The following Trial Balance was extracted from the books of ZZZ Manufacturing as at 31 December 2019.
Question:
The following Trial Balance was extracted from the books of ZZZ Manufacturing as at 31 December 2019.
ZZZ Manufacturing
Trial Balance as at 31 December 2019
Debit (RM) | Credit (RM) | |
Accounts | ||
Cash | 68,000 | |
Beginning inventories | 24,300 | |
Bank | 106,000 | |
Prepaid bills | 3,000 | |
Sales | 104,900 | |
Purchase | 34,600 | |
Custom duties | 890 | |
Salaries | 13,000 | |
Carriage inwards | 190 | |
Heat and lighting expense | 7,500 | |
Allowance for Doubtful Debts (AFDD) | 550 | |
Insurance | 6,000 | . |
Bad debts | 290 | |
Debtors | 34,000 | |
Machineries | 100,000 | |
Fittings and furniture | 43,000 | |
Accumulated depreciation- machineries | 20,000 | |
Accumulated depreciation-fittings and furniture | 6,450 | |
Rental accrued | 1,000 | |
Carriage outwards | 410 | |
Commission income | 6,500 | |
Discount received | 5,380 | |
Advertisement | 8,400 | |
Creditors | 12,300 | |
Drawings | 7,500 | |
Loan | 100,000 | |
Capital | 200,000 | |
457,080 | 457,080 |
Additional information:
- Closing stock as at 31 December 2019 was RM32,400.
- The owner took cash amounted of RM900 for personal use.
- Advertisement of RM2,200 was still outstanding as at 31 December 2019.
4. One of the employee was given an advance salary of RM1,000.
5. Bad debt of RM700 was identified to be written off.
6. Depreciation for the year are as follows:
Machineries - 10% on cost
Fittings and furniture - 15% on net book value
7. Allowance for doubtful debts is increase by RM120.
Required:
- Prepare Statement of Comprehensive Income for the year ended 31 December 2019 and;
- Statement of Financial Position as at 31 December 2019.
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott