3. On 1 July 20X3, Ahmad decided to form a sole proprietorship business with thefollowingAccountsRMCash15,000Inventary12.000Delvery van30,000Shophouse100,000Loan from Maybank120 000How moch was his capital? 2. Calculate the value of the missing items:AssetsCapitalLlabilitiesRM45,000RM12,400RM33,000RM13,333RM21.200RM10,000RM45.678RM34.567RM85,400RM43.300RM67.532RM32.688

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3. On 1 July 20X3, Ahmad decided to form a sole proprietorship business with the following Accounts RM Cash 15,000 Inventory 12.000 Delivery van 30,000 Shophouse 100,000 Loan from Maybank 120.000 How moch was his capital?

3. On 1 July 20X3, Ahmad decided to form a sole proprietorship business with the following Accounts RM Cash 15,000 Inventory 12.000 Delivery van 30,000 Shophouse 100,000 Loan from Maybank 120.000 How moch was his capital?

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

3. On 1 July 20X3, Ahmad decided to form a sole proprietorship business with the
following
Accounts
RM
Cash
15,000
Inventary
12.000
Delvery van
30,000
Shophouse
100,000
Loan from Maybank
120 000
How moch was his capital?

2. Calculate the value of the missing items:
Assets
Capital
Llabilities
RM45,000
RM12,400
RM33,000
RM13,333
RM21.200
RM10,000
RM45.678
RM34.567
RM85,400
RM43.300
RM67.532
RM32.688

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