Aurora Beauty Sdn. Bhd. has an accounting year ended 31 December every year. The following trial balance was prepared for the year ended 31 December 2023: RM RM Sales and Purchases 300,000 800,000 Discount allowed 2,000 Discount received 8,000 Stock as at 1 January 2023 20,000 Utility bills 8,000 Return inwards 3,200 Return outwards 8,000 Salaries and wages 38,000 Bad debts 2,000 Rental income 7,000 Vehicles 180,000 Provision for depreciation on vehicles 87,840 Fixtures and fittings 80,000 Provision for depreciation on fixtures and fittings 40,000 Debtors and Creditors 17,000 80,000 Provision for doubtful debts 2,000 Bank loan 30,000 Cash in hand 1,800 Cash at bank 590,840 Capital 200,000 Drawings 20,000 1,262,840 1,262,840 You are given the following additional information on 31 December 2023: 1. Stock as at 31 December 2023 was RM28,000. 2. Utility bills paid in advance amounted to RM3,000. 3. Salaries and wages still accrued for RM8,000. 4. Rental income was accrued for RM3,000. 5. The provision for doubtful debts will be provided at 5% on debtors. 6. Annual depreciation are as follows: Assets Vehicles Fixtures and fittings Required: Rate Method 20% 10% Reducing balance Straight line (i) Prepare the Income Statement of Aurora Beauty Sdn. Bhd. for the year ended 31 December 2023. (ii) Prepare the Balance Sheet of Aurora Beauty Sdn. Bhd. as at 31 December 2023.
Aurora Beauty Sdn. Bhd. has an accounting year ended 31 December every year. The following trial balance was prepared for the year ended 31 December 2023: RM RM Sales and Purchases 300,000 800,000 Discount allowed 2,000 Discount received 8,000 Stock as at 1 January 2023 20,000 Utility bills 8,000 Return inwards 3,200 Return outwards 8,000 Salaries and wages 38,000 Bad debts 2,000 Rental income 7,000 Vehicles 180,000 Provision for depreciation on vehicles 87,840 Fixtures and fittings 80,000 Provision for depreciation on fixtures and fittings 40,000 Debtors and Creditors 17,000 80,000 Provision for doubtful debts 2,000 Bank loan 30,000 Cash in hand 1,800 Cash at bank 590,840 Capital 200,000 Drawings 20,000 1,262,840 1,262,840 You are given the following additional information on 31 December 2023: 1. Stock as at 31 December 2023 was RM28,000. 2. Utility bills paid in advance amounted to RM3,000. 3. Salaries and wages still accrued for RM8,000. 4. Rental income was accrued for RM3,000. 5. The provision for doubtful debts will be provided at 5% on debtors. 6. Annual depreciation are as follows: Assets Vehicles Fixtures and fittings Required: Rate Method 20% 10% Reducing balance Straight line (i) Prepare the Income Statement of Aurora Beauty Sdn. Bhd. for the year ended 31 December 2023. (ii) Prepare the Balance Sheet of Aurora Beauty Sdn. Bhd. as at 31 December 2023.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Aurora Beauty Sdn. Bhd. has an accounting year ended 31 December every year. The following trial
balance was prepared for the year ended 31 December 2023:
RM
RM
Sales and Purchases
300,000
800,000
Discount allowed
2,000
Discount received
8,000
Stock as at 1 January 2023
20,000
Utility bills
8,000
Return inwards
3,200
Return outwards
8,000
Salaries and wages
38,000
Bad debts
2,000
Rental income
7,000
Vehicles
180,000
Provision for depreciation on vehicles
87,840
Fixtures and fittings
80,000
Provision for depreciation on fixtures and fittings
40,000
Debtors and Creditors
17,000
80,000
Provision for doubtful debts
2,000
Bank loan
30,000
Cash in hand
1,800
Cash at bank
590,840
Capital
200,000
Drawings
20,000
1,262,840
1,262,840
You are given the following additional information on 31 December 2023:
1. Stock as at 31 December 2023 was RM28,000.
2. Utility bills paid in advance amounted to RM3,000.
Transcribed Image Text:3. Salaries and wages still accrued for RM8,000.
4. Rental income was accrued for RM3,000.
5. The provision for doubtful debts will be provided at 5% on debtors.
6. Annual depreciation are as follows:
Assets
Vehicles
Fixtures and fittings
Required:
Rate
Method
20%
10%
Reducing balance
Straight line
(i) Prepare the Income Statement of Aurora Beauty Sdn. Bhd. for the year ended 31 December 2023.
(ii) Prepare the Balance Sheet of Aurora Beauty Sdn. Bhd. as at 31 December 2023.
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