Question 2 The following balances were extracted from the books of VE Enterprise on 31 December...

  

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Question 2 The following balances were extracted from the books of VE Enterprise on 31 December 2021. Particular Capital Motor vehicles Fixtures & fittings Inventory as at 1 January 2021 Allowance for doubtful debts Accumulated depreciations as at 1 January 2021: Motor vehicles Fixtures & fittings 3% fixed deposit 4% bank loan Sales Purchases Sales returns Purchases returns Discount allowed Discount received Account receivables Account payables Carriage inwards Interest received Commission received Salaries Electricity bills Custom duty on purchases Insurances Maintenance expenses Drawing Cash in hand Cash at bank RM 90,000 48,500 32,200 30,000 73,500 2,050 2,550 37,700 3,570 16,100 5,400 3,000 450 3,300 2,300 6,800 25,200 RM 50,000 500 16,000 10,400 50,000 199,070 2,120 2,830 48,650 450 2,600 Additional information: 1. Inventory as at 31 December 2021 18,180 2. Electricity bills was paid in advanced by RM500. Meanwhile RM400 commission are not received yet. 3. One of the customers Amri Sport Enterprise was declare bankrupt and unable to pay the debt amount RM700 4. Salaries are accrued by RM140. 5. Purchases include goods valued at RM1,040 that were withdrawn by Azwin for her own personal use. a) Prepare Income Statement for the year ended 31 December 2021 b) Prepare Statement of Financial Position as at 31 December 2021 (15 marks) (10 marks) (Total: 25 Marks) Question 2 The following balances were extracted from the books of VE Enterprise on 31 December 2021. Particular Capital Motor vehicles Fixtures & fittings Inventory as at 1 January 2021 Allowance for doubtful debts Accumulated depreciations as at 1 January 2021: Motor vehicles Fixtures & fittings 3% fixed deposit 4% bank loan Sales Purchases Sales returns Purchases returns Discount allowed Discount received Account receivables Account payables Carriage inwards Interest received Commission received Salaries Electricity bills Custom duty on purchases Insurances Maintenance expenses Drawing Cash in hand Cash at bank RM 90,000 48,500 32,200 30,000 73,500 2,050 2,550 37,700 3,570 16,100 5,400 3,000 450 3,300 2,300 6,800 25,200 RM 50,000 500 16,000 10,400 50,000 199,070 2,120 2,830 48,650 450 2,600 Additional information: 1. Inventory as at 31 December 2021 18,180 2. Electricity bills was paid in advanced by RM500. Meanwhile RM400 commission are not received yet. 3. One of the customers Amri Sport Enterprise was declare bankrupt and unable to pay the debt amount RM700 4. Salaries are accrued by RM140. 5. Purchases include goods valued at RM1,040 that were withdrawn by Azwin for her own personal use. a) Prepare Income Statement for the year ended 31 December 2021 b) Prepare Statement of Financial Position as at 31 December 2021 (15 marks) (10 marks) (Total: 25 Marks)

Answer rating: 100% (QA)

a Income Statement for the year ended 31 December 2021 VE Enterprise Income Statement For the Year E... View the full answer