Following is the trial balance of Golden Bridge Trading as on 31st May 2021: Debit RM Credit

Following is the trial balance of Golden Bridge Trading as on 31st May 2021: 

 

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Debit RM Credit RM Purchases and sales 22,860 41,970 5,160 Beginning Inventory Capital 7,200 Bank Overdraft 4,350 Cash 90 Discounts 1,440 930 810 Returns inwards Return outwards 570 Carriage outwards 2,160 Rent and Insurance 1,740 Provision for bad and doubtful debts 660 Fixtures and Fittings 1,200 Delivery van 2,100 11,910 6,060 Debtors and Creditors Drawings 2,880 Wages and salaries 8,940 General office expenses 450 61,740 61,740 Additional Information: 1. Inventory as at 31st May 2021 was RM4, 290. 2. Wages and salaries accrued at 31st May 2021 is RM210. 3. Office Expenses owing RM20. 4. Rent prepaid RM180. 5. Increase the provision for bad and doubtful debts by RM150 to RM810 You are required to: a. Prepare a trading and profit and loss account for the year ended 31st May 2021. b. Prepare a balance sheet, as at 31st May 2021. (20 Marks) (20 Marks) Debit RM Credit RM Purchases and sales 22,860 41,970 5,160 Beginning Inventory Capital 7,200 Bank Overdraft 4,350 Cash 90 Discounts 1,440 930 810 Returns inwards Return outwards 570 Carriage outwards 2,160 Rent and Insurance 1,740 Provision for bad and doubtful debts 660 Fixtures and Fittings 1,200 Delivery van 2,100 11,910 6,060 Debtors and Creditors Drawings 2,880 Wages and salaries 8,940 General office expenses 450 61,740 61,740 Additional Information: 1. Inventory as at 31st May 2021 was RM4, 290. 2. Wages and salaries accrued at 31st May 2021 is RM210. 3. Office Expenses owing RM20. 4. Rent prepaid RM180. 5. Increase the provision for bad and doubtful debts by RM150 to RM810 You are required to: a. Prepare a trading and profit and loss account for the year ended 31st May 2021. b. Prepare a balance sheet, as at 31st May 2021. (20 Marks) (20 Marks)

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