Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole trader on 31 December 2022. Particulars Purchases Sales Trade Payables Trade Receivables Inventory as at 1 January 2022 Furniture and Fittings Rental income Salaries and wages Long term investment Return inwards Return outwards Water and electricity Carriage inwards Commission received Petrol expenses Interest on loan. Cash at bank Cash in hand Suhaimi Team Trial balances as at 31 December 2022 Long term loan Capital Drawings Delivery van Dividend received RM 28,380 59,000 14,700 17,250 11,050 18,800 20,000 29,950 31,400 1,730 6,420 3,000 230 4,350 600 1,660 21,700 860 20,370 62,400 1,450 23,550 4,370 Additional information: 1. Inventory at 31 December 2022 was valued at a cost of RM8,540. 2. The owner had taken RM600 cash for repairing her house. 3. The interest on the loan of RM500 from Bank Rakyat had not been considered. 4. Rent income of RM2,000 is for January 2023. 5. RM250 of the electricity and water has not been paid for the current year. 6. Additional bad debts of RM220 are to be written off. Required: a) Prepare ST's Income Statement for the year ended (post adjustments) for the year ended 31 December 2022. b) Prepare ST's Statement of Financial Position (post adjustments) as at 31 December 2022. Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole trader on 31 December 2022. Particulars Purchases Sales Trade Payables Trade Receivables Inventory as at 1 January 2022 Furniture and Fittings Rental income Salaries and wages Long term investment Return inwards Return outwards Water and electricity Carriage inwards Commission received Petrol expenses Interest on loan. Cash at bank Cash in hand Suhaimi Team Trial balances as at 31 December 2022 Long term loan Capital Drawings Delivery van Dividend received RM 28,380 59,000 14,700 17,250 11,050 18,800 20,000 29,950 31,400 1,730 6,420 3,000 230 4,350 600 1,660 21,700 860 20,370 62,400 1,450 23,550 4,370 Additional information: 1. Inventory at 31 December 2022 was valued at a cost of RM8,540. 2. The owner had taken RM600 cash for repairing her house. 3. The interest on the loan of RM500 from Bank Rakyat had not been considered. 4. Rent income of RM2,000 is for January 2023. 5. RM250 of the electricity and water has not been paid for the current year. 6. Additional bad debts of RM220 are to be written off. Required: a) Prepare ST's Income Statement for the year ended (post adjustments) for the year ended 31 December 2022. b) Prepare ST's Statement of Financial Position (post adjustments) as at 31 December 2022.
Expert Answer:
Answer rating: 100% (QA)
Suhaimi Team Income Statement For the year ended 31 December 2022 RM Sales 59000 Less Cost of Goods ... View the full answer
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Posted Date:
Students also viewed these accounting questions
-
AXA Ltd has recently decided to expand the range of products. To produce a new product, the company will need to purchase a new machine. This machine will cost 400,000 and last for four years, at the...
-
You go to buy a cup of coffee and see a queue of 7 people waiting to be served by a single cashier. You observe that it takes an average of 1 minute to serve each customer. In this scenario, what is...
-
The following appliances are connected to a single 120 V, 15 A circuit in a kitchen: a 330 W blender, a 1000 W coffeepot, a 150 W coffee grinder, and a 750 W microwave oven. If these are all turned...
-
Jason Bond Company operates two restaurants, one in Valencia and one in Saugus. The operations and cash flows of each of the two restaurants are clearly distinguishable. During 2013, Jason Bond...
-
Comet Products prepares its financial statements according to International Financial Reporting Standards. On January 1 , 2 0 2 4 , Comet Products issued $ 8 1 . 2 million of 7 % , 1 0 year...
-
Bull \& Bear, Inc., retired \(\$ 100,000\) of its bonds payable, paying cash of \(\$ 103,000\). On the retirement date, the bonds payable had a premium of \(\$ 2,000\). The bond retirement created a...
-
Consider the following three graphs, which illustrate the preferences of three consumers (Bob, Carol, and Ted) regarding two goods, apples and peaches. Each consumer has an income of $30, and each...
-
An Accounts receivable aging analysis revealed a year-end target allowance of $326,350. The beginning of year allowance balance was $163,175. $244,763 was written off during the year. How much should...
-
Badlands, Inc. manufactures a household fan that sells for $40 per unit. All sales are on account, with 40 percent of sales collected in the month of sale and 60 percent collected in the following...
-
How many ATPs are produced per glucose molecule when it goes through glycolysis, citric acid cycle, and oxidative phosphorylation?
-
In capital budgeting, a distinction has been made regarding the process of "assessment" as being distinctively different than "evaluation." What is the difference and why is it important?
-
In evaluating projects of unequal lives, what are some of the limitations of the "repeatability analysis" that might be cause for concern?
-
Assigning an MARR seems more like an art than a science. How, then, is the assignment of MARR meaningful?
-
In ranking projects with the NPV criterion, there are situations where a short-term high cost of capital project is more favorable than a long-term low cost of capital project. Does this make sense?...
-
Suppose that changes in the economy are making investors more risk-adverse. How would this affect the WACC (through the cost of debt and the cost of equity)?
-
In a competitive industry with identical firms, long run equilibrium is characterized by (P = price; ATC = average total cost; MC = marginal cost; MR = marginal revenue) A. P = ATC. B. P = MC. C. MR...
-
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
-
Misha's income statement was as follows. His business's revenue for the year ended 31 August 2014 was $320,000. Calculate the following ratios: a. Profit margin b. Office expenses as a percentage of...
-
The following information relates to the production departments of Springson Ltd. The factory overheads for the year ended 31 March 2014 were: Required a. Prepare an overhead apportionment schedule...
-
Ali Khan has a business selling computer games. All games are sold on credit to high street retailers. His predicted sales for the next three months are: Each game is sold for $20 each. Ali expects...
-
The ends of a beam are elastically restrained by linear and torsional springs, as shown in Fig. 11.11. Using the finite difference method, express the boundary conditions. k W(x) k 00000 Deflected...
-
Find the natural frequencies of a fixed-fixed bar undergoing longitudinal vibration, using three mesh points in the range \(0
-
Using the fourth-order Runge-Kutta method, solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2 x_{2}=5\)...
Study smarter with the SolutionInn App