Question: Please help me .. Please help me Question 2 The following accounts balances were extracted from the books of Chynta Enterprise for the accounting period
Please help me .. Please help me



Question 2 The following accounts balances were extracted from the books of Chynta Enterprise for the accounting period ended 31 December 2021. Chynta Enterprise Trial Balance as at 31 December 2021 RM RM Land 500,000 Building 120,000 Office equipment 15,000 7% loan from Bank Megah Bhd 250,000 Purchases 93,650 Sales 220,000 1,450 Delivery expenses Carriage inwards 1,030 Inventory (1st January 2021) 12,000 Utilities expenses 5,240 Returns 1,400 1,130 Discount allowed 3,200 Discount received 6,350 Salesman commission 3,400 Accumulated depreciation: Building 40,000 Office equipment 5,500 Advertising 5,450 Drawings 1,500 Rental 11,000 Accounts payable 58,000 Commission received 12,550 Accounts receivable 25,200 Salaries 29,150 Insurance 2,860 Cash at bank 35,000 Capital 310,000 Rent received 13,000 Investment in Bank Gagah Bhd 50,000 916,530 916,530 Additional information: a. Inventory as at 31 December 2021 was valued at RM10,900. b. Mrs Julies, the owner purchased insurance on 1st January 2021 and was paid in advance amounted RM460. Monthly premium is RM200. C. The utilities bill for the month of December 2021 amounting to RM1,200 was not yet paid. d. Part of the building was rented out for RM1,300 per month. At 31 December 2021, two months rental revenue was not yet received. Depreciation is to be provided at the following basis: e. i) Building 10% on cost ii) Office equipment 10% on net book value f. RM500 worth of goods and RM600 cash at bank were taken by owner for her own use. No record has been made in the accounts. g. Accrued revenue for commission still not yet receive on 31 December 2021 was amounted RM1,000. h. Provision for doubtful debts on accounts receivable need to be provided at the rate of 5%. Required: a) Statement of Profit or Loss for the year ended 31 December 2021. b) Statement of Financial Position as at 31 December 2021
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