5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitRMCreditRMOffice equipmentMotor vehiclesFurnitureAccumulated depreciation as at 1 January 2020:Office equipment12,2509,1503,6002,4501,3731,0603,63229,608Motor vehiclesFurnitureAccount receivables and account payablesСaptal6% loan to RaraPurchases and salesDiscount6,8602,50019,110 31,560215175AdvertisingCash in handProvision for doubtful debts4,2501,6303007408,000700Commission received6% loan from Afina Bank (taken from 1 May 2020)RentDrawingsMaintenance and petrolStaffs wagesInsuranceCash at bankCarriage inwardsCarriage outwardsTelephone and electricityDuties on purchasesReturnsInventory as at 1 January 20201,2001,9001,2604,0051,0005.2702102506109151103.41579.710 79.710112TOTAL The 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. Furniture20% p.a on carrying value15% p.a on cost10% p.a on costf. Bad debts of RM110 to be written offg. 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.ParticularsDebitRMCreditRMOffice equipmentMotor vehiclesFurnitureAccumulated depreciation as at 1 January 2020:Office equipment12,2509,1503,6002,4501

Statement of profit and loss and other comprehensive income is prepared to determine the financial…

Business

Accounting

5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM 12,250 9,150 3,600 Credit RM Office equipment Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment 2,450 1,373 1,060 3,632 29,608 Motor vehicles Furniture 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 Provision for doubtful debts 4,250 1,630 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 740 8,000 700 Rent 1,200 1,900 1,260 4,005 1,000 5.270 210 250 610 915 110 3.415 29.710 79 710 Drawings Maintenance and petrol Staffs wages insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at1 January 2020 112 TOTAL

5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM 12,250 9,150 3,600 Credit RM Office equipment Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment 2,450 1,373 1,060 3,632 29,608 Motor vehicles Furniture 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 Provision for doubtful debts 4,250 1,630 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 740 8,000 700 Rent 1,200 1,900 1,260 4,005 1,000 5.270 210 250 610 915 110 3.415 29.710 79 710 Drawings Maintenance and petrol Staffs wages insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at1 January 2020 112 TOTAL

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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