ABC is a new company incorporated in Cambodia in 2016. ABC purchases and sells house appliances to local customers and distributers. Under the tax regulations, ABC is required to calculate and pay annual Tax on Profit. The following extracts for total costs and other information have been provided by ABC’s accountant in relation to the tax year ended 31 December 2016.
- Registered costs at Ministry of Commerce (MOC) are assumed $450.
- Registered costs at General Department of Taxation (GDT) are assumed $650.
- Cash in bank is $5,000.
- Company owns property (land and building) of $ 70,000. Cost of land is $20,000.
- Goods at end of year are $10,000.
- Land rental expenses are $3,000, but purchase price of land is $100,000 if company wants to buy this land.
- Parking place costs are $5,000.
- Customers owed ABC $7,000, but company owed suppliers $8,000.
- Company paid in advance of $20,000 for house appliances to its suppliers.
- Company purchases common stock/share of $2,000 from Phnom Penh Water Supply Authority (PPWSA).
- Company lends local bank $6,000 as two years fixed term deposit accounts.
- Office equipment (computer, printer and scanner) is $1,500.
- Office supply current asset is $700.
Required:
Prepare extract balance sheet complies with tax form requirement for the following components of balance sheet:
- Non-current assets/Fixed assets from A1 to A12 if any.
- Current assets from A13 to A26 if any.
Note:
- Ignore recognizing revenue and expenses in income statement.
- ABC’s policy recognized preliminary and formation expenses as current asset.