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a) Prepare statement of cost production for the year ended 31 b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.

a) Prepare statement of cost production for the year ended 31 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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Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank 375 9,100 4,200 3,600 325 7,700 112,600 Cash in hand 6,000 112,600 Account receivable and account payable TOTAL Additional information: Inventory at 31 December 2020: RM2,900 i. a. Raw materials b. Finished goods Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. RM8,200 i. RM1,500 RM500 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 Insurance are to be apportioned: ¾ Factory 4 Office 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. vi. 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:Carriage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank 375 9,100 4,200 3,600 325 7,700 112,600 Cash in hand 6,000 112,600 Account receivable and account payable TOTAL Additional information: Inventory at 31 December 2020: RM2,900 i. a. Raw materials b. Finished goods Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. RM8,200 i. RM1,500 RM500 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 Insurance are to be apportioned: ¾ Factory 4 Office 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. vi. 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: Credit RM Particulars Debit RM 15,000 Сapital Drawings Sales 2,000 90,000 Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials 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 Office 1,200 750 Lighting Rent 2,500 3,750 950 Insurance Advertising Bad debts Discount received 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi
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: Credit RM Particulars Debit RM 15,000 Сapital Drawings Sales 2,000 90,000 Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials 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 Office 1,200 750 Lighting Rent 2,500 3,750 950 Insurance Advertising Bad debts Discount received 1,400 650 1,600 Prepared by: Puan Siti Nor Junita Mohd Radzi
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