On 1 June 2021, Ramlee started business as a jobbing gardener with a capital of RM2,000 in
Question:
On 1 June 2021, Ramlee started business as a jobbing gardener with a capital of RM2,000 in cash. A list of figures extracted from his records on 31 May 2022 shows the following:
RM
Purchases of seeds, plants, etc. 700
New motor van 1,100
Mowing machine 70
Cultivator 250
Motor van expenses 300
Rent of garage 200
Paid to wife for clerical work 500
Insurance 200
Private expenses paid from bank 1,500
Cash in hand and bank 180
Cash received from customers 3,000
Capital at the start of the year 2,000
Inventories of seeds, plants, etc. at the end of the year 100
You are required to prepare:
a) Income Statement for Ramlee for the year ended 31 May 2022.
b) Statement of financial position as at 31 May 2022.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill