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A Statement of Profit or Loss for the year ended 30 June 2022. b. A Statement of Financial Position as at 30 June 2022. a. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM.

A Statement of Profit or Loss for the year ended 30 June 2022. b. A Statement of Financial Position as at 30 June 2022. a. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM.

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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Additional information: 1. a. 4. 5. 3. 6. 2. Inventory as at 30 June 2022 was valued at RM 45,000. The following were the prepayments as at 30 June 2022: Prepaid commission revenues Prepaid insurance expenses RM5,000 RM2,500 An invoice for maintenance and repair costs amounted to RM7,000 was not yet paid as at 30 June 2022. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 February 2022. The owner took goods worth RM200 for his personal consumption. Depreciation for the year is to be provided as follows: Motor Vehicle Machinery Fixtures & Fittings 15% per annum reducing balance method, yearly basis 10% per annum straight line method, yearly basis 10% per annum straight line method, yearly basis 7. RM600 need to be written off as bad debt when one of the credit customers was declared bankrupt and allowance for doubtful debt is to be adjusted to RM704. Required: A Statement of Profit or Loss for the year ended 30 June 2022. b. A Statement of Financial Position as at 30 June 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM.
Transcribed Image Text:Additional information: 1. a. 4. 5. 3. 6. 2. Inventory as at 30 June 2022 was valued at RM 45,000. The following were the prepayments as at 30 June 2022: Prepaid commission revenues Prepaid insurance expenses RM5,000 RM2,500 An invoice for maintenance and repair costs amounted to RM7,000 was not yet paid as at 30 June 2022. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 February 2022. The owner took goods worth RM200 for his personal consumption. Depreciation for the year is to be provided as follows: Motor Vehicle Machinery Fixtures & Fittings 15% per annum reducing balance method, yearly basis 10% per annum straight line method, yearly basis 10% per annum straight line method, yearly basis 7. RM600 need to be written off as bad debt when one of the credit customers was declared bankrupt and allowance for doubtful debt is to be adjusted to RM704. Required: A Statement of Profit or Loss for the year ended 30 June 2022. b. A Statement of Financial Position as at 30 June 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM.
QUESTION 2 The following is the trial balance extracted from the books of Mutiara Trading as at 30 June 2022. Sales Purchases Discounts allowed Drawings Carriage outwards Commission revenues Administrative expenses Capital Cash at bank Cash in hand Accounts payable Advertising Carriage inwards Accounts receivable Allowance for doubtful debts as at 1 July 2021 Insurance 5% Loan from BBC Bank Rental expenses Interest on loan Patents Maintenance and repairs Return inwards Return outwards Sundry expenses Inventory as at 1 July 2021 Discounts received Wages and salaries Water and electricity Motor vehicle Machinery Fixtures & Fittings Accumulated depreciation as at 1 July 2021: Motor Vehicle Machinery Debit (RM) 344,500 15,200 5,800 800 7,500 Credit (RM) 549,800 250,000 15,000 11,700 4,600 35,800 13,800 15,600 22,500 12,000 10,200 13,400 7,200 85.600 15,700 300,000 50,200 15,040 350,000 240,000 30,400 20,900 1,556,840 1,500 450,000 3,700 9,700 157,540 48,000 1,556,840
Transcribed Image Text:QUESTION 2 The following is the trial balance extracted from the books of Mutiara Trading as at 30 June 2022. Sales Purchases Discounts allowed Drawings Carriage outwards Commission revenues Administrative expenses Capital Cash at bank Cash in hand Accounts payable Advertising Carriage inwards Accounts receivable Allowance for doubtful debts as at 1 July 2021 Insurance 5% Loan from BBC Bank Rental expenses Interest on loan Patents Maintenance and repairs Return inwards Return outwards Sundry expenses Inventory as at 1 July 2021 Discounts received Wages and salaries Water and electricity Motor vehicle Machinery Fixtures & Fittings Accumulated depreciation as at 1 July 2021: Motor Vehicle Machinery Debit (RM) 344,500 15,200 5,800 800 7,500 Credit (RM) 549,800 250,000 15,000 11,700 4,600 35,800 13,800 15,600 22,500 12,000 10,200 13,400 7,200 85.600 15,700 300,000 50,200 15,040 350,000 240,000 30,400 20,900 1,556,840 1,500 450,000 3,700 9,700 157,540 48,000 1,556,840
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