The following trial balance was extracted from the books of Eliza Boutique as at 30 June...
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The following trial balance was extracted from the books of Eliza Boutique as at 30 June 2020 Credit (RM) Accounts Purchases and Sales Account payables 235,000 40,500 Account receivables Cash at bank Cash in hand Inventory, 1 July 2019 Vehicles Office equipment Petty cash Accumulated depreciation: Vehicles Accumulated depreciation: Office equipment Discount received Duty on purchases Drawings (a) (b) (c) (d) (e) (e) (f) Commission received Insurance on purchases Salaries and wages Utilities Salesman commission Shop rental Return inwards and outwards Loan from Bank Rakyat (10% p.a) Allowance for doubtful debt Capital Debit (RM) 160,000 50,000 41,000 The following adjustments has to be considered: The shop rental was paid in advance for two month. An anuual depreciation needs to be provided as follows: Vehicles - 20% on cost 4,000 40,000 80,000 75,000 5,000 5,600 2,400 2,000 33,000 12,500 2,500 35,000 4,000 552,000 28,000 10,000 6,400 4,600 Required: (a) Prepare statement of profit or loss for the year ended 30 June 2020 (b) Prepare statement of financial position as at 30 June 2020 6,000 100,000 1,500 120,000 552,000 Office equipment - 10% on book value Interest on loan from bank rakyat was still outstanding One of the customers was declared banrupt and unable to pay amount owed RM2,000 Allowance for doubtful debt increase by RM1,000 The owner withdrewpetty cash RM300 and took a dress worth RM200 for her daughter. The inventory as at 30 June 2020 amounted RM12,500 The following trial balance was extracted from the books of Eliza Boutique as at 30 June 2020 Credit (RM) Accounts Purchases and Sales Account payables 235,000 40,500 Account receivables Cash at bank Cash in hand Inventory, 1 July 2019 Vehicles Office equipment Petty cash Accumulated depreciation: Vehicles Accumulated depreciation: Office equipment Discount received Duty on purchases Drawings (a) (b) (c) (d) (e) (e) (f) Commission received Insurance on purchases Salaries and wages Utilities Salesman commission Shop rental Return inwards and outwards Loan from Bank Rakyat (10% p.a) Allowance for doubtful debt Capital Debit (RM) 160,000 50,000 41,000 The following adjustments has to be considered: The shop rental was paid in advance for two month. An anuual depreciation needs to be provided as follows: Vehicles - 20% on cost 4,000 40,000 80,000 75,000 5,000 5,600 2,400 2,000 33,000 12,500 2,500 35,000 4,000 552,000 28,000 10,000 6,400 4,600 Required: (a) Prepare statement of profit or loss for the year ended 30 June 2020 (b) Prepare statement of financial position as at 30 June 2020 6,000 100,000 1,500 120,000 552,000 Office equipment - 10% on book value Interest on loan from bank rakyat was still outstanding One of the customers was declared banrupt and unable to pay amount owed RM2,000 Allowance for doubtful debt increase by RM1,000 The owner withdrewpetty cash RM300 and took a dress worth RM200 for her daughter. The inventory as at 30 June 2020 amounted RM12,500
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