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3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Credit Debit RM 52,650 160,720 340 100,000 140,000 30,000 75.000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1,213 Machines Office equipment Vehicles 28,000 16,800 28.000 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil - Capital account as at 1 Nov 2019 Cash at bank 11,500 175 8,820 6.000 48,000 2,500 650 14,500 2.370 240 8,600 251.512 3.400 495.495 495.495 TОTAL Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 i. The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342 Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines v. Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 3: October 2020.

3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Credit Debit RM 52,650 160,720 340 100,000 140,000 30,000 75.000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1,213 Machines Office equipment Vehicles 28,000 16,800 28.000 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil - Capital account as at 1 Nov 2019 Cash at bank 11,500 175 8,820 6.000 48,000 2,500 650 14,500 2.370 240 8,600 251.512 3.400 495.495 495.495 TОTAL Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 i. The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342 Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. vi. Depreciation policies were: Machines v. Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 3: October 2020.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter : Adjustment financial statements

4 © T O 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 Credit RM RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles 52,650 160,720 1.213 340 100,000 140,000 30,000 75,000 Provision for depreciation at 1 November 2019: 28,000 16,800 28,000 Machines Office equipment Vehicles Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 11,500 175 8,820 6,000 48,000 2,500 Provision for doubtful debts as at 1 Nov 2019 650 Debtors and creditors Repairs Bad debts 14,500 2,370 240 8,600 Jamil – Capital account as at 1 Nov 2019 Cash at bank 251.512 3,400 495.495 495.495 TOTAL Mr Jamil also provides the following information at 31 October 2020: Stock was valued at RM2,750 ii The provision for doubtful debts should be maintained at 5% of debtors. i. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342 i. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 3: October 2020. Add a caption.
Transcribed Image Text:4 © T O 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 Credit RM RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles 52,650 160,720 1.213 340 100,000 140,000 30,000 75,000 Provision for depreciation at 1 November 2019: 28,000 16,800 28,000 Machines Office equipment Vehicles Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 11,500 175 8,820 6,000 48,000 2,500 Provision for doubtful debts as at 1 Nov 2019 650 Debtors and creditors Repairs Bad debts 14,500 2,370 240 8,600 Jamil – Capital account as at 1 Nov 2019 Cash at bank 251.512 3,400 495.495 495.495 TOTAL Mr Jamil also provides the following information at 31 October 2020: Stock was valued at RM2,750 ii The provision for doubtful debts should be maintained at 5% of debtors. i. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342 i. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 3: October 2020. Add a caption.
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