Following information has been extracted from PCE Enterprise’s financial statements.

PCE Enterprise Statement of Financial Position as at 31 December 2019

    

Current Asset                                                                                         RM

Prepaid Insurance                                                     320

Prepaid Wages                                                          250

Accrued Interest Received                                       560

Current Liabilities

Unearned Commission Received                            830

PCE Enterprise

Trial Balance as at 31 December 2019

	Debit	Credit
	RM	RM
Insurance	2,800
Wages	1,950
Interest received		3,600
Commission received		6,800

Additional information: On 31 December 2019:

i) Prepaid Wages RM450.

ii) Accrued interest received RM380.

iii) Unearned Commission Received RM200.

Required:

a) Prepare the following account:

1. Insurance Account (1 ½ marks)
2. Wages Account (2 marks)
3. Interest Received Account (2 marks)
4. Commission Received Account (2 marks)
5. Statement of Profit or Loss for the year ended 31 December 2019 (2 ½ marks)
6. Statement of Financial Position as at 31 December 2019 (2 marks)

b) Discuss any TWO (2) accounting concept that is being applied for PCE Enterprise.

Answer rating: 100% (QA)

1 I Insurance account II Wages Account III Interest Received Ac IV Commission Received A... View the full answer