AAC20303: Pinang Berhad is a company that carries out a diverse range of activities It is proud of its reputation as a ‘caring’ organisation and has adopted various ethical policies toward its employees: Financial Accounting & Reporting Assignment, MSU, Malaysia
|University||Management & Science University (MSU)|
|Subject||AAC20303: Financial Accounting & Reporting|
Pinang Berhad is a company that carries out a diverse range of activities. It is proud of its reputation as a ‘caring’ organization and has adopted various ethical policies toward its employees and the wider community in which it operates. As part of its annual financial statements, the company publishes details of its environmental policies, which include setting performance targets for activities such as recycling, controlling emissions of noxious substances and limiting the use of non-renewable resources.
Are You Searching Answer of this Question? Request Malaysian Writers to Write a plagiarism Free Copy for You.
The finance director is reviewing the accounting treatment of various items prior to finalizing the financial statements for the year ended 31 December 2021. All items are material in the context of the financial statements as a whole. The financial statements are due to be approved by the directors on 31 March 2022.
- The company has an overseas operation that is involved in mining precious metals. These activities cause significant damage to the environment, including deforestation. The company expects to abandon the mine in eight years’ time. The mine is situated in a country where there is no environmental legislation obliging companies to rectify environmental damage and it is very unlikely that any such legislation will be enacted within the next eight years. It has been estimated that the cost of cleaning the site and replanting the trees will be RM40 million if the replanting were successful at the first attempt, but it will probably be necessary to make a further attempt, which will increase the cost by a further RM8 million.
- On 31 December 2021, one of its operations moved from PulauRawa to PualuRimau in order to take advantage of government development grants. Its main premises in PulauRawa are held under an operating lease, which runs until 31 December 2024 and the lease is non-cancellable. Annual rentals under the lease are RM30 million.
- On 15 November 2021, the board of Pinang Bhd decided to close down a large factory inPulauKapas. On 23 December 2021, a detailed plan for closing down the factory was prepared by the board, and announcements were made to employees concerning redundancies. In addition, letters were sent to customers advising them of the proposal and recommending alternative suppliers. The accountant proposed to make a provision for the restructuring costs amounted to RM90 million as of 31 December 2021.
- One of Pinang Bhd’s divisions is to sell domestic appliances such as washing machines. In the year 2021, Pinang Bhd decides to start selling washing machines with a warranty. Under the terms of the warranty, Pinang Bhd will repair washing machines at no charge to the customer if they break within the warranty period. The entity estimates, based on past correspondence with customers, that 20% of the washing machines sold will require repair within the warranty period at an average cost to Pinang of RM150 per machine. Pinang Bhd sold 2,000 washing machines for the year ended 31 December 2021
Get Solution of this Assessment. Hire Experts to solve this assignment for you Before Deadline.
Redang Bhd has 10,000,000 ordinary shares in issue on 1 January 2018. No new shares were issued during the year, but there were 2,000,000 outstanding share options at RM3 per share. The market value was RM3.50 per share. Profit before tax for the year ended 31 December 2018 was RM3,500,000. Tax is at the rate of 30%.
To fund an upcoming new project, Redang Bhd decided to issue 2,000,000 ordinary shares, amounting to RM2,800,000 and RM2,000,000 of convertible 6% bonds on 1 April 2019. These are convertible into ordinary shares at the following rates:
Profit after tax in the financial year to 31 December 2019 was RM4,200,000.
Redang Bhd made a 1 for 5 bonus issue on 1 July 2020 as an appreciation to all the shareholders for their trust in the entity. The market value of the ordinary shares is RM3.80 and the profit after tax is RM4,800,000 for the year ended 2020.
On 1 July 2021, the entity made a rights issue of one new ordinary share for every three ordinary shares at a price of RM3.00. The market price of the ordinary shares was 3.80 each. The profit after tax for the year was RM4,816,000.
Stuck in Completing this Assignment and feeling stressed ? Take our Private Writing Services.
Get Help By Expert
Hire the online assignment help service on AAC20303: Financial Accounting & Reporting from malaysia Assignment Help. Our skilled experts are capable to deliver faultless answers on finance and accounting assignments before the deadline.
Recent Solved Questions
- STA404: A random sample of employees was selected from three different types of stores at the mall and their ages were recorded: Statistics for Business and Social Sciences Assignment, UiTM, Malaysia
- BBPS4103: Assume that you are a consultant and Mr. Chuah Mun Soong wanted a second opinion from you on Flat Cargo Berhad: Strategic Management Assignment, OUM, Malaysia
- Covid-19 Pandemic and Challenges faced in Hotel Industry in Malaysia : Hospitality & Hotel Management Report, SU, Malaysia
- Each student is required to identify one organization that has a specialized Human Resource Department: Human Resource Management Report, APU, Malaysia
- BBFA2203: The balance sheet date of BumBum Berhad is 31 December 2020 and the meeting of the Board of Directors is 25 March 2021: Intermediate Financial Accounting Assignment, OUM, Malaysia
- BMG306/03: In April 1992, EuroDisney first opened in Paris, France It later changed its name to Disneyland Paris: Introduction to International Business Case Study, WOU, Malaysia
- BUSI2167: The Asia and Pacific region has a proven record as a dynamic tourism destination With the right policy measures and strong coordination: Managing and marketing tourism Assignment, UNMC, Malaysia
- Critically discuss pertaining to the FIVE (5) important viewpoints on what makes a Good Project Manager to decide on the above matter: Procurement Management Case Study, Malaysia
- Huraikan isu-isu dalam pendidikan dan tunjukkan jurang literatur yang dikemukakan: Research Methods in Education Assignment, UM, Malaysia
- ACW2120 : Discuss on the company background, principal activities and strategies taken by the company to mitigate the impact of COVID-19 pandemic on their business operations: Financial accounting 2 Assignment, MUM, Malaysia