Required:

a) Prepare the statement of profit or loss for the year ended 31 December 2017.

b) Prepare the statement of financial position as of 31 December 2017.

Transcribed Image Text:

The following balances have been extracted from the books of Haryo Enterprise, a small business as at 31 December 2017. Capital Drawing Purchases and sales Inventory, 1 Jan Account receivable and payable Returns Discounts Salaries and wages Motor vehicles expenses Rent expenses Heating and lighting Telephone General expenses Carriage inwards Bad debts Motor vehicles (cost) Office equipment (cost) Accumulated depreciation - Motor vehicles Accumulated depreciation - Office equipment Cash Bank 8% Long-term loan Additional information: 1. Closing inventory was valued at RM15,000. 2. Motor vehicles expenses owing RM500. 3. Rental includes RM700 paid in advance. 4. Interest on loan has not been paid for the year. Debit RM 9,500 105,000 9,000 3,700 950 200 30,800 1,400 8,600 1,500 500 1,950 2,700 350 85,000 20,000 35,150 22,500 338,800 Credit RM 40,000 160,000 6,250 1,300 750 25,500 5,000 100,000 338,800 5. The owner took cash RM1,300 for his family use and no record was made. 6. Purchase of goods RM5,000 by cheque was found unrecorded in the book. 7. Depreciation is to be charged as follows: Motor vehicles 10% on straight line method. 25% on reducing balance method. Office equipment The following balances have been extracted from the books of Haryo Enterprise, a small business as at 31 December 2017. Capital Drawing Purchases and sales Inventory, 1 Jan Account receivable and payable Returns Discounts Salaries and wages Motor vehicles expenses Rent expenses Heating and lighting Telephone General expenses Carriage inwards Bad debts Motor vehicles (cost) Office equipment (cost) Accumulated depreciation - Motor vehicles Accumulated depreciation - Office equipment Cash Bank 8% Long-term loan Additional information: 1. Closing inventory was valued at RM15,000. 2. Motor vehicles expenses owing RM500. 3. Rental includes RM700 paid in advance. 4. Interest on loan has not been paid for the year. Debit RM 9,500 105,000 9,000 3,700 950 200 30,800 1,400 8,600 1,500 500 1,950 2,700 350 85,000 20,000 35,150 22,500 338,800 Credit RM 40,000 160,000 6,250 1,300 750 25,500 5,000 100,000 338,800 5. The owner took cash RM1,300 for his family use and no record was made. 6. Purchase of goods RM5,000 by cheque was found unrecorded in the book. 7. Depreciation is to be charged as follows: Motor vehicles 10% on straight line method. 25% on reducing balance method. Office equipment

Answer rating: 100% (QA)

HARYO ENTERPRISE STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 ST DECEMBER 2017 DETAILS RM RM SA... View the full answer