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3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) Credit (RM) 48,400 Particulars Сaptal Drawings Trade receivables Trade payables 3,500 9,000 12,500 40,400 Sales 31,000 300 Purchases Sales returns Purchases returns 250 Wages and salaries Discounts allowed 5,600 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van 2,400 950 350 10,000 3,000 20,000 330 Cash in hand Cash at bank 14,800 102.050 ТОTAL 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use

3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) Credit (RM) 48,400 Particulars Сaptal Drawings Trade receivables Trade payables 3,500 9,000 12,500 40,400 Sales 31,000 300 Purchases Sales returns Purchases returns 250 Wages and salaries Discounts allowed 5,600 120 Discounts received 200 Provision for doubtful debts 300 Insurance 700 Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van 2,400 950 350 10,000 3,000 20,000 330 Cash in hand Cash at bank 14,800 102.050 ТОTAL 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use

FINANCIAL ACCOUNTING
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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3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) | Credit (RM) 48,400 Particulars Сapital Drawings Trade receivables 3,500 9,000 Trade payables 12,500 40,400 Sales Purchases 31,000 300 Sales returns Purchases returns 250 Wages and salaries Discounts allowed Discounts received 5,600 120 200 300 Provision for doubtful debts Insurance 700 Inventory as at 1 September 2018 Utilities 2,400 950 Rates Premises Fixtures and fittings 350 10,000 3,000 20,000 330 Motor van Cash in hand Cash at bank 14,800 102,050 ТОTAL 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.
Transcribed Image Text:3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) | Credit (RM) 48,400 Particulars Сapital Drawings Trade receivables 3,500 9,000 Trade payables 12,500 40,400 Sales Purchases 31,000 300 Sales returns Purchases returns 250 Wages and salaries Discounts allowed Discounts received 5,600 120 200 300 Provision for doubtful debts Insurance 700 Inventory as at 1 September 2018 Utilities 2,400 950 Rates Premises Fixtures and fittings 350 10,000 3,000 20,000 330 Motor van Cash in hand Cash at bank 14,800 102,050 ТОTAL 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.
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