Additional information:i. Supplies as at 31st December 2019, RM34,500.ii. Insurance expense at the rate of RM850 per month.iii. Yearly depreciation on the non current assets as below:• furniture and fittings, RM5,175• motor vehicles, RM20,400.iv. Interest expense RM5,295 still payable by end of the yearv. Estimated doubtful debt at the rate of 2% of accounts receivable Question:1. Prepare an adjusted trial balance as at 31st December 2019.2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019. Metro Business Consultancies (MBC) was established in Kuala Lumpur on 1 January 2019. Thebusiness offers management, marketing and finance consultancies for small medium enterprises.Jesicca was appointed to handle about business accounting related matters. At the end of the first-year operations, MBC required to accurately report revenues earned and expenses incurred duringthat time period. MBC had the following unadjusted trial balanceMetro Business ConsultanciesUnadjusted Trial Balance as at 31s“ December 2019Account NameDebitCredit(RM)89,400105,83213,600155,500103,500(RM)CashAccounts ReceivablePrepaid InsuranceSuppliesFurniture and fittings(Purchased on 1/1/2019)|Motor Vehicles (Purchased on 1/1/2019)Purchase| Accounts PayableService Revenue| CapitalLong Term LoanUnearned Service RevenueStationeries and Printing ExpenseSalaries ExpenseUtilities ExpenseAdvertising ExpenseRent Expense204,000113,00095,209228,300350,000130,00010,000636108,0003,6005,44124,000813,509813,509

The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare an adjusted trial balance as at 31st December 2019. 2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019.

Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare an adjusted trial balance as at 31st December 2019. 2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019.

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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