2.3.4.5.6.7.The total amount of interest on loan in the trial balance was for the period of 12months starting 1 August 2021.a.RM500 need to be written off as bad debt as one of the credit customer was declaredbankrupt and allowance for doubtful debt is to be adjusted to RM750.Depreciations for the year are to be provided on yearly basis as follows:Fixture and Fittings - 10% per annum on costMotor vehicles-20% per annum on costMachineryThe owner took goods worth RM500 for his personal use and no record has beenmade.Required:- 10% per annum on carrying amountThe 3% fixed deposit was invested by the business on 1 April 2021. The interest onfixed deposit was still outstanding on 31 March 2022.The following adjustments are to be considered for the period:RMSalaryPrepaymentsAccrualsUtilitiesCommissions revenueRM1,500500600The Statement of Profit or Loss for the year ended 31 March 2022.b. The Statement of Financial Position as at 31 March 2022.Note 1: Use vertical format presentation for both statements and show all calculations.Note 2: Calculate to the nearest RM. QUESTION 1The following trial balance was extracted from the books of Aidil Enterprise as at 31 March2022:ParticularsSalesPurchasesReturn outwardsReturn inwardsDiscountsCarriage outwardsDuty on purchasesInventory as at 1 April 2021SalaryAdvertisementGeneral expensesStationeryUtilitiesRentalMotor vehicle expensesInsuranceRepairs and maintenanceInterest on loanCommission revenueCarriage inwardsAllowance for doubtful debt as at 1 April 20215% bank loanAccounts payableAccounts receivableFixture and FittingsMotor vehiclesMachinery3% Fixed DepositAccumulated depreciation as at 1 April 2021:Fixture and FittingsMotor vehiclesMachineryCash in handCash at bankDrawingsCapitalAdditional information:1. Inventory as at 31 March 2022 was valued at RM15,000.Debit(RM)94,0008,7503,50025094012,00019,5001,50070027550012,0001,0002,4001,5001,50075012,5007,00025,00045,00050,0004,2505,4753,500313,790Credit(RM)185,0003,7501,5007,54060030,00015,0001,4005,0009,00055,000313,790

Financial Statements It is an assortment of summary-level reports about an organization's financial…

2. 3. 4. 5. 6. 7. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 August 2021. a. RM500 need to be written off as bad debt as one of the credit customer was declared bankrupt and allowance for doubtful debt is to be adjusted to RM750. Depreciations for the year are to be provided on yearly basis as follows: Fixture and Fittings Motor vehicles Machinery - 10% per annum on cost -20% per annum on cost -10% per annum on carrying amount The owner took goods worth RM500 for his personal use and no record has been made. The 3% fixed deposit was invested by the business on 1 April 2021. The interest on fixed deposit was still outstanding on 31 March 2022. The following adjustments are to be considered for the period: RM Required: Prepayments Salary Utilities Commissions revenue Accruals RM 1,500 500 600 The Statement of Profit or Loss for the year ended 31 March 2022. b. The Statement of Financial Position as at 31 March 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM

2. 3. 4. 5. 6. 7. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 August 2021. a. RM500 need to be written off as bad debt as one of the credit customer was declared bankrupt and allowance for doubtful debt is to be adjusted to RM750. Depreciations for the year are to be provided on yearly basis as follows: Fixture and Fittings Motor vehicles Machinery - 10% per annum on cost -20% per annum on cost -10% per annum on carrying amount The owner took goods worth RM500 for his personal use and no record has been made. The 3% fixed deposit was invested by the business on 1 April 2021. The interest on fixed deposit was still outstanding on 31 March 2022. The following adjustments are to be considered for the period: RM Required: Prepayments Salary Utilities Commissions revenue Accruals RM 1,500 500 600 The Statement of Profit or Loss for the year ended 31 March 2022. b. The Statement of Financial Position as at 31 March 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A loan of Php 5,000 at an interest rate of 12% per annum for the period of February 1 to May 20. Determine the ordinary simple interest due on May 20.
A loan of $245,000 is to be repaid in equal quarterly payments over a perioa of 6years. the interest rate is13.5% compounded quarterly, what is the amount of unpaid principal at the beginning of the third year?Oa. $183,825 b.$182,939c. $145,493 d. $240,916 e. $146,579
A design studio received a loan of $8,950 at 5.60% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? ← a acer SUBMIT QUESTION SAVE PROGRESS V SUBMIT ASSIC
A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to be paid in one lump sum 6 months later. Total interest expense will be RM 2,270.92.(i) With loan amortization schedule, show the total amount be paid for the vehicle.
Solve the following problems using the concept of amortization 1. Show the amortization schedule for a loan P15,000 at 4% interest compounded monthly, payable for 12 months. 2. ABC Realty sold a piece of land for P250,000. A down payment of P50,000 was made and the remainder is to be paid in equal semiannual installments, the first due 6 months after the date of sale. The interest is 8% compounded semiannually and the debt is to be amortized in 5 years. a. How much semiannual payment is required? b. What will the total amount of the payment be? How much interest will be paid? d. What is the total cost of the property? С. e. Prepare an amortization schedule for the present value of the loan after making the down payment.
A design studio received a loan of $6,750 at 5.80% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? b. What was the size of the interest portion on the first payment? c. What was the balance of the loan at end of the first year? d. What was the size of the interest portion on the last payment? ANSWER EVERYTHING TO THE NEAREST CENT
Annual cash inflows from two competing investment projects are given below: Investment A $ 4,000 5,000 6,000 7,000 $ 22,000 Year 1234 The discount rate is 10%. Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables. Required: Compute the present value of the cash inflows for each investment. Year 1 2 3 4 $ Investment B $ 7,000 6,000 5,000 4,000 $ 22,000 Present Value of Cash Flows Investment A 0 $ Investment B 0 M ...
Falco Inc. financed the purchase of a machine with a loan at 3.34% compounded semi-annually. This loan will be settled by making payments of $7, 100 at the end of every six months for 7 years. a. What was the principal balance of the loan? b. What was the total amount of interest charged?