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ABFA1173 Principles of Accounting Tutorial 11- Prenaration of Financial Statements of Sole Pronrictorshin Question 1: Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Dr RM 50,000 40,000 Additional information: 1. Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 3. Received utilities bill RM450 for August 20X1, but no payment has 8,000 been made 4. Motor Vehicles Accumulated depreciation: motor vehicles Drawings Саpital 70,000 Insurance premium was paid for the year ended 31 December 20X0 25,200 5. Received rent for the six months ended 30 September 20x1 19,100 6. An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be increased to RM2,250. 7. Depreciation is to be provided as follows: Furniture & fittings 140,000 25,000 Loan Inventory as at I September 20X0 Purchases and Sales Returns 29,300 89,100 3,800 4,500 36,000 2,300 177,300 2,600 : 20% per annum at cost : 20% per annum using straight-line method Carriage Wages and salaries Discounts Rent Interest Office equipment 1,300 4,800 20% per annum using reducing-balance method Motor vehieles Insurance Utilities Bad debts 1,800 3,600 5,000 1,900 46,600 Required: (a) Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1. Trade receivables and payables Allowance for doubtful debts 31,300 1,500 Bank Cash 11,000 3,000 417,000 (b) Prepare the Statement of Financial Position as at that date. 417,000

ABFA1173 Principles of Accounting Tutorial 11- Prenaration of Financial Statements of Sole Pronrictorshin Question 1: Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Dr RM 50,000 40,000 Additional information: 1. Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 3. Received utilities bill RM450 for August 20X1, but no payment has 8,000 been made 4. Motor Vehicles Accumulated depreciation: motor vehicles Drawings Саpital 70,000 Insurance premium was paid for the year ended 31 December 20X0 25,200 5. Received rent for the six months ended 30 September 20x1 19,100 6. An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be increased to RM2,250. 7. Depreciation is to be provided as follows: Furniture & fittings 140,000 25,000 Loan Inventory as at I September 20X0 Purchases and Sales Returns 29,300 89,100 3,800 4,500 36,000 2,300 177,300 2,600 : 20% per annum at cost : 20% per annum using straight-line method Carriage Wages and salaries Discounts Rent Interest Office equipment 1,300 4,800 20% per annum using reducing-balance method Motor vehieles Insurance Utilities Bad debts 1,800 3,600 5,000 1,900 46,600 Required: (a) Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1. Trade receivables and payables Allowance for doubtful debts 31,300 1,500 Bank Cash 11,000 3,000 417,000 (b) Prepare the Statement of Financial Position as at that date. 417,000

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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ABFA1173 Principles of Accounting Tutorial 11- Prenaration of Financial Statements of Sole Pronrietorshin Question 1: Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Additional information: 1. Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse 3. Received utilities bill RM450 for August 20X1, but no payment has Dr RM RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 50,000 40,000 8,000 been made 4. Insurance premium was paid for the year ended 31 December 20X0 5. Received rent for the six months ended 30 September 20X1 An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be Motor Vehicles 70,000 Accumulated depreciation: motor vehicles Drawings Сapital Loan 25,200 19,100 6. 140,000 25,000 increased to RM2,250. Depreciation is to be provided as follows: Furniture & fittings 29,300 89,100 3,800 4,500 36,000 2,300 Inventory as at 1 September 20X0 7. Purchases and Sales 177,300 2,600 : 20% per annum at cost Returns Office equipment Сariage Wages and salaries Discounts : 20% per annum using straight-line method 1,300 4,800 Rent Motor vehicles 20% per annum using reducing-balance method Interest 1,800 3,600 5,000 1,900 Insurance Required: (a) Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1. Utilities Bad debts Trade receivables and payables Allowance for doubtful debts 46,600 31,300 1,500 Bank (b) Prepare the Statement of Financial Position as at that date. 11,000 3,000 417,000 Cash 417,000
Transcribed Image Text:ABFA1173 Principles of Accounting Tutorial 11- Prenaration of Financial Statements of Sole Pronrietorshin Question 1: Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Additional information: 1. Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse 3. Received utilities bill RM450 for August 20X1, but no payment has Dr RM RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 50,000 40,000 8,000 been made 4. Insurance premium was paid for the year ended 31 December 20X0 5. Received rent for the six months ended 30 September 20X1 An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be Motor Vehicles 70,000 Accumulated depreciation: motor vehicles Drawings Сapital Loan 25,200 19,100 6. 140,000 25,000 increased to RM2,250. Depreciation is to be provided as follows: Furniture & fittings 29,300 89,100 3,800 4,500 36,000 2,300 Inventory as at 1 September 20X0 7. Purchases and Sales 177,300 2,600 : 20% per annum at cost Returns Office equipment Сariage Wages and salaries Discounts : 20% per annum using straight-line method 1,300 4,800 Rent Motor vehicles 20% per annum using reducing-balance method Interest 1,800 3,600 5,000 1,900 Insurance Required: (a) Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1. Utilities Bad debts Trade receivables and payables Allowance for doubtful debts 46,600 31,300 1,500 Bank (b) Prepare the Statement of Financial Position as at that date. 11,000 3,000 417,000 Cash 417,000
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