Additional Information:

(i) The inventory as at 30 June 2017 is valued at RM13,551.

(ii) Salaries for shoes designer amounting to RM1,800 are still unpaid.

(iii) Miss Rylai took a pair of shoes worth RM425 for her sister birthday gift.

(iv) Depreciation of motor vehicles was to be provided at 20% on cost and fixtures and fittings at 15% of its carrying value.

(v) Commission received in advance is RM450.

(vi) RM500 of amount due from customer was written off as bad debt and provision for doubtful debt is to be adjusted to 5% of good trade receivables.

You are required to prepare:

(a) Statements of Profit and Loss and Other Comprehensive Income for the year ended 30 June 2017. 

(b) Statement of Financial Position as at 30 June 2017. 

Transcribed Image Text:

Miss Rylai is a businesswoman who carries out retail business that sell shoes catered for young adults called Rylai Heels Enterprise. The following trial balance as at 30 June 2017 is provided by Miss Rylai for her business. Debit Credit RM RM 138,07 8 Purchases and Sales 82,350 Carriage Inward Rent and rates 4,889 5,422 2,126 Insurance 875 1,330 1,200 Utilities Advertising Carriage outwards Discount allowed and received 255 325 Commission received 2,685 Salaries and wages Bad debts 26,420 747 14,805 Accounts receivables and account payables Cash in hand 6,471 2,777 Cast at bank 10,402 Inventory as at 1 July 2015 Motor vehicles 7,727 32,000 26,000 Fixtures and Fittings Accumulated depreciation: 7,000 12,000 42,000 Motor Vehicle Fixtures and Fittings Capital Provision for doubtful debt 566 10,200 219,32 5 Long term Loan 219,32 Miss Rylai is a businesswoman who carries out retail business that sell shoes catered for young adults called Rylai Heels Enterprise. The following trial balance as at 30 June 2017 is provided by Miss Rylai for her business. Debit Credit RM RM 138,07 8 Purchases and Sales 82,350 Carriage Inward Rent and rates 4,889 5,422 2,126 Insurance 875 1,330 1,200 Utilities Advertising Carriage outwards Discount allowed and received 255 325 Commission received 2,685 Salaries and wages Bad debts 26,420 747 14,805 Accounts receivables and account payables Cash in hand 6,471 2,777 Cast at bank 10,402 Inventory as at 1 July 2015 Motor vehicles 7,727 32,000 26,000 Fixtures and Fittings Accumulated depreciation: 7,000 12,000 42,000 Motor Vehicle Fixtures and Fittings Capital Provision for doubtful debt 566 10,200 219,32 5 Long term Loan 219,32

Answer rating: 100% (QA)

statement of Profit loss and other comprehensive Income For the Year Ended June 30 2017 Sale 138503 Less cost of goods sold opening inventory 7727 Pur... View the full answer