Additional information:i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; workin progress RM15,000ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6i. Depreciation on productive machinery and administration computers at 10% perannum on costRequired:a) Prepare statement of cost production for the year ended 31 December 2020.b) Prepare statement of comprehensive income for the year ended 31 December 2020.c) Prepare statement of financial position as at 31 December 2020. 1.Jorasmi EnterpriseTrial Balance as at 31 December 2020ParticularsCreditDebitRMRMInventory of raw materials 1 Jan 2020Inventory of finished goods 1 Jan 2020Work in progress 1 Jan 2020Wages (direct RM180,000, factory indirect RM145,000) | 325,000RoyaltiesCarriage inwards (on raw materials)Purchases of raw materialsProductive machinery (cost RM280,000)Administration computers (cost RM20,000)General factory expensesLightingFactory powerAdministration salariesSales representative salariesCommission on sales21,00038,90013,5007,0003,500370,000230,00012,00031,0007,50013,70044,00030,00011,50012,0004,20013,4002,300RentInsuranceGeneral administration expensesBank chargesDiscount allowedCarriage outwardsSalesAccount receivable and accounts payableBankCashDrawingsCapital as at 1 Jan 20204,8005,9001,000,00064,000142,30016,8001,50060,000357,8001,421,800 1,421,800ТОTALPrepared by: Puan Siti Nor Junita Mohd Radzi

Financial statement is prepared from the trial balance which include :- Profit and loss and…

Additional information: i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work in progress RM15,000 i. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6 i. Depreciation on productive machinery and administration computers at 10% per annum on cost Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.

Additional information: i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work in progress RM15,000 i. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6 i. Depreciation on productive machinery and administration computers at 10% per annum on cost Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.

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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Question

Additional information:
i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work
in progress RM15,000
ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6
i. Depreciation on productive machinery and administration computers at 10% per
annum on cost
Required:
a) Prepare statement of cost production for the year ended 31 December 2020.
b) Prepare statement of comprehensive income for the year ended 31 December 2020.
c) Prepare statement of financial position as at 31 December 2020.

1.
Jorasmi Enterprise
Trial Balance as at 31 December 2020
Particulars
Credit
Debit
RM
RM
Inventory of raw materials 1 Jan 2020
Inventory of finished goods 1 Jan 2020
Work in progress 1 Jan 2020
Wages (direct RM180,000, factory indirect RM145,000) | 325,000
Royalties
Carriage inwards (on raw materials)
Purchases of raw materials
Productive machinery (cost RM280,000)
Administration computers (cost RM20,000)
General factory expenses
Lighting
Factory power
Administration salaries
Sales representative salaries
Commission on sales
21,000
38,900
13,500
7,000
3,500
370,000
230,000
12,000
31,000
7,500
13,700
44,000
30,000
11,500
12,000
4,200
13,400
2,300
Rent
Insurance
General administration expenses
Bank charges
Discount allowed
Carriage outwards
Sales
Account receivable and accounts payable
Bank
Cash
Drawings
Capital as at 1 Jan 2020
4,800
5,900
1,000,000
64,000
142,300
16,800
1,500
60,000
357,800
1,421,800 1,421,800
ТОTAL
Prepared by: Puan Siti Nor Junita Mohd Radzi

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