The following Trial Balance was extracted from the books of B&C Enterprise as at 31 December...
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The following Trial Balance was extracted from the books of B&C Enterprise as at 31 December 2021. Sales Purchases Inventory as at 1 January 2021 Rental expenses Advertising expenses Interest on loan Duty on purchases Insurance expenses Rental received Carriage outwards Carriage inwards Drawings Discount allowed Discount received Commission received 3% Bank loan Capital Investment Salaries Motor Vehicle (cost) Office Equipment (cost) Accumulated depreciation as at 1 January 2021: Motor vehicle Office Equipment Return inwards Return outwards Accounts receivable Accounts payable Allowance for doubtful debt as at 1 January 2021 Cash Bank Debit (RM) 640,200 34,800 9,600 3,700 5,800 2,000 4,800 3,100 2,230 4,460 2,130 230,000 19,500 86,050 105,400 2,450 55,670 65,700 153,020 1,430,610 Credit (RM) 768,610 9,630 3,140 8,800 250,000 300,000 16,350 47,430 1,680 23,500 1,470 1,430,610 Additional information: 1. 2. 3. 4. 5. Inventory as at 31 December 2021 was valued at RM18,660. During the year, the owner took goods worth RM700 for his personal use One of the credit customers owing RM3,000 was declared bankrupt and the debt needs to be written off. It is the policy of the company to provide 10% Allowance for doubtful debt on the remaining accounts receivable. Depreciations for the year are to be provided as follows: a. Non-Current Assets Method of depreciation Reducing Balance Straight Line Motor vehicles Office Equipment Accruals Interest on loan The following were accruals and prepayments as at 31 December 2021: Rental Received Depreciation rate RM Prepayments 10% 15% 1,700 Salaries 2,200 Commission Received You are required to prepare: The Statement of Profit or Loss for the year ended 31 December 2021. b. The Statement of Financial Position as at 31 December 2021. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM. Basis Yearly Yearly RM 1,500 800 (18 marks) (14 marks) (32 marks) The following Trial Balance was extracted from the books of B&C Enterprise as at 31 December 2021. Sales Purchases Inventory as at 1 January 2021 Rental expenses Advertising expenses Interest on loan Duty on purchases Insurance expenses Rental received Carriage outwards Carriage inwards Drawings Discount allowed Discount received Commission received 3% Bank loan Capital Investment Salaries Motor Vehicle (cost) Office Equipment (cost) Accumulated depreciation as at 1 January 2021: Motor vehicle Office Equipment Return inwards Return outwards Accounts receivable Accounts payable Allowance for doubtful debt as at 1 January 2021 Cash Bank Debit (RM) 640,200 34,800 9,600 3,700 5,800 2,000 4,800 3,100 2,230 4,460 2,130 230,000 19,500 86,050 105,400 2,450 55,670 65,700 153,020 1,430,610 Credit (RM) 768,610 9,630 3,140 8,800 250,000 300,000 16,350 47,430 1,680 23,500 1,470 1,430,610 Additional information: 1. 2. 3. 4. 5. Inventory as at 31 December 2021 was valued at RM18,660. During the year, the owner took goods worth RM700 for his personal use One of the credit customers owing RM3,000 was declared bankrupt and the debt needs to be written off. It is the policy of the company to provide 10% Allowance for doubtful debt on the remaining accounts receivable. Depreciations for the year are to be provided as follows: a. Non-Current Assets Method of depreciation Reducing Balance Straight Line Motor vehicles Office Equipment Accruals Interest on loan The following were accruals and prepayments as at 31 December 2021: Rental Received Depreciation rate RM Prepayments 10% 15% 1,700 Salaries 2,200 Commission Received You are required to prepare: The Statement of Profit or Loss for the year ended 31 December 2021. b. The Statement of Financial Position as at 31 December 2021. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM. Basis Yearly Yearly RM 1,500 800 (18 marks) (14 marks) (32 marks)
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CALCULATION OF DEPRECIATION MOTOR 10 REDUCING BALANCE METHODE COST 86... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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