The following is the trial balance of Sendayan Enterprises at 31 August 2021. Debit Credit RM...

  

 
 

Transcribed Image Text:

The following is the trial balance of Sendayan Enterprises at 31 August 2021. Debit Credit RM RM Accounts receivables and account 6,400 5,100 payable Bank 1,500 Cash in hand 850 Sales and purchases 65,000 1,850 93,100 1,300 Return inwards and outwards Carriage inwards Carriage outwards Inventories at 1 September 2020 Utilities expenses Salaries 250 285 6,800 345 3,600 2,650 Advertisement Insurance 800 Discount allowed and received 150 650 Bad debts 680 Provision for doubtful debts 450 Heavy machine (cost) Provision for depreciation on heavy 34,000 12,000 machine Equipment Provision for depreciation on equipment Land and building 6,000 1,200 145,000 Rental received 360 Long term loan Drawings Royalty received Сapital 20,000 2,000 1,000 140,000 276,660 276,660 CONFIDENTIALISULIT EBAB 123 Semester 1 2021/2022 The following information needs to be taken into account in the preparation of the final асcounts: 1. Closing inventories RM7,150. 2. Rental received in advance amounted to RM60. 3. Provision for doubtful debts is to made at 5% of account receivables. 4. Insurance was prepaid amounted to RM270. 5. Royalty amounted to RM200 has not been received. 6. Utilities bill amounting to RM130 is still owing. 7. Depreciation rate for the fixed assets are as follows: • Heavy machine - 20% reducing balance method • Equipment – 10% straight line method Required: a) Prepare a Statement of Profit or Loss for the financial year ended 31 August 2021. [15 marks] b) Prepare a Statement of Financial Position as at 31 August 2021. [10 marks] The following is the trial balance of Sendayan Enterprises at 31 August 2021. Debit Credit RM RM Accounts receivables and account 6,400 5,100 payable Bank 1,500 Cash in hand 850 Sales and purchases 65,000 1,850 93,100 1,300 Return inwards and outwards Carriage inwards Carriage outwards Inventories at 1 September 2020 Utilities expenses Salaries 250 285 6,800 345 3,600 2,650 Advertisement Insurance 800 Discount allowed and received 150 650 Bad debts 680 Provision for doubtful debts 450 Heavy machine (cost) Provision for depreciation on heavy 34,000 12,000 machine Equipment Provision for depreciation on equipment Land and building 6,000 1,200 145,000 Rental received 360 Long term loan Drawings Royalty received Сapital 20,000 2,000 1,000 140,000 276,660 276,660 CONFIDENTIALISULIT EBAB 123 Semester 1 2021/2022 The following information needs to be taken into account in the preparation of the final асcounts: 1. Closing inventories RM7,150. 2. Rental received in advance amounted to RM60. 3. Provision for doubtful debts is to made at 5% of account receivables. 4. Insurance was prepaid amounted to RM270. 5. Royalty amounted to RM200 has not been received. 6. Utilities bill amounting to RM130 is still owing. 7. Depreciation rate for the fixed assets are as follows: • Heavy machine - 20% reducing balance method • Equipment – 10% straight line method Required: a) Prepare a Statement of Profit or Loss for the financial year ended 31 August 2021. [15 marks] b) Prepare a Statement of Financial Position as at 31 August 2021. [10 marks]

Answer rating: 100% (QA)

financial position Assets amt current assets cash in hand 85000 debtor... View the full answer