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5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Credit Debit RM RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500 16,900 10,400 Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 1,200 750 2,500 3,750 950 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank Cash in hand Account receivable and account payable 375 9,100 4,200 3,600 325 7,700 112,600 112,600 6,000 TОTAL Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods RM8,200 Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car i. At 31 December 2020 insurance paid in advance was RM150 and office general expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office i. RM1,500 RM500 Insurance are to be apportioned: % Factory % Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.

5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Credit Debit RM RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500 16,900 10,400 Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 1,200 750 2,500 3,750 950 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank Cash in hand Account receivable and account payable 375 9,100 4,200 3,600 325 7,700 112,600 112,600 6,000 TОTAL Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods RM8,200 Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car i. At 31 December 2020 insurance paid in advance was RM150 and office general expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office i. RM1,500 RM500 Insurance are to be apportioned: % Factory % Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.

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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5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Debit Credit RM RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500 16,900 10,400 1,200 750 2,500 3,750 950 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank Cash in hand Account receivable and account payable 375 9,100 4,200 3,600 325 7,700 112,600 112,600 6,000 TOTAL Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office RM8,200 RM1,500 RM500 Insurance are to be apportioned: % Factory % Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. . Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
Transcribed Image Text:5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Debit Credit RM RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500 16,900 10,400 1,200 750 2,500 3,750 950 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank Cash in hand Account receivable and account payable 375 9,100 4,200 3,600 325 7,700 112,600 112,600 6,000 TOTAL Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office RM8,200 RM1,500 RM500 Insurance are to be apportioned: % Factory % Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. . Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
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