Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book. • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method. • The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method. • Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted. Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021.

Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book. • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method. • The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method. • Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted. Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021.

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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