Additional Informations: 1. Inventory as at June 30, 2020 is RM6,300. 2. Annual salaries expense is RM6,000. Salaries for the month of June 2020, is unpaid and unrecorded. 3. The insurance policy RM1,800 paid to Syarikat Takaful Malaysia Bhd. is for 6 months beginning May 1, 2020. 4. Company received RM1,200 on March 1, 2020 for sixth-month rental. 5. On June 30, 2020, RM200 merchandises have been delivered to customer but not yet recorded. 6. One of the Accounts Receivable, Puan Shamsiah has been declared bankrupt and RM400 should be considered as a bad debt. 7. Purchase discounts of RM200 has been recorded as Purchase Returns and Allowances. 8. Vehicles depreciation rate is 20% per annum on cost. 9. Madam Haura used RM150 cash to buy her children's stationery and the transaction is not yet recorded. Required: a. Prepare (CLO3, C4) the adjusting journal entries on June 30, 2020. b. Prepare (CLO3, C3) an Adjusted Trial Balance as at June 30, 2020. c. Prepare (CL03, C3) a Statement of Comprehensive Income for the year ended June 30, 2020.
Additional Informations: 1. Inventory as at June 30, 2020 is RM6,300. 2. Annual salaries expense is RM6,000. Salaries for the month of June 2020, is unpaid and unrecorded. 3. The insurance policy RM1,800 paid to Syarikat Takaful Malaysia Bhd. is for 6 months beginning May 1, 2020. 4. Company received RM1,200 on March 1, 2020 for sixth-month rental. 5. On June 30, 2020, RM200 merchandises have been delivered to customer but not yet recorded. 6. One of the Accounts Receivable, Puan Shamsiah has been declared bankrupt and RM400 should be considered as a bad debt. 7. Purchase discounts of RM200 has been recorded as Purchase Returns and Allowances. 8. Vehicles depreciation rate is 20% per annum on cost. 9. Madam Haura used RM150 cash to buy her children's stationery and the transaction is not yet recorded. Required: a. Prepare (CLO3, C4) the adjusting journal entries on June 30, 2020. b. Prepare (CLO3, C3) an Adjusted Trial Balance as at June 30, 2020. c. Prepare (CL03, C3) a Statement of Comprehensive Income for the year ended June 30, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Haura Design Company (HDC), own by Madam Haura located in Arau, involves in selling
muslimah attires. HDC started operations in July, 2018. The Unadjusted Trial Balance at
June 30, 2020 is as follows:
Haura Design Company
Unadjusted Trial Balance
as at June 30, 2020
Debit
Credit
(RM)
(RM)
Cash
21,200
Accounts Receivable
6,500
Inventory as at July 1, 2019
5,000
Accounts Payable
18,000
Vehicles
80,000
Accumulated Depreciation-Vehicles
16,000
Capital, Haura
51,800
Drawings, Haura
1,000
Freight-in
800
Freight-out
1,600
Purchase Insurance
500
Sales Returns and Allowances
2,100
Purchase Returns and Allowances
2,200
Sales Discounts
500
Purchase Discounts
1,200
Sales
70,000
Purchases
35,000
Insurance Expense
1,800
Interest Revenue
1,100
Salaries Expense
5,500
Rental Revenue
1,200
Total
161,500
161,500
Transcribed Image Text:Additional Informations:
1. Inventory as at June 30, 2020 is RM6,300.
2. Annual salaries expense is RM6,000. Salaries for the month of June 2020, is unpaid and
unrecorded.
3. The insurance policy RM1,800 paid to Syarikat Takaful Malaysia Bhd. is for 6 months
beginning May 1, 2020.
4. Company received RM1,200 on March 1, 2020 for sixth-month rental.
5. On June 30, 2020, RM200 merchandises have been delivered to customer but not yet
recorded.
6. One of the Accounts Receivable, Puan Shamsiah has been declared bankrupt and RM400
should be considered as a bad debt.
7. Purchase discounts of RM200 has been recorded as Purchase Returns and Allowances.
8. Vehicles depreciation rate is 20% per annum on cost.
9. Madam Haura used RM150 cash to buy her children's stationery and the transaction is not
yet recorded.
Required:
a. Prepare (CLO3, C4) the adjusting journal entries on June 30, 2020.
а.
b. Prepare (CLO3, C3) an Adjusted Trial Balance as at June 30, 2020.
c. Prepare (CLO3, C3) a Statement of Comprehensive Income for the year ended June 30, 2020.
d. Prepare (CLO3, C3) a Statement of Owner's Equity for the year ended June 30, 2020.
e. Prepare (CLO3, C3) a Statement of Financial Position as at June 30, 2020.
* Notes: All the calculations should be clearly shown.
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