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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