Chapter : Adjustments for prepayments and accruals 3. The following was the trial balance extract from ABC Trading as at 31 March 2019.DEBIT (RM)22.8605,100CREDIT (RM)41,000ParticularsPurchases and SalesInventory on 1 April 2018СapitalBank overdraft8,1704,300Cash140Discount allowed and receivedReturns inwards and outwardsCarriage outwardsOffice expensesFixtures and fittingsDelivery vanAccounts receivables and account payablesRent and insurance1,4407902,1804509305701,2102,00011,9001,7902,8508,98061.6906,720DrawingsWages and salariesTOTAL61.690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding officeexpenses was RM30c. Rent and insurance prepaid was RM150Required:i.Prepare the Statement of Profit or Loss and Other Comprehensive Income for theyear ended 31 March 2019Prepare Statement of Financial Position as at 31 March 2019ii.

Financial statements are prepared by businesses to calculate the profit and loss. It reflects the…

3. The following was the trial balance extract from ABC Trading as at 31 March 2019. DEBIT (RM) 22,860 5.100 CREDIT (RM) 41,000 Particulars Purchases and Sales Inventory on 1 April 2018 Сapital Bank overdraft Cash Discount allowed and received Returns inwards and outwards Carriage outwards Office expenses Fixtures and fittings Delivery van Accounts receivables and account payables Rent and insurance Drawings Wages and salaries 8.170 4,300 140 1,440 790 2,180 450 1,210 2,000 11,900 1,790 2,850 8.980 61.690 930 570 6,720 ТОTAL 61.690 Additional information as at 31 March 2019: a. Inventory on 31 March 2019 was RM4,250 b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30 c. Rent and insurance prepaid was RM150 Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019 i. i. Prepare Statement of Financial Position as at 31 March 2019

3. The following was the trial balance extract from ABC Trading as at 31 March 2019. DEBIT (RM) 22,860 5.100 CREDIT (RM) 41,000 Particulars Purchases and Sales Inventory on 1 April 2018 Сapital Bank overdraft Cash Discount allowed and received Returns inwards and outwards Carriage outwards Office expenses Fixtures and fittings Delivery van Accounts receivables and account payables Rent and insurance Drawings Wages and salaries 8.170 4,300 140 1,440 790 2,180 450 1,210 2,000 11,900 1,790 2,850 8.980 61.690 930 570 6,720 ТОTAL 61.690 Additional information as at 31 March 2019: a. Inventory on 31 March 2019 was RM4,250 b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30 c. Rent and insurance prepaid was RM150 Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019 i. i. Prepare Statement of Financial Position as at 31 March 2019

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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