CONFIDENTIAL Mr. Logan owns a retailing business, known as Daya Maju Enterprise. The following Trial Balance was extracted from...

 

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CONFIDENTIAL Mr. Logan owns a retailing business, known as Daya Maju Enterprise. The following Trial Balance was extracted from the books of Daya Maju Enterprise as at 30 June 2019: 2. Purchase and sales Motor vehicles Premises Machineries Bank Cash Trade receivables and payables Fixed deposits Goodwill Return Rental income Carriage inward Debit RM 45,000 73,880 130,000 54,550 11,560 5,800 25,200 76,000 32,000 700 320 Credit RM 197,010 8,900 400 12,000 Carriage inward Dividend income Salaries and wages Advertising and promotion Provision for doubtful debt 1 July 2018 Provision for discount allowable 1 July 2018 Insurance Bad debt Salesman commission Loan from BMM Bank Capital Drawings Inventory 1 July 2018 Duty on purchase Interest on loan Rental Utilities Discount Printing and stationery Accumulated depreciation as at 1 July 2018: 320 42,000 3,400 13,000 240 8,700 11,470 2,410 500 1,200 65,000 6,390 2,050 1,850 7,200 240 600 120,000 200,000 1,300 Accumulated depreciation as at 1 July 2018: Motor vehicles Premises Machineries FINANCIAL ACCOUNTING AND REPORTING I 613,220 13,400 45,000 7,170 613,220 3/7 Additional information: The cost of inventory as at 30 June 2019 was RM9,900 and the net realizable value was RM9,990. (1) (ii) The owner had consumed some goods worth RM4,360 and withdrew cash RM1,000 for her son's medical treatment. (iii) The loan from BMM Bank was taken on 1 January 2019 and the interest charged is 4% per annum. The interest paid on loan was for 3 months only. (iv) Utilities of RM810 and salaries of RM3,500 were still outstanding and no adjustments had been made in the books. (v) The insurance payment including RM1,000 payment for the month of July 2019. (vi) A debtor with an outstanding amount of RM670 has been declared bankrupt by court. Therefore, additional bad debt needs to be written off. (vii) It is the policy of the firm to provide 5% provision for doubtful debts and 3% provision for discount allowable on the remaining account receivables. (viii) The business return default product purchase to Transmill Sdn Bhd on 1 June 2019. No adjustments had been made in the books for the debit note RM650 sent to the company. Depreciation on yearly basis is to be provided as follows: (ix) Assets (a) Motor Vehicles Premises Machineries Required to prepare: Depreciation policy 20% on carrying amount, yearly basis. 10% on cost, yearly basis. -- 15 on net book value, yearly basis Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2019 (show all workings).

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Daya Maju Enterprize Statement of profit and Loss and other Comprehensive Income for the year ended 30 June 2019 Particulars Amount RM Amount RM Sales View the full answer