Carriage outwardsPlant and machinery, a cost less depreciationCar, at cost less depreciationBankCash in hand| Account receivable and account payable3759,1004,2003,6003257,7006,000ТОTAL112,600 112,600Additional information:i. Inventory at 31 December 2020:a. Raw materialsRM2,900RM8,200b. Finished goodsii. Depreciation for the year is to be charged as follows:a. Plant and machineryRM1,500b. CarRM500iii. At 31 December 2020 insurance paid in advance was RM150 and office generalexpenses unpaid were RM75iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 OfficeInsurance are to be apportioned: % Factory 4 Officevi. Jojo is the business sales person and her salary and expenses are to be treated asa 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 followingtrial balance was extracted from her books on 31 December 2020:ParticularsDebitCreditRMRMCapitalDrawingsSalesInventory at 1 January 2020:Raw materialsFinished goodsPurchased of raw materialsCarriage inwardsFactory wagesOffice salariesJojomat : Salary and expensesGeneral expenses:FactoryOffice15,0002,00090,0003,4006,10018,00080018,50016,90010,4001,200750LightingRentInsuranceAdvertisingBad debtsDiscount received2,5003,7509501,4006501,600

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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 RM Credit RM Сapital 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

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 RM Credit RM Сapital 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

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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4. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Credit RM Particulars Debit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials 1,760 7,220 1,490 72,100 8,100 1,940 11,688 57,210 Rent: Factory Office Machinery (Cost : RM40,000) Office equipment ( RM9,000) Office salaries Accounts receivables Account payables Bank 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 Sales Van (cost RM6,800) Inventory at 31 December 2020: Raw materials Finished goods Drawings Capital 194,800 6,200 13,260 41,300 24,200 155,950 360,150 ТОTAL 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i. Inventory at 31 December 2020: a. Raw materials b. Finished goods ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140…
5. Jojomat Ltd owns a small business making and selling children's toys. The followir trial balance was extracted from her books on 31 December 2020: Particulars Debit RM Credit RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials 15,000 2,000 90,000 3,400 6,100 18,000 800 Carriage inwards Factory wages Office salaries 18,500 16,900 10,400 Jojomat: Salary and expenses General expenses: Factory 1,200 750 2,500 3,750 950 Office Lighting Rent Insurance Advertising Bad debts Discount received 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi Current ligbilif Account paya
The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1: Debit Credit RM RM Sales and Purchases 68,080 215,580 Returns 220 380 Inventories as at 1 January 20X1 18,400 Rent received 9,000 Building at cost 520,000 Advertising expenses 27,600 Trade receivables and Trade Payables 168,000 100,000 Salaries and wages 68,000 Motor vehicles at cost 100,000 Insurance 24,000 Sundry expenses 15,000 Accumulated depreciation: Motor vehicles 40,000 Accumulated depreciation: Buildings 64,000 Electricity and water 7,100 Allowance for doubtful debts 1,200 Discounts 3,000 7,000 Printing and stationery 2,496 Cash in hand 136,000 Bank overdraft…
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year- end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits 36, 100 43,400 3,200 63,400 23,400 Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable 2,700 9,400 93,600 Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue 35,100 34,400 53,400 3,700 83,800 37,000 7,400 163,000 Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 87,000 20,600 12,700 2,800 Advertising expense 4,700 Totals 410, 400 410,400 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,70.…
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The following additional information was made available at December 31, 2018 a) Insurance of $1,600,000 was paid on January1, 2018 for the period January 2018 to April 2019. b) The company's building has an estimated life of ten (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of So. c) The fixtures and fitings are being depreciated over ten (10) years on the double-declining method of deprecation, down to a residue of$128,849. d) Wages earned by the company's employees and NOT paid at December 31, 2018 amounted to $130,000. e) A physical count of inventory at December 31, 2018, reveals $405,000 worth of inventory on hand. ) The aging of the accounts receivable sche dule at December 31, 2018 indicated that the estimated uncollectible on accounts receivable is $120,000. g) Unearned sales revenue earned during December 2018, $100,000. b) Accruedinterest payable on mortgage $120,000 Required: 1. Prepare the nece ssary adjusting…
(The following information applies to the questions displayed below] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $75, see 6,00e 3,900 7,100 2,600 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,100 2,100 2,800 9,000 3,800 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple step Income Statement For the month of March 2021 Net sales Total sales revenue Net sales revenue
Question 1: Super Decorators Co had the following transactions with a customer during the year ended on 31 December 2019; November 1:Sold decoration material on account OMR 7,500, terms 1.5/10, n/30. November 4:Customer retuned some faulty materials of OMR 1,000 November 8:Customer paid OMR 2,500. December 1:Accepted a 90 days, 12% note from the customer for the balance amount. Required: a. Determine the date of maturity of the note. b. Determine the interest payable on maturity of the note. c. Journalize all the above transactions in the books of Super Decorators when the note is i)honoured on maturity and ii)dishonoured on maturity
Use the following question to answer a question that follows. Lorato and Loago’s Trial Balance as at 31 December 2001 Dr Cr Capital accounts: Lorato 100000 Loago 50000 Current accounts: Lorato 200 Loago 600 Cash drawings for the year: Lorato 15000 Loago 10000 Freehold premises at cost 50000 Inventory at 1 January 2021 75000 Fixtures and Fittings at cost 15000 Purchases and purchase returns 380000 12000 Bank 31600 Sales and sales Returns 6000 508000 Accounts receivables and accounts payables 52400 33300 Carriage inwards 21500 Carriage outwards 3000 Staff salaries 42000 VAT 8700 Office expenses 7500 Provision for doubtful debts 2000 Advertising 5000 Discounts received 1000 Discounts Allowed 1200 Bad debts 1400 Rent and business rates 2800 Accumulated provision for depreciation offixtures and fittings 3000 720000 720000 At 31 December 2021:a. Inventory on hand was valued at P68, 000b.…
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Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.
You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019. my confusion : not sure if LSL will be 50%of or not?