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.

Intermediate Accounting: Reporting And Analysis
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ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
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Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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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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