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a)Prepare income statement  b)  Balancesheet

a)Prepare income statement  b)  Balancesheet

FINANCIAL ACCOUNTING
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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a)Prepare income statement 
b)  Balancesheet
The following is the Trial Balance of Myron Enterprise as at 30 June 2021, Myron Enterprise Trial Balance as at 30 June 2021 Debit Credit (RM) 180,200 48,000 1,500 3,520 (RM) 273,000 Purchases and Sales Inventory as at 1 July 2020 Import duties on purchases Cash in hand Hire purchase loan Rental Capital Account Receivables and Payables Drawings 25,000 24,000 210,240 12,240 35,060 6,800 2,550 60,000 Returns 5,200 Machineries Fixtures and fittings Accumulated depreciation: Machineries Fixtures and fittings 27,500 25,300 2,190 5,060 1,180 4,120 Dividend on investments 2,500 6,400 55,400 Discounts Carriage inwards Wages and salaries Investments 25,000 8,000 Interest on loan 141,520 12,000 Cash at BlueBank Postage and delivery
Transcribed Image Text:The following is the Trial Balance of Myron Enterprise as at 30 June 2021, Myron Enterprise Trial Balance as at 30 June 2021 Debit Credit (RM) 180,200 48,000 1,500 3,520 (RM) 273,000 Purchases and Sales Inventory as at 1 July 2020 Import duties on purchases Cash in hand Hire purchase loan Rental Capital Account Receivables and Payables Drawings 25,000 24,000 210,240 12,240 35,060 6,800 2,550 60,000 Returns 5,200 Machineries Fixtures and fittings Accumulated depreciation: Machineries Fixtures and fittings 27,500 25,300 2,190 5,060 1,180 4,120 Dividend on investments 2,500 6,400 55,400 Discounts Carriage inwards Wages and salaries Investments 25,000 8,000 Interest on loan 141,520 12,000 Cash at BlueBank Postage and delivery
Utilities 16,500 609,990 609,990 The following adjustments are needed to be taken into account prior to preparing the financial statements: 1. Inventories as at 30 June 2021 was RM52,000 and the business uses periodic inventory system. 2. The interest declared for investment was 8% per annum in year 2021 and the business made the investment on 30 September 2020. 3. The yearly depreciation rates for the business's non-current assets are as follows: 10% on straight line method 15% on reducing balance method i. Machineries ii. Fixtures and fittings 4. On 31 Dccember 2020, the owner has injected additional cash amounting of RM20,000 for the business. The cash is deposited into the BlucBank account on the next day. 5. Rental received includes RM2,000 of rental for July 2021. 6. The owner took cash out of the bank to the value of RM1,500 for his personal use. 7. There was an overpayment utilitics of RM109.
Transcribed Image Text:Utilities 16,500 609,990 609,990 The following adjustments are needed to be taken into account prior to preparing the financial statements: 1. Inventories as at 30 June 2021 was RM52,000 and the business uses periodic inventory system. 2. The interest declared for investment was 8% per annum in year 2021 and the business made the investment on 30 September 2020. 3. The yearly depreciation rates for the business's non-current assets are as follows: 10% on straight line method 15% on reducing balance method i. Machineries ii. Fixtures and fittings 4. On 31 Dccember 2020, the owner has injected additional cash amounting of RM20,000 for the business. The cash is deposited into the BlucBank account on the next day. 5. Rental received includes RM2,000 of rental for July 2021. 6. The owner took cash out of the bank to the value of RM1,500 for his personal use. 7. There was an overpayment utilitics of RM109.
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