The following is the trial balance of Zultan Trading on 31 December 2019. Trial balance as...

   

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The following is the trial balance of Zultan Trading on 31 December 2019. Trial balance as at 31 December 2019 Dr (RM) Cr (RM) Building 50,000 Inventory 17,000 Returns 400 Bank 1,980 Rental received 3.200 Salary 6,000 Drawings 380 Insurance 1,200 Capital 58,370 Assessment rate 3.000 Accounts receivable 9,250 Accounts payable 7,020 Sales 75,000 Purchases 56,000 Allowance for Doubtful Debts. 80 Stationeries 420 Advertising 2,000 145,650 145,650 The following additional information as at 31 December 2019 is available: 1. Closing inventory is RM15,000. 2. Bad debts are RM150.Allowance for doubtful debts is 2% on accounts receivable. 3. Accrued assessment rate is RM600 4. Rental received each month is RM300 per month. Required: (a) Prepare a Statement of Profit or Loss for the year ending 31 December 2019. (13 marks) The following is the trial balance of Zultan Trading on 31 December 2019. Trial balance as at 31 December 2019 Dr (RM) Cr (RM) Building 50,000 Inventory 17,000 Returns 400 Bank 1,980 Rental received 3.200 Salary 6,000 Drawings 380 Insurance 1,200 Capital 58,370 Assessment rate 3.000 Accounts receivable 9,250 Accounts payable 7,020 Sales 75,000 Purchases 56,000 Allowance for Doubtful Debts. 80 Stationeries 420 Advertising 2,000 145,650 145,650 The following additional information as at 31 December 2019 is available: 1. Closing inventory is RM15,000. 2. Bad debts are RM150.Allowance for doubtful debts is 2% on accounts receivable. 3. Accrued assessment rate is RM600 4. Rental received each month is RM300 per month. Required: (a) Prepare a Statement of Profit or Loss for the year ending 31 December 2019. (13 marks)

Answer rating: 100% (QA)

To prepare the Statement of Profit or Loss for the year ending 31 December 2019 we need to calculate ... View the full answer