4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Debit Credit RM 950,000 Particulars RM 377,000 432,000 102,000 625,000 Purchases and Sales Plant and machinery Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles Discount allowed and discount received Returns inwards and returns outwards |Carriage inwards |Carriage outwards Custom duties Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates Insurance Mortgage on land and building Repairs and maintenance Commission earned Accounts receivables Account payable Inventory – 1 April 2019 Cash at bank Capital 175,000 39,000 760 12,200 1,500 44,000 4,700 5,500 15,400 3,600 2,000 300,000 65,000 4,000 55,000 450,000 6,300 95,000 187,000 166,500 51,000 41,100 429,640 |2,320,100 2,320,100 ТOTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 ii. Depreciation for the year: a. Plant and machinery b. Vehicles iii. Accrued expenses: RM25,700 RM15,300 a. Rent and rates RM1,000 b. Electricity and water iv. Expenses paid in advance: a. Salaries and wages RM4,800 RM4,500
4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Debit Credit RM 950,000 Particulars RM 377,000 432,000 102,000 625,000 Purchases and Sales Plant and machinery Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles Discount allowed and discount received Returns inwards and returns outwards |Carriage inwards |Carriage outwards Custom duties Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates Insurance Mortgage on land and building Repairs and maintenance Commission earned Accounts receivables Account payable Inventory – 1 April 2019 Cash at bank Capital 175,000 39,000 760 12,200 1,500 44,000 4,700 5,500 15,400 3,600 2,000 300,000 65,000 4,000 55,000 450,000 6,300 95,000 187,000 166,500 51,000 41,100 429,640 |2,320,100 2,320,100 ТOTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 ii. Depreciation for the year: a. Plant and machinery b. Vehicles iii. Accrued expenses: RM25,700 RM15,300 a. Rent and rates RM1,000 b. Electricity and water iv. Expenses paid in advance: a. Salaries and wages RM4,800 RM4,500
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Question
Transcribed Image Text:b. Insurance
v. Inventory on 31 Mac 2020 was RM42,800.
RM5,000
Required:
a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the
year ended 31 Mac 2020.
b) Prepare the Statement of Financial Position as at 31 Mac 2020.
Transcribed Image Text:4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31
Mac 2020:
Particulars
Debit
Credit
RM
RM
Purchases and Sales
377,000
432,000
950,000
Plant and machinery
Vehicles
Land and building
Accumulated depreciation:
Plant and machinery
102,000
625,000
175,000
39,000
760
Vehicles
Discount allowed and discount received
1,500
44,000
4,700
5,500
15,400
3,600
Returns inwards and returns outwards
12,200
Carriage inwards
Carriage outwards
Custom duties
Drawings
Provision for doubtful debts
2,000
Salaries and wages
Electricity and water
Rent and rates
Insurance
Mortgage on land and building
Repairs and maintenance
Commission earned
300,000
65,000
4,000
55,000
450,000
6,300
95,000
Accounts receivables
187,000
Account payable
Inventory – 1 April 2019
Cash at bank
166,500
51,000
41,100
Capital
429,640
TOTAL
2,320,100 2,320,100
The following additional information is to be taken into consideration:
i.
Increase in provision for doubtful debts to RM3,610
Depreciation for the year:
a. Plant and machinery
b. Vehicles
Accrued expenses:
ii.
RM25,700
RM15,300
ii.
Rent and rates
RM1,000
RM4,800
а.
b. Electricity and water
Expenses paid in advance:
Salaries and wages
iv.
a.
RM4,500
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