The following balance is extracted from the books of Geforce Enterprise as at 30 June 2021....

  

Transcribed Image Text:

The following balance is extracted from the books of Geforce Enterprise as at 30 June 2021. Geforce Enterprise. Trial Balance as at 30 June 2021 Capital Investment Furniture and fittings at cost Office equipments at cost Motor vehicle at cost Accumulated depreciation at 1 July 2020: - Furniture and fittings - Office equipment - Motor vehicle Purchases and sales Inventory at 1 April 2015 Returns inward and outward Interest Utility expenses Maintenance expenses Advertising expenses Salaries and wages Postage and stationery 5% Loan from CBB Bank Allowance for doubtful debts on 1 July 2020 Rental Carriage inward Trade receivables and payables Cash at bank Commission expense Cash in hand General expenses Drawing Debit RM 336,800 32,500 42,500 70,200 51,400 43,500 3,500 3,300 4,800 1,100 1,240 34,500 2,700 8,490 7,000 31,670 134,000 1,000 24,000 2,100 2,500 838,800 Additional information: (1) Inventory as at 30 June 2021 was valued at RM18,000. (1) One of the tenants has not paid rental amounted to RM500. acer Credit RM 500,000 3,200 2,500 10,500 245,000 4,500 4,500 55,000 200 1,300 12,100 838,800 26°C Mc Question (iii) The owner withdrew money from the business bank account of RM1,200 and took goods worth RM400 for his personal use. (iv) One of the accounts receivable is having a financial problems and unable to pay his debts amounted to RM250. This amount should be written off. Allowance for doubtful debt is to be increased to RM2,200. (v) The following amounts are still accrued and prepaid at the end of the accounting period: 1. Rental expenses Utility expenses 2. Commission expenses Interest expenses (vi) 10% of carriage inward is a carriage outward. (vii) Depreciations are to be provided as follows: Required to prepare : Motor vehicles Furniture and fittings Office equipment Amount accrued (RM) 150 140 Amount prepaid (RM) 250 200 15% on cost, yearly basis 10% on cost, yearly basis 10% net book value, yearly basis Statement of Profit or Loss for the year ended 30 June 2021. Statement of Financial Position as at 30 June 2021. (30 marks) (20 marks) The following balance is extracted from the books of Geforce Enterprise as at 30 June 2021. Geforce Enterprise. Trial Balance as at 30 June 2021 Capital Investment Furniture and fittings at cost Office equipments at cost Motor vehicle at cost Accumulated depreciation at 1 July 2020: - Furniture and fittings - Office equipment - Motor vehicle Purchases and sales Inventory at 1 April 2015 Returns inward and outward Interest Utility expenses Maintenance expenses Advertising expenses Salaries and wages Postage and stationery 5% Loan from CBB Bank Allowance for doubtful debts on 1 July 2020 Rental Carriage inward Trade receivables and payables Cash at bank Commission expense Cash in hand General expenses Drawing Debit RM 336,800 32,500 42,500 70,200 51,400 43,500 3,500 3,300 4,800 1,100 1,240 34,500 2,700 8,490 7,000 31,670 134,000 1,000 24,000 2,100 2,500 838,800 Additional information: (1) Inventory as at 30 June 2021 was valued at RM18,000. (1) One of the tenants has not paid rental amounted to RM500. acer Credit RM 500,000 3,200 2,500 10,500 245,000 4,500 4,500 55,000 200 1,300 12,100 838,800 26°C Mc Question (iii) The owner withdrew money from the business bank account of RM1,200 and took goods worth RM400 for his personal use. (iv) One of the accounts receivable is having a financial problems and unable to pay his debts amounted to RM250. This amount should be written off. Allowance for doubtful debt is to be increased to RM2,200. (v) The following amounts are still accrued and prepaid at the end of the accounting period: 1. Rental expenses Utility expenses 2. Commission expenses Interest expenses (vi) 10% of carriage inward is a carriage outward. (vii) Depreciations are to be provided as follows: Required to prepare : Motor vehicles Furniture and fittings Office equipment Amount accrued (RM) 150 140 Amount prepaid (RM) 250 200 15% on cost, yearly basis 10% on cost, yearly basis 10% net book value, yearly basis Statement of Profit or Loss for the year ended 30 June 2021. Statement of Financial Position as at 30 June 2021. (30 marks) (20 marks)

Answer rating: 100% (QA)

Trading PEL Alc naten 30 Fare Particulars Amorent Particulars To Purchase 51400 Less PR 4500 T... View the full answer