The following information as at 31 December is also available.

(a) RM218 is owing for motor expenses.

(b) RM680 has been prepaid for rent.

(c) Depreciation is to be provided of the year as follows. Motor vehicles: 20% on cost Fixtures and

fittings: 10% reducing balance method

(d) Inventory at the close of business was valued at RM19,926.

Required:

Prepare MBM Sdn Bhd income statement for the year ended 31 December 2021 and the statement of financial position at that date.
 

Transcribed Image Text:

The following are the trial balance for MBM Sdn Bhd as at 31 December 2021. TRIAL BALANCE AS AT 31 DECEMBER 2021 Debit RM Capital at 1 January 201 Receivables Cash in hand Payables Fixtures and fittings at cost Discount received Discount allowed Inventory at 1 January 2015 Sales Purchases Motor Vehicle at cost Lighting and heating Motor expenses Rent General expenses Bank overdraft Provision for depreciation Fixtures and fittings Motor vehices Drawings 42,737 1,411 42,200 1,304 18,460 387,936 45,730 6,184 2,862 8,841 7,413 26,568 591,646 Credit RM 26,094 35,404 1,175 491,620 19,861 2,200 15,292 591,646 The following are the trial balance for MBM Sdn Bhd as at 31 December 2021. TRIAL BALANCE AS AT 31 DECEMBER 2021 Debit RM Capital at 1 January 201 Receivables Cash in hand Payables Fixtures and fittings at cost Discount received Discount allowed Inventory at 1 January 2015 Sales Purchases Motor Vehicle at cost Lighting and heating Motor expenses Rent General expenses Bank overdraft Provision for depreciation Fixtures and fittings Motor vehices Drawings 42,737 1,411 42,200 1,304 18,460 387,936 45,730 6,184 2,862 8,841 7,413 26,568 591,646 Credit RM 26,094 35,404 1,175 491,620 19,861 2,200 15,292 591,646

Answer rating: 100% (QA)

Here are the income statement and statement of financial position for MBM Sdn Bhd for the year ended ... View the full answer