Question: This is the only informations provided. QUESTION Given is the trial balance as at 31 December 2020. Cr(RM) ) 30,000 40,000 800 1,600 400 400

 This is the only informations provided. QUESTION Given is the trial

This is the only informations provided.

QUESTION Given is the trial balance as at 31 December 2020. Cr(RM) ) 30,000 40,000 800 1,600 400 400 5,600 1/2 Trial Balance as at 31 December 2020 Dr (RM) 7% loan note - 12 months Accruals Administrative expenses 7,200 MEI Bank 103,520 Interest payable Interest receivable 80 Interest income RGB Bank Depreciation 33,200 Distributing expenses 5,200 Equipment 14,000 Accumulated depreciation-equipment Finance cost 8,000 Inventories as at 1 January 2020 46,000 Motor vehicle 44,000 Accumulated depreciation-motor vehicle Ordinary share capital Machinery 130,000 Accumulated depreciation - machine Preference share capital Redeemable preference share capital Prepayment 1,200 Purchases 74,000 Retained earnings Sales Trade payables Trade receivables 140,000 606,400 8,800 120,000 52,000 60,000 20,000 12,800 220,000 34,000 606,400 1 1 Closing inventories as at 31 December 2020 was RM38,000. Additional information: On 31 December 2020, the following transactions are not recorded in the 2020 ledger. (1) Office electricity expenses for December 2020 amounting to RM360 paid in January 2021. (2) Provision for 2020 income tax of RM20,000 Required: (a) Prepare adjusted trial balance as at 31 December 2020. (b) Prepare journal entries to record the omitted transactions in 2020. (c) Prepare statement of profit or loss for the year ended 31 December 2020. (d) Prepare statement of changes in equity for the year ended 31 December 2020. (e) Prepare statement of financial position as at 31 December 2020

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!