Julia started a business in wholesaling furniture. The following balances were extracted from Julia's books: As...

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Julia started a business in wholesaling furniture. The following balances were extracted from Julia's books: As at 1 January As at 31 December 20x9 20x9 RM Property 100,000 RM 100,000 Office Equipment 62,500 ? Accumulated depreciation - office equipment 12,500 ? Inventory 30,000 20,000 Trade Receivables 33,150 22.000 Trade Payables 11.500 14,600 Prepaid Insurance 3,000 5,000 Rent received in advance 1.000 2,000 Bank 400,000 Payments and receipt by cheque during the year 20x9 were as follows: Payment to supplier Payment for insurance RM 360,000 10,000 26,000 Rent received Additional information related to Julia's business for the year 20x9: 1. Julia brought in a fax machine costing RM600 and a van costing RM70,000. 2. Non-current assets are depreciated using the straight-line method as follows: Office equipment 20% Motor vehicles 10% 3. Julia withdrawn cash amounted to RM2,000 from the business bank account for her son's. expenses. 4. Julia sells all her goods at a margin of 15%. Question 2 (continued) 9. Purchased goods RM8,000 and paid by cheque. 10. Allowance for doubtful debts is to be provided at 3% of closing trade receivables. 11. Julia's business is 100% fully on credit sales. Required: (a) Prepare a statement of affairs for Julia as at 1 January 20x9. (b) Prepare bank account for the year ended 31 December 20x9. (c) Prepare the statement of profit or loss for the year ended 31 December 20x9. (d) Prepare the statement of financial position as at 31 December 20x9. Julia started a business in wholesaling furniture. The following balances were extracted from Julia's books: As at 1 January As at 31 December 20x9 20x9 RM Property 100,000 RM 100,000 Office Equipment 62,500 ? Accumulated depreciation - office equipment 12,500 ? Inventory 30,000 20,000 Trade Receivables 33,150 22.000 Trade Payables 11.500 14,600 Prepaid Insurance 3,000 5,000 Rent received in advance 1.000 2,000 Bank 400,000 Payments and receipt by cheque during the year 20x9 were as follows: Payment to supplier Payment for insurance RM 360,000 10,000 26,000 Rent received Additional information related to Julia's business for the year 20x9: 1. Julia brought in a fax machine costing RM600 and a van costing RM70,000. 2. Non-current assets are depreciated using the straight-line method as follows: Office equipment 20% Motor vehicles 10% 3. Julia withdrawn cash amounted to RM2,000 from the business bank account for her son's. expenses. 4. Julia sells all her goods at a margin of 15%. Question 2 (continued) 9. Purchased goods RM8,000 and paid by cheque. 10. Allowance for doubtful debts is to be provided at 3% of closing trade receivables. 11. Julia's business is 100% fully on credit sales. Required: (a) Prepare a statement of affairs for Julia as at 1 January 20x9. (b) Prepare bank account for the year ended 31 December 20x9. (c) Prepare the statement of profit or loss for the year ended 31 December 20x9. (d) Prepare the statement of financial position as at 31 December 20x9.