedback: Immediate responses and visual aids enable students to spot and correct errors on the spot, speeding up their learning process.

Zin AI at a Glance