Adjusted Financial Statements 1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti.ParticularsDebitCreditRMRMCapital 1 February 2019Vehicles at costEquipment at costPurchases and salesProvision for depreciation at 1 February 2019:101,43035.00080,000284,680 503,520Vehicles21,00035.000650EquipmentReturn inward and return outwardsFinance expensesStock at 1 February 2019Vehicles expensesRent, rates and insuranceOffice expensesDrawingsPetty cashWages and salariesBad debtsDebtors and creditorsCash at bank1,3401,22025,5704,9307,42021,94023,55020095,3701.24083,21018.95014.880TOTAL680.550 580.550Additional information as at 31 January 2020:No. Particularsi. Stock valued atii. Insurance prepaidiii. I Goods taken from stock for own useiv. Wages duev. Provision for doubtful debt requiredvi. Provision for depreciation is to be provided as follows:RM29,7503404202,400620straight line methodreducing balance methodVehicles30%Equipment -25%Required:a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31January 2020.b) Statement of Financial Position as at 31 January 2020.

Net sale=Sale-Return=RM 503,520-RM 1,340=RM 502,180

1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit Credit RM RM Capital 1 February 2019 Vehides at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284.680 503.520 Vehicles Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehides expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 21,000 35.000 650 1.340 1,220 25,570 4,930 7.420 21,940 23,550 200 95,370 1,240 83,210 14,880 580.550 680.550 18.950 TOTAL Additional information as at 31 January 2020: No. Particulars i Stock valued at ii. Insurance prepaid ii. Goods taken from stock for own use iv. Wages due v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles Equipment - straight line method reducing balance method 30% 25% Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit Credit RM RM Capital 1 February 2019 Vehides at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284.680 503.520 Vehicles Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehides expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 21,000 35.000 650 1.340 1,220 25,570 4,930 7.420 21,940 23,550 200 95,370 1,240 83,210 14,880 580.550 680.550 18.950 TOTAL Additional information as at 31 January 2020: No. Particulars i Stock valued at ii. Insurance prepaid ii. Goods taken from stock for own use iv. Wages due v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles Equipment - straight line method reducing balance method 30% 25% Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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