Mirna the owner of Mirna Trading extracted the following balances as at 31 December 2020.

Particulars	Debit (RM)		Credit (RM)
Beginning Inventory	2,368
Carriage outwards	200
Carriage inwards	310
Return inwards and outwards	248		322
Purchases	10,874
Sales			19,600
Salaries and wages	3,862
Advertisement	211
Rent	304
Insurance	78
Repairs of motor vehicle	164
Office expenses	216
Travel expenses	166
General expenses	314
Premises	35,555
Fixtures and fittings	2,800
Trade receivables and payables	3,896		1,231
Fixed deposit at BIMB	8,000
Cash in hand	482
Cash at bank	1,210
Drawings	1,200
Capital			36,000
Loan from MBF Finance			15,000
Discount allowed and received	45		200
Commission revenue			150
	72,503		72,503

 

Additional information:

1. Inventory as at 31 December 2020 are valued at RM2,900.
2. Rent accrued on 31 December 2020  was RM50.
3. Commission revenue of RM50 was still not received as at 31 December 2020
4. Depreciation for the year are to be provided as follows:

Fixtures and fitting                  20% on straight line method  

Premises                                 15% on straight line method

5. Provision for doubtful debts of 3% of account receivables was created on 31 December 2020.
6. During the year the proprietor took goods costing RM350 from the business for his own use.

 

 

Required:

1. Prepare a Statement Comprehensive Income for the year ended 31 December 2020.

2. Prepare a Statement of Financial Position as at 31 December 2020.

Answer rating: 100% (QA)

income statement of mirna trading for the year ended december 31 2020 particulars amount rm amount r... View the full answer