Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole...

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Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole trader on 31 December 2022. Particulars Purchases Sales Trade Payables Trade Receivables Inventory as at 1 January 2022 Furniture and Fittings Rental income Salaries and wages Long term investment Return inwards Return outwards Water and electricity Carriage inwards Commission received Petrol expenses Interest on loan. Cash at bank Cash in hand Suhaimi Team Trial balances as at 31 December 2022 Long term loan Capital Drawings Delivery van Dividend received RM 28,380 59,000 14,700 17,250 11,050 18,800 20,000 29,950 31,400 1,730 6,420 3,000 230 4,350 600 1,660 21,700 860 20,370 62,400 1,450 23,550 4,370 Additional information: 1. Inventory at 31 December 2022 was valued at a cost of RM8,540. 2. The owner had taken RM600 cash for repairing her house. 3. The interest on the loan of RM500 from Bank Rakyat had not been considered. 4. Rent income of RM2,000 is for January 2023. 5. RM250 of the electricity and water has not been paid for the current year. 6. Additional bad debts of RM220 are to be written off. Required: a) Prepare ST's Income Statement for the year ended (post adjustments) for the year ended 31 December 2022. b) Prepare ST's Statement of Financial Position (post adjustments) as at 31 December 2022. Question 1 The following balances were extracted from the books of Suhaimi Team (ST), a sole trader on 31 December 2022. Particulars Purchases Sales Trade Payables Trade Receivables Inventory as at 1 January 2022 Furniture and Fittings Rental income Salaries and wages Long term investment Return inwards Return outwards Water and electricity Carriage inwards Commission received Petrol expenses Interest on loan. Cash at bank Cash in hand Suhaimi Team Trial balances as at 31 December 2022 Long term loan Capital Drawings Delivery van Dividend received RM 28,380 59,000 14,700 17,250 11,050 18,800 20,000 29,950 31,400 1,730 6,420 3,000 230 4,350 600 1,660 21,700 860 20,370 62,400 1,450 23,550 4,370 Additional information: 1. Inventory at 31 December 2022 was valued at a cost of RM8,540. 2. The owner had taken RM600 cash for repairing her house. 3. The interest on the loan of RM500 from Bank Rakyat had not been considered. 4. Rent income of RM2,000 is for January 2023. 5. RM250 of the electricity and water has not been paid for the current year. 6. Additional bad debts of RM220 are to be written off. Required: a) Prepare ST's Income Statement for the year ended (post adjustments) for the year ended 31 December 2022. b) Prepare ST's Statement of Financial Position (post adjustments) as at 31 December 2022.

Answer rating: 100% (QA)

Suhaimi Team Income Statement For the year ended 31 December 2022 RM Sales 59000 Less Cost of Goods ... View the full answer