who can help me solve tis Q??? plzplzplz




the following list of balances was extracted frm the book of Chelsea as at 30 June X5



Freehold land 56,000,000 (dt)
Building-cost 524,000,000 (dt)
Accumulated depreciation 1JulyX4
-Building 11,200,000 (cr)
-Equipment 3,800,000 (cr)
Bank balance 16,500,000 (dt)
Inventory 30 June X5 127,400,000 (dt)
Provision for doubtful debts 1JulyX4 5,200,000 (cr)
Acc. receivable and payable 82,400,000(dt) 75,140,000(cr)
Investment in Gov bond 25,000,000(dt)
Interest received 6,100,000(cr)
8% fixed term bank loan 120,000,000(cr)
Tax paid 35,000,000(dt)
Interim dividend paid-ordinary shares 17,000,000(dt)
Ordinary shares of RM1 each 300,000,000(cr)
Share premium 50,000,000(cr)
Retained profit 30 June X5 330,860,000(cr)
total 902,300,000

Additional information:
i. A newly employed staff member prepared the list of balances after he had prepared the income statement for the year ended 30 June X5. The retained profit on 1July X4 was RM200,200,000.
ii.the following adjustment were not taken into consideration:
a)An insurance policy for RM5,000,000 was taken out on the building. The insurance coverage is for the period 1 JAn X5 to 31 DEc X5. the whole amount was expensed off.
b)Accrued utility bills was RM 1,800,000
c)The 8% bank loan was secured on 1Dec X4 and interest is to be paid annualy on 30 NOv .
d)Bad debts of RM120,000 were nt provided ans the provision for doubtful debts is to be 5%.
e) Depreciation charges hv nt been provided for and the company depreciates building at 2% on cost and equipment at 10% on net book value.
f) Tax expense for the year was estimated to be RM37,000,000. The amount shown in the list above is the amount paid during the year. Profit for the year calculated has not been charges with the year's tax expense.

Required:
a) Prepare a schedule to calculate the adjusted profit after tax for the year ended 30 June X5.
b) Prepare the balance sheet as at 30 June X5

This post has been edited by blurskyblue: Mar 13 2010, 08:30 PM