Knock Knock is a business selling furniture, owned by KK Enterprise. It had the following trial...

   

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Knock Knock is a business selling furniture, owned by KK Enterprise. It had the following trial balance as at 31 December 2017: Debit Credit RM RM Cash 13,700 Account receivables 19,800 Inventory (1 January 2017) 46,000 Land 47,000 Building Accumulated depreciation - building 99,500 28,000 Equipment 42,750 Accumulated depreciation - equipment 22,200 20,100 Bank loan Account payables Capital 35,400 134,900 Drawing 6,000 Sales 453,050 Purchases 355,400 Carriage inwards 1,550 Discount allowed 4,050 Salary expenses 35,900 Utility expenses 10,700 Repair expenses Petrol expenses 3,950 4,600 Insurance expenses 2,750 693,650 693,650 The following are the adjustments to be taken into consideration as at 31 December 2017: 1. Depreciation for the building and equipment are RM6,000 and RM4,500 respectively. 2. Opening inventory of RM45,450 as at 31 December 2017. 3. Interest on bank loan of RM200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM5,500. 5. Prepaid insurance is RM1,000. 6. Accrued utility expenses at 31 December is RM2,700. 7. Five per cent of the debt is confirmed to be bad debts. REQUIRED: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017. (12 Marks) i. Prepare Statement of Financial Position as at 31 December 2017. (13 Marks) (TOTAL: 25 MARKS) Knock Knock is a business selling furniture, owned by KK Enterprise. It had the following trial balance as at 31 December 2017: Debit Credit RM RM Cash 13,700 Account receivables 19,800 Inventory (1 January 2017) 46,000 Land 47,000 Building Accumulated depreciation - building 99,500 28,000 Equipment 42,750 Accumulated depreciation - equipment 22,200 20,100 Bank loan Account payables Capital 35,400 134,900 Drawing 6,000 Sales 453,050 Purchases 355,400 Carriage inwards 1,550 Discount allowed 4,050 Salary expenses 35,900 Utility expenses 10,700 Repair expenses Petrol expenses 3,950 4,600 Insurance expenses 2,750 693,650 693,650 The following are the adjustments to be taken into consideration as at 31 December 2017: 1. Depreciation for the building and equipment are RM6,000 and RM4,500 respectively. 2. Opening inventory of RM45,450 as at 31 December 2017. 3. Interest on bank loan of RM200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM5,500. 5. Prepaid insurance is RM1,000. 6. Accrued utility expenses at 31 December is RM2,700. 7. Five per cent of the debt is confirmed to be bad debts. REQUIRED: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017. (12 Marks) i. Prepare Statement of Financial Position as at 31 December 2017. (13 Marks) (TOTAL: 25 MARKS) Knock Knock is a business selling furniture, owned by KK Enterprise. It had the following trial balance as at 31 December 2017: Debit Credit RM RM Cash 13,700 Account receivables 19,800 Inventory (1 January 2017) 46,000 Land 47,000 Building Accumulated depreciation - building 99,500 28,000 Equipment 42,750 Accumulated depreciation - equipment 22,200 20,100 Bank loan Account payables Capital 35,400 134,900 Drawing 6,000 Sales 453,050 Purchases 355,400 Carriage inwards 1,550 Discount allowed 4,050 Salary expenses 35,900 Utility expenses 10,700 Repair expenses Petrol expenses 3,950 4,600 Insurance expenses 2,750 693,650 693,650 The following are the adjustments to be taken into consideration as at 31 December 2017: 1. Depreciation for the building and equipment are RM6,000 and RM4,500 respectively. 2. Opening inventory of RM45,450 as at 31 December 2017. 3. Interest on bank loan of RM200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM5,500. 5. Prepaid insurance is RM1,000. 6. Accrued utility expenses at 31 December is RM2,700. 7. Five per cent of the debt is confirmed to be bad debts. REQUIRED: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017. (12 Marks) i. Prepare Statement of Financial Position as at 31 December 2017. (13 Marks) (TOTAL: 25 MARKS) Knock Knock is a business selling furniture, owned by KK Enterprise. It had the following trial balance as at 31 December 2017: Debit Credit RM RM Cash 13,700 Account receivables 19,800 Inventory (1 January 2017) 46,000 Land 47,000 Building Accumulated depreciation - building 99,500 28,000 Equipment 42,750 Accumulated depreciation - equipment 22,200 20,100 Bank loan Account payables Capital 35,400 134,900 Drawing 6,000 Sales 453,050 Purchases 355,400 Carriage inwards 1,550 Discount allowed 4,050 Salary expenses 35,900 Utility expenses 10,700 Repair expenses Petrol expenses 3,950 4,600 Insurance expenses 2,750 693,650 693,650 The following are the adjustments to be taken into consideration as at 31 December 2017: 1. Depreciation for the building and equipment are RM6,000 and RM4,500 respectively. 2. Opening inventory of RM45,450 as at 31 December 2017. 3. Interest on bank loan of RM200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM5,500. 5. Prepaid insurance is RM1,000. 6. Accrued utility expenses at 31 December is RM2,700. 7. Five per cent of the debt is confirmed to be bad debts. REQUIRED: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2017. (12 Marks) i. Prepare Statement of Financial Position as at 31 December 2017. (13 Marks) (TOTAL: 25 MARKS)

Answer rating: 100% (QA)

Income statement and Other Comprehensive income INCOME RM Sales 453050 ... View the full answer