2022 PLMGS 4E5N POA Prelim P2 ANS.xlsx - Q1

2022 4E5N Prelim P2 Question 11a) Tiffani Pte Limited Marks1b) Tiffani Pte Limited MarksStatement of financial performance for the year ended 31 August 2021Statement of financial position as at 31 August 2021 $ $ $ $ $ Sales revenue (340,370+5,600) (345,970) 1 ASSETSLess: Sales returns ( 3,920) Non-current assets Cost Accumulated depreciation Net book value Net sales revenue (342,050)1 OF Motor vehicles (63,000)( 30,744) ( 32,256) 1Less: Cost of sales (182,400) Equipment (196,000)( 93,200) ( 102,800) 1Gross profit (159,650)1 OF ( 135,056) Add: Other income Current assetsCommission income ( 1,960) Trade receivables (41,400 + 5,600) (47,000) 1Less: Allowance for impairment of trade receivables (4%*47,000)( 1,880) ( 45,120) 1 OFLess: Other expenses Inventory ( 70,000) Wages and salaries (86,910) Prepaid Advertisement ( 2,830) ( 117,950) 1Equipment repairs (18,810+8,000) (26,810) 1 Total assets ( 253,006) Advertisement (19,810/14*12) (16,980) 1Selling expenses (10,990) EQUITY AND LIABILIITESInterest (10%*30,000) ( 3,000) 1 Shareholders' equityDepreciation of motor vehicles (20% * (63,000 - 22,680))( 8,064) 1 Share capital, 150,000 ordinary shares ( 180,000) 1Depreciation of equipment (10% * (204,000-8000))(19,600) 1 Retained earnings (24,720 - 9,754 [OF] -0.03*150,000 [1]) ( 10,466) ( 190,466) 2Reversal of impairment loss on trade receivables (2,870-4%*(41,400+5,600))( (990) (171,364)1Loss for the year ( (9,754) Non-current liabilities Total 9 Long-term borrowings ( 30,000) Current liabilitiesTrade payables ( 25,200) Bank overdraft ( 1,220) 1Interest payable (10%*30,000 - 1,380) ( 1,620) 1Dividend payable (0.03*150,000) ( 4,500) ( 32,540) 1Total equity and liabilities ( 253,006) Total 11