PZZDCBNM_6svZ Xontent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/g20khbed0fts9la384gujugiolhj6bf1/1610796075000/drive/1718Mr. Jamil had taken RM1,200 worth of goods from stock for personal use duringthe year. This has not been recorded.Depreciation policies were:MachinesV.vi.20% straight line method20% straight line method30% reducing balance methodOffice equipmentVehiclesRequired:a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31October 2020.b) Statement of Financial Position as at 31 October 2020.IHUAWEI ZZDCBNM_6SVZ Xntent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/g20khbedOfts9la384gujugiolhj6bf1/1610796075000/drive/17183. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The followingbalances were extracted from the business records:ParticularsDebitCreditRMRMPurchases and Sales52,650 160,720340100,000140,00030,00075,000Sales returns and purchases returnsLand1,213MachinesOffice equipmentVehiclesProvision for depreciation at 1 November 2019:MachinesOffice equipmentVehiclesOffice expenses28,00016,80028,00011,500175Cash in handSelling expensesDrawingsWagesStock at 1 Nov 2019Provision for doubtful debts as at 1 Nov 20198,8206,00048,0002,5006508,600Debtors and creditorsRepairsBad debts14,5002,370240Jamil – Capital account as at 1 Nov 2019Cash at bank251,5123,400495,495 495,495TOTALMr Jamil also provides the following information at 31 October 2020:i.Stock was valued at RM2,750ii.The provision for doubtful debts should be maintained at 5% of debtors.ii.Wages accrued amounted to RM1,500iv.Office expenses prepaid amounted to RM342HUAWEIII

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Description: PZZDCBNM_6svZ Xontent.com/viewer/secure/pdf/ki7h0e5ernovil8j8jhia898nvne1h7r/g20khbed0fts9la384gujugiolhj6bf1/1610796075000/drive/1718Mr. Jamil had taken RM1,200 worth of goods from stock for personal use duringthe year. This has not been recorded.D

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Business

Accounting

3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit RM Credit RM Purchases and Sales 52,650 160,720 340 100,000 140,000 30,000 75,000 Sales returns and purchases returns Land 1,213 Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: Machines 28,000 16,800 28,000 Office equipment Vehicles Office expenses Cash in hand 11,500 175 Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 8,820 6,000 48,000 2,500 650 Debtors and creditors 14,500 2,370 240 8,600 Repairs Bad debts Jamil - Capital account as at 1 Nov 2019 Cash at bank 251,512 3,400 TOTAL 495,495 495,495 Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. ii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit RM Credit RM Purchases and Sales 52,650 160,720 340 100,000 140,000 30,000 75,000 Sales returns and purchases returns Land 1,213 Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: Machines 28,000 16,800 28,000 Office equipment Vehicles Office expenses Cash in hand 11,500 175 Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 8,820 6,000 48,000 2,500 650 Debtors and creditors 14,500 2,370 240 8,600 Repairs Bad debts Jamil - Capital account as at 1 Nov 2019 Cash at bank 251,512 3,400 TOTAL 495,495 495,495 Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. ii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

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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