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

University Open University Malaysia (OUM)
Subject Intermediate Financial Accounting
  • The balance sheet date of BumBum Berhad is 31 December 2020 and the meeting of the Board of Directors is 25 March 2021. Identify with reason each of the following situations whether the event is adjusting or non-adjusting.
  1. The goods inventory costing RM100,000 was written down to Net Realisable Value of RM97,500 at the balance sheet date. After the balance sheet date, it was sold for RM96,000.
  2. On the other hand, the goods inventory costing RM200,000 was written down to NRV of RM197,000 at the balance sheet date. After the balance sheet date, the inventory was spoiled and sold for only RM10,000 as scrap.
  • Companies issue shares in order to raise funds from investors who typically invest their money. This money is then used by businesses to expand and develop their operations
  1. Peco Bhd. was formed on 1 July 2019. The Board of Directors decided to issue 400,000 ordinary shares at RM2.40 to the public. The issue price was payable in full on application. A prospectus was issued with a closing date for applications being 1 September 2019. At this date, applications had been received for 400,000 shares. The shares were allotted on 3 September 2019. Prepare the journal entries for the above transaction
  2. Deco Bhd. was formed on 1 July 2019. The Board of Directors decided to issue 400,000 ordinary shares and is payable as follows:
  • RM1.00 on application
  • RM0.80 on allotment
  • A further call of the remaining RM0.60 when required by the Board of Directors

A prospectus was issued with the closing date for applications being 1 September 2019. At this date, RM400,000 had been received with applications for 400,000 shares. The shares were allotted on 3 September 2019. All allotment money was received on 2 October 2019.

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