Question: PLEASE ANSWER THIS QUESTION ASAP!! I'm really stuck please solve it asap. Many thanks:)) Question 4 (a) UniText started a business buying and selling tertiary

 PLEASE ANSWER THIS QUESTION ASAP!! I'm really stuck please solve itasap. Many thanks:)) Question 4 (a) UniText started a business buying and

PLEASE ANSWER THIS QUESTION ASAP!! I'm really stuck please solve it asap. Many thanks:))

Question 4 (a) UniText started a business buying and selling tertiary textbook on 1 January 2018. At the end of the next three years, its figures for accounts receivables, before writing off any bad debt, were as follows: Year End 31 December 2018 31 December 2019 31 December 2020 RM 30,000 38,000 4,750 Bad debt to be written off are as follows: Year End 31 December 2019 31 December 2020 $ 2,100 750 The allowance for doubtful debt for each year is 5% of accounts receivables Required: Prepare the following for the Year Ended 2019 and 2020: (i) Allowance for doubtful debt accounts. (ii) Bad debt accounts. (iii) Statement of Profit or Loss extract for the year ended 2019 and 2020. (5 marks) (2 marks) (4 marks) (6) On 10 August 2018 HiTech, a computer software retailer bought a non-current assets which cost $100,000. It had an anticipated life of four years and an estimated residual value of $20,000. Due to unforeseen events in the computer industry, the asset was sold on 10 March 2021 for $45,000. The policy of the company is to provide full depreciation in the year of purchase and none on the year of sale. Year-end of HiTech annually is 31 December. Required: Records the following by showing all workings: (1) The depreciation charge into the accumulated depreciation account, using the straight line basis. (8 marks) (11) The assets and assets disposal accounts. (6 marks) [Total: 25 Marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!