Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020:(Ahmad Ai, yang menjalankan perniagaan runcit, Teguh Harian Ltd, mewpw yai baki-baki berikut yangdiekstrak daripada buku-buku pemiagaan pada 30 Jun 2020:)Account NameRMRMAccount Receivable and Account PayableCarriage inwardsInventory as at 1 July 2019Carriage outwardsDiscount allowed and discount receivedUtilities72,440165,5203,52065,9804,3602,68025,10060Loan from Miko bank80,000Returns inwards and retum outwards3,8403,580Bank10,400Premises160,00056,000Motor VehiclesFurniture and fittings27,600Cash2,160Accumulated depreciation as at 1 July 2019Motor vehiclesFumiture and fittingsSalaries and wagesBad debts20,1608.28068,6002,940Rent received7,500Printing and statianeryDrawingsInsurance expenses9,4003,56018,200Purchases and SalesAllowance for doubtful debtsCapital as at 1 July 2019592,380844,3005,920180,0001.222.2401.222.240 N 19 100%I 14:13CTSha.pdfAdditional information as at 30 June 2020:(Maklumat tambahan berikar pada 30 Jan 200Provision for depreciation are to be provided based on the following(Perannalam saat nilai disediakan bendararkan pada perkana berikat)• Motor vehicles|Kendern bermter)20% on book value, yearly basis(20 atas nikei buda, kadar sahunan• Furniture and fitings(Lakapan dan lengkapan10% on cest, yearly basis(10% mas kos, kader nalunan)(i)A portion of the business premises was rented out for RMI,500 month starting from IMarch 2020.(Sehahagian daripeda premis pemiegaan diarna dengan harga RM,500 nehulan mulai I Mac 2020)(i) A debtor, Tan was declare a bankrupt in January 2020. The amount owed by himamounting to RM2,720 has not been adjusted yet.(Searang penghutang. Tan ditiharkan muflia pala Janmari 2020. Jumlh yang terhutang kapadanyaberjumlah RM2,720 belum diselanaskanA debtor Azam, paid RM740 in cash for his debt which has boen written off two yearsago.Seorang penphatang Asam, membayar wang nanai RM740 anak hutangya yang telah dihapuskandus nahan sebelumIt is the policy af the firm to provide 5% provision of doubtful debts on the outstandingaccount receivable.(Adalah menjadi danar syarikar untak menberikan peruntukan kutang nagu 5% atar hutang(v)Miko hank appoved the loan in January 2020 and charged interest at the rate af 8% perannum thereon.|Miko Bank melulakan pinjaman pada Janari 2020 dan dikenakan fandah pada kadar 8% setahan diatesnya(vi)(vi) The amount of insurance premium paid is for a coverage period of 13 month startingfrom Fehruary 2020.Janlah prewiam insaranu yang dihayar adalah antuk tempoh perimdungen selama 13 balan hermaladari Februari 2020(vii) The expenses below are still outstanding as at year end.(Perbelanjaan di beuah masih belum selesai pada akhir sahun)• Salaries and wages|Gaji dan upah• UtilitiesRM4,690RM710The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cashfor personal use(Penilik selah menggnakan sejamiah barang bemilai RM12680 dav amengelarkan wang nanaiRML00 wnd eg mem perihadiInventory as at 30 June 2020 was RM69.900.(Iaventari pada 30 Jun 2020 adalah RM.9o.j(X)Required:(DNkchendaki:a) Prepare Statement of Profit ar Loss and Other Comprehensive Income for the year ended 30June 2020.(Sediakan Panyata Umng atau Rugi dan Pendapatam Komprehensif Lain hagi sahun berakhir 30 Jan 2020)b) Prepare the Statement of Financial Position on as at 30 June 2020.Sediakan Penyata Kedulakm Kewmgan pada 30 Jam 2020CANCELPONE

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Account Name RM RM Account Receivable and Account Payable Carriage inwards Inventory as at 1 July 2019 Carriage outwards Discount allowed and discount received 165,520 3,520 65,980 4,360 2,680 25,100 72,440 60 Utilities Loan from Miko bank Returns inwards and returm outwards 80,000 3,580 3,840 Bank 10,400 Premises Motor Vehicles Furniture and fittings Cash Accumulated depreciation as at 1 July 2019 • Motor vehicles • Fumiture and fittings Salaries and wages Bad debts Rent received Printing and stationery Drawings Insurance expenses Purchases and Sales Allowance for doubtful debts Capital as at 1 July 2019 160,000 56,000 27,600 2,160 20.160 8.280 68,600 2,940 7,500 9,400 3,560 18,200 592,380 844.300 5,920 180,000 1.222.240 1222.240

Account Name RM RM Account Receivable and Account Payable Carriage inwards Inventory as at 1 July 2019 Carriage outwards Discount allowed and discount received 165,520 3,520 65,980 4,360 2,680 25,100 72,440 60 Utilities Loan from Miko bank Returns inwards and returm outwards 80,000 3,580 3,840 Bank 10,400 Premises Motor Vehicles Furniture and fittings Cash Accumulated depreciation as at 1 July 2019 • Motor vehicles • Fumiture and fittings Salaries and wages Bad debts Rent received Printing and stationery Drawings Insurance expenses Purchases and Sales Allowance for doubtful debts Capital as at 1 July 2019 160,000 56,000 27,600 2,160 20.160 8.280 68,600 2,940 7,500 9,400 3,560 18,200 592,380 844.300 5,920 180,000 1.222.240 1222.240

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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HAURA DESIGN COMPANY TRIAL BALANCE AS AT 30 JUNE 2020 Accounts Debit Credit RM RM Cash 21,050 Accounts Receivable 6,300 5,000 Inventory Accounts Payable 18,000 Vehicles 80,000 Accumulated Depreciation -Vehicles Humaira Capital Humaira Drawings Freight In Freight Out 32,000 51,800 1,150 800 1,600 Purchase Insurance 500 Sales Return and Allowances 2,100 Purchase Return and Allowances 2,000 Sales Discount 500 Purchase Discount 1400 Sales 70,200 Purchases 35,000 Insurance Expense 600 Interest Revenue 1,100 Salaries Expense 6,000 Rental Revenue 800 Depreciation Expense-Vehicle Bad Debt Expense Prepaid Insurance Salaries Payable Unearned Rental Revenue 16,000 400 1,200 500 400 178,200 178,200 Additional Informations : 1. Inventory as at June 30, 2020 is RM6,300. 2. Net income = RM 13,300 Required : 1. Prepare a Statement of Owner's Equity for the year ended June 30, 2020. 2. Prepare a Statement of Financial Position as at June 30, 2020.
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