The unadjusted trial balance of GIGAMA Enterprise as at 31 December 2022 is as follows: GIGAMA...

Transcribed Image Text:

The unadjusted trial balance of GIGAMA Enterprise as at 31 December 2022 is as follows: GIGAMA Enterprise Unadjusted Trial Balance 31 December 2022 Cash Accounts receivable Office supplies Prepaid insurance Motor vehicle Salaries payable Accounts payable Capital Revenue Debit Credit RM RM 70,330 9,700 3,550 6,720 60,700 Salaries expense Other operating expenses 21,700 5,000 13,800 105,000 168,900 292,700 292,700 The followings are information related to year-end adjustments. 1. Salaries accrued on 31 December 2022 were RM5,000. 2. Insurance premium expired during the year were RM2,240. 3. Office supplies on hand on 31 December 2022 were RM1,550. 4. Unbilled customer at the end of the year amounted to RM7,000. 5. Motor vehicle is purchased on 1 July 2022. It is estimated that the vehicle has expected useful life of 20 years and has RM10,000 scrap value. The business uses straight line method to depreciate the asset. REQUIRED: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of GIGAMA Enterprise for the year ended 31 December 2022. (b) Prepare the Statement of Financial Position of GIGAMA Enterprise as of 31 December 2022. The unadjusted trial balance of GIGAMA Enterprise as at 31 December 2022 is as follows: GIGAMA Enterprise Unadjusted Trial Balance 31 December 2022 Cash Accounts receivable Office supplies Prepaid insurance Motor vehicle Salaries payable Accounts payable Capital Revenue Debit Credit RM RM 70,330 9,700 3,550 6,720 60,700 Salaries expense Other operating expenses 21,700 5,000 13,800 105,000 168,900 292,700 292,700 The followings are information related to year-end adjustments. 1. Salaries accrued on 31 December 2022 were RM5,000. 2. Insurance premium expired during the year were RM2,240. 3. Office supplies on hand on 31 December 2022 were RM1,550. 4. Unbilled customer at the end of the year amounted to RM7,000. 5. Motor vehicle is purchased on 1 July 2022. It is estimated that the vehicle has expected useful life of 20 years and has RM10,000 scrap value. The business uses straight line method to depreciate the asset. REQUIRED: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of GIGAMA Enterprise for the year ended 31 December 2022. (b) Prepare the Statement of Financial Position of GIGAMA Enterprise as of 31 December 2022.

Answer rating: 100% (QA)

aUnadjusted trial balance is a list of the general ledger balances before the end of year adjustments have been madeTherefore adjusting entries are re... View the full answer