An unadjusted trial balance of Temenggung Emas Sdn. Bhd. on 31 December 2022 is as follows:

 

- Depreciation of fixtures and fittings is at the rate of 10% per year based on the straight-line method. Depreciation of the building is at the rate of 5% on book value

- Paid supplier on account by cheque, RM3,750

-Rent earned on 31 December 2022 are RM8,500.

-Accrued salaries and wages on 31 December are RM9,375

-Prepaid insurance represented premiums on policies for the next six months starting 1 October 2022.

-The doubtful debts provision is to be maintained at 1% of closing account receivables.

-The total withdrawal for the period is RM7,500 in cash for personal use.

Question

(i) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022.

(ii) Prepare Statement of Financial Position as at 31 December 2022.
 

  

Transcribed Image Text:

Cash in hand Cash at bank Temenggung Emas Sdn. Bhd. Unadjusted Trial Balance as at 31 December 2022 Accounts Accounts receivables and Accounts payable Provision for doubtful debts Inventory as at 1 January 2022 Fixtures and fittings Accumulated depreciation - fixtures and fittings Building Accumulated depreciation - building Prepaid insurance Unearned rent Capital Drawings Purchases and Sales Return Inward and Return Outwards Salaries and wages Utilities Miscellaneous expense Total Debit (RM) Credit (RM) 480 135,000 277,500 4,500 75,000 187,500 18,000 48,750 155,000 1,340 129,000 2,800 9,750 1,044,620 285,000 2,500 30,000 97,500 33,750 264,945 330,340 585 1,044,620 Cash in hand Cash at bank Temenggung Emas Sdn. Bhd. Unadjusted Trial Balance as at 31 December 2022 Accounts Accounts receivables and Accounts payable Provision for doubtful debts Inventory as at 1 January 2022 Fixtures and fittings Accumulated depreciation - fixtures and fittings Building Accumulated depreciation - building Prepaid insurance Unearned rent Capital Drawings Purchases and Sales Return Inward and Return Outwards Salaries and wages Utilities Miscellaneous expense Total Debit (RM) Credit (RM) 480 135,000 277,500 4,500 75,000 187,500 18,000 48,750 155,000 1,340 129,000 2,800 9,750 1,044,620 285,000 2,500 30,000 97,500 33,750 264,945 330,340 585 1,044,620

Answer rating: 100% (QA)

I Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 December 2022 Revenue Sales RM330340 Rent Earned RM8500 Total Revenue RM330340 RM8500 RM338840 Cost of Goods Sold COG... View the full answer