The following is a list of balances obtained from the books of Neloufas Bhd. as at...

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The following is a list of balances obtained from the books of Neloufas Bhd. as at 31 December 2015. Cash Investments Account receivables Account payables Land and Building Motor vehicles Accumulated depreciation - Motor vehicles Common stock/ Share capital Goodwill Long-term loan Dividends Retained earnings, 1 January 2015 Sales Purchases Inventory at 1 January 2015 Duty on purchases Carriage outwards Return inwards and outwards Discount received Rental Mortgage payable Prepaid insurance Income tax payable Salary expense Depreciation expense Commission received Interest expense Medical cost expense Debit (RM) Credit (RM) 55,000 120,000 35,000 110,000 70,000 95,000 20,000 83,000 39,500 5,000 14,300 2,500 48,000 3,500 72,000 7,000 14,800 18,000 812,600 42,000 14,000 200,000 75,000 45,000 240,000 3,800 18,700 25,200 90,000 52,000 6,900 812,600 Additional information Inventories at 31 December 2015 were valued at cost RM 40,000 but the market value was RM55,000. Required: a) Prepare the Income statement for the year ended 31 December 2015. b) Prepare the Retained earnings statement for the year ended 31 December 2015. c) Prepare the Statement of Financial Position/Balance sheet as at 31 December 2015. The following is a list of balances obtained from the books of Neloufas Bhd. as at 31 December 2015. Cash Investments Account receivables Account payables Land and Building Motor vehicles Accumulated depreciation - Motor vehicles Common stock/ Share capital Goodwill Long-term loan Dividends Retained earnings, 1 January 2015 Sales Purchases Inventory at 1 January 2015 Duty on purchases Carriage outwards Return inwards and outwards Discount received Rental Mortgage payable Prepaid insurance Income tax payable Salary expense Depreciation expense Commission received Interest expense Medical cost expense Debit (RM) Credit (RM) 55,000 120,000 35,000 110,000 70,000 95,000 20,000 83,000 39,500 5,000 14,300 2,500 48,000 3,500 72,000 7,000 14,800 18,000 812,600 42,000 14,000 200,000 75,000 45,000 240,000 3,800 18,700 25,200 90,000 52,000 6,900 812,600 Additional information Inventories at 31 December 2015 were valued at cost RM 40,000 but the market value was RM55,000. Required: a) Prepare the Income statement for the year ended 31 December 2015. b) Prepare the Retained earnings statement for the year ended 31 December 2015. c) Prepare the Statement of Financial Position/Balance sheet as at 31 December 2015.

Answer rating: 100% (QA)

a Income Statement for the Year Ended 31 December 2015 Revenue Sales 240000 Commission received 6900 ... View the full answer