A. Amina Importers Sdn. Bhd. is involved with importation of canned products and generaltrading. The Statement of Financial Position prepared by the accounts clerk is as follows:Amina Importers Sdn. Bhd.Statement of Financial Position as at 31 December 2020RMRMRMCostAccumulatedNet BookDepreciationValueNon-current assetsPremises500,000(100,000)400,000Fixtures andfittings300,000(50,000)(50,000)250,000Motor vehicles192,000142,000792,000Current AssetsInventory200,000160,000Accounts receivablesBank130,000490,0001,282,000Owner's EquityСapital800,000Add: Net profit123,000Less: Drawings|(21,000)902,000Non-current LiabilitiesLoan from Progressive Bank Berhad278,000Current LiabilitiesAccounts payableAccrued expenses82,00020,000102,0001,282,000 However, the clerk made several errors which correction, as follows:(a) The bank balance includes RM25,000 of Amina's (the owner) personal account.(b) On December 31, 2020, Amina purchased fixtures and fittings a total of RM10,000 anda notes payable was issued to the supplier which was due in March 2021. This purchaseand the notes payable have not been recorded.(c) Included in the motor vehicles was Amina's personal car, which was purchased forRM80,000 early 2020 using the company's cash. A depreciation for this car for 2021 wasRM1,000.(d) A total of RM30,000 was collected from a customer from his earlier credit sale. Thecustomer issued a note which was due in February 2021. This sale has not beenrecorded.Required:Prepare a corrected Statement of Financial Position for Amina Importers Sdn. Bhd. As at 31December, 2020.

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A. Amina Importers Sdn. Bhd. is involved with importation of canned products and genera trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets Premises 500,000 (100,000) 400,000 Fixtures and 300,000 (50,000) (50,000) fittings 250,000 Motor vehicles 192,000 142,000 792,000 Current Assets Inventory 200,000 160,000 Accounts receivables Bank 130,000 490,000 1,282,000 Owner's Equity Саpital 800,000 Add: Net profit 123,000 Less: Drawings (21,000) 902,000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,000

A. Amina Importers Sdn. Bhd. is involved with importation of canned products and genera trading. The Statement of Financial Position prepared by the accounts clerk is as follows: Amina Importers Sdn. Bhd. Statement of Financial Position as at 31 December 2020 RM RM RM Cost Accumulated Net Book Depreciation Value Non-current assets Premises 500,000 (100,000) 400,000 Fixtures and 300,000 (50,000) (50,000) fittings 250,000 Motor vehicles 192,000 142,000 792,000 Current Assets Inventory 200,000 160,000 Accounts receivables Bank 130,000 490,000 1,282,000 Owner's Equity Саpital 800,000 Add: Net profit 123,000 Less: Drawings (21,000) 902,000 Non-current Liabilities Loan from Progressive Bank Berhad 278,000 Current Liabilities Accounts payable Accrued expenses 82,000 20,000 102,000 1,282,000

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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