a) prepare the statement of profit or loss and other comorehensive income for the year ended 31 march 2019b) 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.ParticularsDEBIT (RM)CREDIT (RM)Purchases and SalesInventory on 1 April 2018CapitalBank overdraftCashDiscount allowed and received22,8005,10041,0008,1704,3001401,440Returns inwards and outwards790Carriage outwardsOffice expensesFixtures and fittingsDelivery vanAccounts receivables and account payablesRent and insuranceDrawingsWages and salaries2,1804501,2102,00011,9001,7906,7202,8508,98061,690TOTAL61,690Additional 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 RM150

Answered: 3. The following was the trial balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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a) prepare the statement of profit or loss and other comorehensive income for the year ended 31 march 2019

b) 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.
Particulars
DEBIT (RM)
CREDIT (RM)
Purchases and Sales
Inventory on 1 April 2018
Capital
Bank overdraft
Cash
Discount allowed and received
22,800
5,100
41,000
8,170
4,300
140
1,440
Returns inwards and outwards
790
Carriage outwards
Office expenses
Fixtures and fittings
Delivery van
Accounts receivables and account payables
Rent and insurance
Drawings
Wages and salaries
2,180
450
1,210
2,000
11,900
1,790
6,720
2,850
8,980
61,690
TOTAL
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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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