Question Cerdik Sdn Bhd closes its accounts on 30 September. The following balances have been extracted...

 

Transcribed Image Text:

Question Cerdik Sdn Bhd closes its accounts on 30 September. The following balances have been extracted from the business's ledgers as at 30 September 2021: Debit (RM) Capital Sales Accounts payable Returns outwards Allowance for doubtful debts BE Discounts received Purchases MANRANNA Returns inwards HAND Drawings Carriage inwards Electricity Insurance Salaries and wages egipties Cash in hand CALMA Cash at bank Inventory an Inventory as at 1 October 2020 A Accounts receivable Motor vehicle- at cost Accumulated depreciation: motor vehicle 115,000 5,600 18,440 11,800 Mars 10,200 9,500 (iv) (V) 38,500 1,330 7,400 (vi) 15,600 24,500 120,700 The following additional information is available as at 30 September 2021: Inventory as at 30 September 2021 was valued at RM17,500. (0) (ii) Credit (RM) 50,000 220,000 20,500 13,400 500 1,750 Insurance included payment of RM1,400 for the months of October to December 2021. (iii) Electricity for August 2021 and September 2021 amounting to RM5,000 had not been included in the trial balance. Salaries for the month of September 2021 amounting to RM6,000 has not been taken into account yet. Depreciation is to be provided at 20% of cost. The depreciation for the year ended 30 September 2021 has not been provided yet. The allowance for doubtful debts is to be adjusted so that it is 3% of accounts receivables 72,420 Required: (a) Prepare Statement of Profit or Loss Account for the year ended 30 September 2021. (b) Prepare Statement of Financial Position as at 30 September 2021. (50 marks) Question Cerdik Sdn Bhd closes its accounts on 30 September. The following balances have been extracted from the business's ledgers as at 30 September 2021: Debit (RM) Capital Sales Accounts payable Returns outwards Allowance for doubtful debts BE Discounts received Purchases MANRANNA Returns inwards HAND Drawings Carriage inwards Electricity Insurance Salaries and wages egipties Cash in hand CALMA Cash at bank Inventory an Inventory as at 1 October 2020 A Accounts receivable Motor vehicle- at cost Accumulated depreciation: motor vehicle 115,000 5,600 18,440 11,800 Mars 10,200 9,500 (iv) (V) 38,500 1,330 7,400 (vi) 15,600 24,500 120,700 The following additional information is available as at 30 September 2021: Inventory as at 30 September 2021 was valued at RM17,500. (0) (ii) Credit (RM) 50,000 220,000 20,500 13,400 500 1,750 Insurance included payment of RM1,400 for the months of October to December 2021. (iii) Electricity for August 2021 and September 2021 amounting to RM5,000 had not been included in the trial balance. Salaries for the month of September 2021 amounting to RM6,000 has not been taken into account yet. Depreciation is to be provided at 20% of cost. The depreciation for the year ended 30 September 2021 has not been provided yet. The allowance for doubtful debts is to be adjusted so that it is 3% of accounts receivables 72,420 Required: (a) Prepare Statement of Profit or Loss Account for the year ended 30 September 2021. (b) Prepare Statement of Financial Position as at 30 September 2021. (50 marks)

Answer rating: 100% (QA)

a Profit and Loss and Other Comprehensive Income Statement For the Year Ended ... View the full answer