The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31 December 2021. Debit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31¹ December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases ii. iii. iv. V. Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables Additional information: 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000 Please change sales return rm200,000 to sales Closing stock was valued at RM 38,000 (market value at RM 20,000). Wages amounting RM 2,000 and salaries amounting RM 1,500 are outstanding. Prepaid insurance amounted RM 150. Provide depreciation on plant and machinery at 5% and on furniture and fixtures at 10%. Required: a) Prepare Statement of Profit and Loss for the year ended 31" December 2021. b) Prepare Statement of Financial Position for the year ended 31¹ December 2021. The following are trial balance of Clarissa Amanda Sdn. Bhd. as at 31¹ December 2021. Debit Credit RM RM Opening stock, 1 Jan 2021 Purchases ii. iii. iv. V. Sales return Carriage inwards Plant and machinery Furnitures and fixtures Land Cash in hand Carriage outwards Wages Salaries Duty on purchases Account receivable Travelling expenses Rent and assessment Drawings Insurance General expenses Capital Sales return Purchases return Discount received Loan Account payables Additional information: 16,000 75,000 5,000 1,500 40,000 5,000 45,650 5,000 400 30,000 18,000 800 28,000 1,200 4,800 5,000 450 12,200 294,000 80,000 200,000 2,000 500 10,000 1,500 294,000 Please change sales return rm200,000 to sales Closing stock was valued at RM 38,000 (market value at RM 20,000). Wages amounting RM 2,000 and salaries amounting RM 1,500 are outstanding. Prepaid insurance amounted RM 150. Provide depreciation on plant and machinery at 5% and on furniture and fixtures at 10%. Required: a) Prepare Statement of Profit and Loss for the year ended 31" December 2021. b) Prepare Statement of Financial Position for the year ended 31¹ December 2021.
Expert Answer:
Answer rating: 100% (QA)
Answer Statement of Profit and Loss Income Statement for the Year Ended December 31 2021 Particulars ... View the full answer
Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
Posted Date:
Students also viewed these accounting questions
-
The market for Gloomps is characterized by the demand curve Q = 20 2P, where Q is the market quantity and Pis the market price. If the market for Gloomps is a duopoly, and one firm decides to...
-
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...
-
The Litzenberger Company has projected the following quarterly sales amounts for the coming year: a. Accounts receivable at the beginning of the year are $310. Litzenberger has a 45-day collection...
-
Carlos Beltran, an inventory control specialist, is interested in improving his understanding of the accounting for inventories. Although Carlos understands the more sophisticated computer inventory...
-
Implement the simplified graph ADT described in Exercise P-14.73, using the adjacency list structure. In Exercise Use an adjacencymatrix to implement a class supporting a simplified graph ADT that...
-
An often-ignored concept in breach of contract is the availability, if any, of the award of punitive damages. Often, cases incorporate both breach of contract and tort actions. The tort actions...
-
(Retained Earnings Statement) Eddie Zambrano Corporation began operations on January 1, 2001. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows....
-
12. Your calculations show that if the wrong link is shared to a potential Democratic voter, there is a strong chance it could result in them changing their vote to Independent or Republican. If you...
-
Skillings Industrial Chemicals, Inc., operates a refinery in southwestern Ohio near the Ohio River. The companys primary product is manufactured from a chemical process that requires the use of two...
-
Find slope of the graphnn Force vs. Change in Length (Green) 02 S00 3000 1500 2000 2500 3000 Ax (m) 300ON= 15 Cm
-
A quality control engineer knows from past experience that the mean weight for ball bearings is 7.4 oz with a standard deviation of 1.2 oz. Suppose the engineer draws a random sample of 20 ball...
-
What are the types of errors that can be made in hypothesis testing? Which type of error is generally regarded as more serious?
-
Evaluate the following statement: If we reject the null hypothesis that = 0 in a two-tailed test, we will also reject it in a one-tailed test (using the same ).
-
Suppose a random variable Y is best described by a uniform distribution with a = 3 and b = 32. (a) Find f(y). (b) Find F(y). (c) Find the mean and variance of Y.
-
Suppose a random variable X is best described by a uniform distribution with a = 8 and b = 20. (a) Find f(x). (b) Find F(x). (c) Find the mean and variance of X.
-
Consider the block diagram below: Y (1) N(t) h(t) Y; (t) where N (t) is a wGN process with power spectral density GN (f) = :1 (f) and: h (t) = 7, (t) h2 (t) = T (t) 1,2 and b= 1,7. Find the value of...
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
(a) Explain clearly the following accounting terms in a manner which an intelligent non-accountant could understand in the context of a profit-oriented organisation: (i) Expense (ii) Prudence (iii)...
-
Which of the following errors will not cause the Trade receivables control account balance to disagree with the sum of the list of individual ledger balances? (i) A credit note for 900 issued to a...
-
A business owned by Philip Saunders sold some of its furniture for 18,000 on 31 December 2010, but had not accounted for the disposal when the year-end Trial Balance was extracted as shown. You are...
-
An old-fashioned tire swing exerts a force on the branch and a torque about the point where the branch meets the trunk. If you hang the swing closer to the trunk, this will --the force and-- the...
-
Which of these objects is in static equilibrium? A. B. C. D.
-
A beam with a pivot on its le ft end is suspended from a rope. Tn which direction is the force of the pivot on the beam? A. B. C. D. E.
Study smarter with the SolutionInn App