Additional information:

1. Inventory as at 31 December 2021 was RM32,000.

2. Water and electricity bill amounting to RM800 remained unpaid.

3. Interest revenue amounting to RM1,400 has not been received.

4. The owner took out RM2,100 cash for her use.

5. Out of the total carriage outwards, RM500 was for carriage inwards.

6. Salaries amounting to RM1,200 were still unpaid.

7. Depreciation is to be provided on the following basis:

1. Motor vehicles 20% on straight-line method.

2. Computers 20% on straight-line method.

3. Fixtures and fittings 15% on reducing balance method.

8. Provision for doubtful debts is to be provided based on the accounts receivable’s balance at the rate of 3%.

Required:

a) Prepare the Statement of Profit or Loss (Income Statement) for Crystal Enterprise for the year ended 2021.

b) Prepare the Statement of Financial Positions for Crystal Enterprise as at 31 December 2021. 

Transcribed Image Text:

The following Trial Balances were extracted from the books of Crystal Enterprise for the accounting period ended 31 December 2021. Capital Motor vehicles Computers Fixtures and fittings Accumulated depreciation: Motor vehicles Computers Fixtures and fittings Utilities Water and electricity Bad debts Provision for doubtful debts Inventory (1 January 2021) Discounts Purchases and sales Cash at bank Cash in hand Drawings Accounts receivables Accounts payables Insurance Salaries Carriage outwards Rental income Import duties Advertising Interest revenue Return outwards Return inwards RM 120,000 52,000 89,000 7,600 8,920 5,690 25,000 4,250 93,900 57,980 48,900 2,800 63,200 13,200 21,590 1,520 8,500 5,400 1,200 630,650 RM 262,850 48,000 20,800 26,700 1,100 3,670 163,560 54,300 36,000 12,370 1,300 630,650 The following Trial Balances were extracted from the books of Crystal Enterprise for the accounting period ended 31 December 2021. Capital Motor vehicles Computers Fixtures and fittings Accumulated depreciation: Motor vehicles Computers Fixtures and fittings Utilities Water and electricity Bad debts Provision for doubtful debts Inventory (1 January 2021) Discounts Purchases and sales Cash at bank Cash in hand Drawings Accounts receivables Accounts payables Insurance Salaries Carriage outwards Rental income Import duties Advertising Interest revenue Return outwards Return inwards RM 120,000 52,000 89,000 7,600 8,920 5,690 25,000 4,250 93,900 57,980 48,900 2,800 63,200 13,200 21,590 1,520 8,500 5,400 1,200 630,650 RM 262,850 48,000 20,800 26,700 1,100 3,670 163,560 54,300 36,000 12,370 1,300 630,650

Answer rating: 100% (QA)

Answer a Crystal Enterprise Statement of Profit or Loss Income Statement For the year ended 2021 Rev... View the full answer