5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsCreditDebitRMRMOffice equipmentMotor vehiclesFurmitureAccumulated depreciation as at 1 January 2020:Office equipment12,2509,1503,6002,4501,3731,0603,63229,608Motor vehiclesFurniture|Account receivables and account payables|Capital6% loan to RaraPurchases and salesDiscountAdvertisingCash in handProvision for doubtful debtsCommission received6% loan from Afina Bank (taken from 1 May 2020)RentDrawingsMaintenance and petrolStaff's wagesInsuranceCash at bank|Carriage inwardsCarriage outwardsTelephone and electricityDuties on purchasesReturnsInventory as at 1 January 20206,8602,50019,110 31,5602151754,2501,6303007408,0007001,2001,9001,2604,0051,0005,2702102506109151103,41579,710 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 vehiclesi. 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

Financial statement is prepared from the trial balance which include :- Profit and loss and…

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 Motor vehicles Fumiture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture |Account receivables and account payables Capital |6% loan to Rara Purchases and sales Discount Advertising Cash in hand Provision for doubtful debts 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 Returns Inventory as at 1 January 2020 12,250 9,150 3,600 2,450 1,373 1,060 3,632 29,608 6,860 2,500 19,110 31,560 215 175 4,250 1,630 300 740 8,000 1,200 1,900 1,260 4,005 1,000 5,270 210 700 250 610 915 110 112 3,415 79,710 79.71Q TOTAL

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 Motor vehicles Fumiture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Furniture |Account receivables and account payables Capital |6% loan to Rara Purchases and sales Discount Advertising Cash in hand Provision for doubtful debts 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 Returns Inventory as at 1 January 2020 12,250 9,150 3,600 2,450 1,373 1,060 3,632 29,608 6,860 2,500 19,110 31,560 215 175 4,250 1,630 300 740 8,000 1,200 1,900 1,260 4,005 1,000 5,270 210 700 250 610 915 110 112 3,415 79,710 79.71Q 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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