The following trial balance has been extracted from the ledger of Smart Business Sdn Bhd: Smart Business
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Question:
Smart Business Sdn Bhd
Trial Balance as at 30 June 2018
Debit Credit
RM RM
Sales ..........450,000
Opening inventory 20,000
Sales return 5,200
Purchase 356,000
Purchase return 5,000
Carriage inwards 3,800
Import duties 7,000
Carriage outwards 4,000
Sundry expenses 4,200
Salaries 33,000
Utilities expenses 4,380
Stationaries expenses 3,700
Bad debts 1,850
Interest on loan 2,300
Discount allowed 4,000
Rental received 36,000
Fixtures and fittings 67,000
Van 63,000
Office equipment 20,000
Debtors 32,000
Bank 54,000
Cash 24,000
Capital 150,000
Drawings 16,000
Loan 50,000
Creditors 34,430
725,430 725,430
Additional information:
1. Inventory as at 30 June 2018 were valued at RM43,000.
2. Unpaid salaries amounted to RM4,500.
3. The companies received advance rental for July amounted to RM3,000.
4. Provision for doubtful debts RM2,000.
5. Depreciation are to be provided as follows:
Fixtures and fittings 10% per annum on cost
Van 20% per annum on cost
Office equipment 15% per annum on cost
Required:
a) Prepare the Statement of Profit and Loss for the year ended 30 June 2018 for Smart Business Sdn Bhd. (20 marks)
b) Prepare the Statement of Financial Position as at 30 June 2018 for Smart Business Sdn Bhd.
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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