1) Closing inventories as at 30 September 2022 were estimated to be worth RM16,500. 2) Annual depreciation...
Question:
1) Closing inventories as at 30 September 2022 were estimated to be worth RM16,500.
2) Annual depreciation for the non-current assets is as follows:
Fixtures and fittings
10% using the reducing balance method
Building
2% on cost
3) Repair of buildings of RM134,600 is inclusive of building renovation of RM85,000.
4) Bad debts as at the end of the year is RM130.
5) Provision for doubtful debts amounting to 2% of trade receivables has to be provided.
6)
Goods worth RM2,000 and RM1,000 of cash from the bank were taken by Encik Kiran for his own
use. No records were made for the goods and cash drawings were recorded under salary
accounts.
7) Adiustments are as follows:
Accrued rental of RM600
Accrued salary of RM2.250
Required:
a) Prepare Ali Enterprise's Income Statement for the year ended (post adjustments) for the year
ended 30 September 2022.
(20 marks)
b)
Prepare Ali Enterprise's Statement of Financial Position (post adjustments) as at 30 September
2022
(20 marks)
Expert Answer:
Answer a Ali Enterprises Income Statement for the Year Ended 30 September 2022 post adjustments Reve... View the full answer
Accounting and Finance An Introduction
ISBN: 978-1292088297
8th edition
Authors: Peter Atrill, Eddie McLaney
