Questions 1 Encik Somad, the owner of Bijak Trading, has given you the following list of...

 

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Questions 1 Encik Somad, the owner of Bijak Trading, has given you the following list of balance from his business book as at 31 December 2019. Items Purchases Sales Discount allowed Discount received Carriages inwards Carriages outwards Returns inwards Returns outwards Advertisement Dividend received Insurance Utilities Rent received Bad debts Provisions for doubtful debt Accumulated depreciation 1. Office equipment 2. Motor vehicles Debtors (account receivable) Creditors (account payable) Cash Bank Drawings Capital Loan from bank Freehold premises Office equipment Motor vehicles investment RM 195,000 300,000 900 1,500 1,050 600 9,000 13,500 2,550 400 3,700 1,500 2,700 3,750 300 1,500 25,500 102,000 135,000 750 10,200 3,000 159,600 180,000 360,000 6,000 75,000 9,000 Required: From the above information prepare Trial Balance as at 31 December 2019 (15 marks) Following the balance information on question 1, Encik Somad informed you the following additional information: 1. Inventory as at 31 December 2019 is RM 105,000 2. Rent received is for the period from 1 January 2019 to 31 March 2020 3. RM 200 of utilities was paid in advance. 4. Encik Somad had withdrawn RM 1,500 goods for his family use 5. Provision for doubtful debt is to be increase by RM 4,740 6. Additional bad debt to be written off is RM 1,200 6. Additional bad debt to be written off is RM 1,200 7. Insurance amounting RM 1,000 was still outstanding at the end of accounting period 8. Depreciation is to be charged as follows: 8.1. Office equipment are depreciated at 10% per annum on a straight line method 8.2. Motor vehicles are depreciated at 20% per annum on a reducing balance method Required: From the above information, you are required to prepare: 1. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019 2. Statement of Financial Position as at 31 December 2019 Questions 1 Encik Somad, the owner of Bijak Trading, has given you the following list of balance from his business book as at 31 December 2019. Items Purchases Sales Discount allowed Discount received Carriages inwards Carriages outwards Returns inwards Returns outwards Advertisement Dividend received Insurance Utilities Rent received Bad debts Provisions for doubtful debt Accumulated depreciation 1. Office equipment 2. Motor vehicles Debtors (account receivable) Creditors (account payable) Cash Bank Drawings Capital Loan from bank Freehold premises Office equipment Motor vehicles investment RM 195,000 300,000 900 1,500 1,050 600 9,000 13,500 2,550 400 3,700 1,500 2,700 3,750 300 1,500 25,500 102,000 135,000 750 10,200 3,000 159,600 180,000 360,000 6,000 75,000 9,000 Required: From the above information prepare Trial Balance as at 31 December 2019 (15 marks) Following the balance information on question 1, Encik Somad informed you the following additional information: 1. Inventory as at 31 December 2019 is RM 105,000 2. Rent received is for the period from 1 January 2019 to 31 March 2020 3. RM 200 of utilities was paid in advance. 4. Encik Somad had withdrawn RM 1,500 goods for his family use 5. Provision for doubtful debt is to be increase by RM 4,740 6. Additional bad debt to be written off is RM 1,200 6. Additional bad debt to be written off is RM 1,200 7. Insurance amounting RM 1,000 was still outstanding at the end of accounting period 8. Depreciation is to be charged as follows: 8.1. Office equipment are depreciated at 10% per annum on a straight line method 8.2. Motor vehicles are depreciated at 20% per annum on a reducing balance method Required: From the above information, you are required to prepare: 1. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2019 2. Statement of Financial Position as at 31 December 2019