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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chapter : Adjustment financial statements
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.
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