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QUESTION 1 Accounting Question (30 marks)

Following shows the Trial Balance from Lily Enterprise on 31 May 2021.

	Debit	Credit
	RM	RM
Capital		28,106
Purchase and Sales	59,894	178 237
Sales return and Purchase Return	1,547	985
Salary	45,482
General Expenses	36,500
Insurance	854
Rent	2,600
Rates	1,654
Promotion & Advertising	2,460
Vehicle Maintenance	1,249
Bad Debt	384
Commission	244	132
Drawings	6,000
Cash	500
Bank		2,462
Trade Debtor and Trade Creditor	27 584	21,540
Stock 1 June 2020	29,500
Equipment (cost)	9,500
Accumulated Depreciation (Equipment)		3,400
Motor Vehicle	15,400
Accumulated Depreciation (Motor Vehicle)		5,240
Allowance for Doubtful Debt		1,250
	241,352	241,352

Additional Information:

1. Stock at 31 May 2021 has the value of RM34,500 at cost and RM97,650 at market price.
2. Rent is paid on quarterly basis. Rent paid incudes payment of RM600 for the quarter up to 30 June 2021.
3. There is an accrued rate of RM340.
4. Debt of RM664 is to be written off as bad debt.
5. Lily decided at the end of the year to make an allowance for doubtful debts of 5% on the balance debtor outstanding.
6. During the year, withdrawals of stock were made for the following purpose:
   • Promotion: RM750
   • Personal use RM500
7. Depreciation policies for fixed assets are as follow:
   • Equipment 15 % annually on reducing balance method.
   • Motor Vehicle 20 % annually on straight line method.

Required:

1. Prepare the Statement of Profit or Loss for the year ended 31 May 2021.

(15 marks)

2. Prepare the Statement of Financial Position as at 31 May 2021.

(12 marks)

3. Explain the difference between Trade Debtor and Other Debtor with relevant examples.

(3 marks)