1. Following is the trial balance of Only You Enterprise: Trial Balance as at 31 August 2020 Debit RM Sales Purchases Opening Inventory Carriage outwards Carriage inwards Returns inwards Returns outwards Salaries and wages Motor Expenses Rent Sundry expenses Motor vehicles Fixtures and Fittings Debtors Creditors Cash at bank Cash in hand Drawings Capital 11,556 3,776 326 234 440 2,447 664 576 1,202 2,400 600 4,577 3,876 120 2,050 34,844 Credit RM 18,600 355 3,045 12,844 34,844 Inventory as at 31 August 2020 was RM4, 998. You are required to: (a) Prepare an income statement for the year ended 31 August 2020. (b) Prepare a balance sheet as at 31 August 2020.

1. Following is the trial balance of Only You Enterprise: Trial Balance as at 31 August 2020 Debit RM Sales Purchases Opening Inventory Carriage outwards Carriage inwards Returns inwards Returns outwards Salaries and wages Motor Expenses Rent Sundry expenses Motor vehicles Fixtures and Fittings Debtors Creditors Cash at bank Cash in hand Drawings Capital 11,556 3,776 326 234 440 2,447 664 576 1,202 2,400 600 4,577 3,876 120 2,050 34,844 Credit RM 18,600 355 3,045 12,844 34,844 Inventory as at 31 August 2020 was RM4, 998. You are required to: (a) Prepare an income statement for the year ended 31 August 2020. (b) Prepare a balance sheet as at 31 August 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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