5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitCreditRMRMOffice equipmentMotor vehicles12,2509,1503,600FurnitureAccumulated depreciation as at 1 January 2020:Office equipment2,4501,3731,0603,63229,608Motor vehiclesFurnitureAccount receivables and account payablesСapital6% loan to Rara6,8602,50019,110 31,5602154,2501,630Purchases and salesDiscount175AdvertisingCash in handProvision for doubtful debts300740Commission received6% loan from Afina Bank (taken from 1 May 2020)8,0007001,2001,9001,2604,0051,0005,270210RentDrawingsMaintenance and petrolStaff's wagesInsuranceCash at bankCarriage inwardsCarriage outwardsTelephone and electricityDuties on purchases2506109151103,41579,710 79,710Returns112Inventory as at 1 January 2020ТОTALThe following adjustment are to be taken into account:a. Inventory as at 31 December 2020 was valued at RM2,600b. The interest on the loan taken from Afina bank was not recorded in the accounts.c. Prepaid RM300 of the insurance premiumsd. Prepaid RM125 of the telephone and electricity bills.e. Depreciation was provided using the rates as follows:i. Office equipmentii. Motor vehiclesiii. Furnituref. Bad debts of RM110 to be written off20% p.a on carrying value15% p.a on cost10% p.a on costg. The provision for doubtful debts was to be adjusted to 2.5% of the remainingaccount receivablesh. Fasuha had drawn RM150 cash from the business to spend on his son's birthday.Required:a) Prepare the Statement Profit or Loss and Other Comprehensive Income for theyear ended 31 December 2020.b) Prepare the Statement of Financial Position as at 31 December 2020

Name: 5. The following trial balance was extracted from the books of Fasuha
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Description: 5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitCreditRMRMOffice equipmentMotor vehicles12,2509,1503,600FurnitureAccumulated depreciation as at 1 January 2020:Office equipment2,4501

A Balance sheet depicts the financial standing of any entity at a specified date. Thus, it is also…

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5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit Credit RM RM Office equipment 12,250 9,150 3,600 Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 3,632 29,608 Account receivables and account payables Capital 6% loan to Rara 6,860 2,500 19,110 31,560 215 Purchases and sales Discount 175 Advertising Cash in hand 4,250 1,630 Provision for doubtful debts 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) Rent Drawings Maintenance and petrol Staff's wages Insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases 740 8,000 700 1,200 1,900 1,260 4,005 1,000 5,270 210 250 610 915 Returns 110 112 Inventory as at 1 January 2020 TOTAL 3,415 79,710 79,710

5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit Credit RM RM Office equipment 12,250 9,150 3,600 Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture 2,450 1,373 1,060 3,632 29,608 Account receivables and account payables Capital 6% loan to Rara 6,860 2,500 19,110 31,560 215 Purchases and sales Discount 175 Advertising Cash in hand 4,250 1,630 Provision for doubtful debts 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) Rent Drawings Maintenance and petrol Staff's wages Insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases 740 8,000 700 1,200 1,900 1,260 4,005 1,000 5,270 210 250 610 915 Returns 110 112 Inventory as at 1 January 2020 TOTAL 3,415 79,710 79,710

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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