1. Determine the profit or loss for the year ended 30 September 2019 (Use comparison method)2. Explain TWO (2) disadvantages of using comparison method when determining profit or loss for accounting period from incomplete record. Daisy operates a beauty salon. She does not keep proper records for her businesstransactions. The valuation for her business assets and liabilities are estimated as follows:1 Jan 2019RM40,00012,00010,0006,0005,0009,00018,00031 Dec 2019RM40,00015,00016,0007,0008,00010,00018,000PremisesFixture and FittingsEquipmentSuppliesBankАсс. РаyablesLoanDaisy also withdrew RM2,000 cash on 1 July 2019 and she had also contributed RM5,000cash as additional capital on 30 November 2019.

Under comparison method, all assets, liabilities of two different periods are compared in order to…

1. Determine the profit or loss for the year ended 30 September 2019 (Use comparison method) 2. Explain TWO (2) disadvantages of using comparison method when determining profit or loss for accounting period from incomplete record.

1. Determine the profit or loss for the year ended 30 September 2019 (Use comparison method) 2. Explain TWO (2) disadvantages of using comparison method when determining profit or loss for accounting period from incomplete record.

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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