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(b) Karmila Trading had the following account balances as at 31 December 2020. Accounts Debit Credit (RM) (RM) Capital 54,000 Cash at bank 45,410 Cash in hand 5,250 Motor vehicle – Lorry Trade Receivables and Trade Payables 50,140 13,000 20,000 Mortgage 30,000 Opening stock 23,000 Purchases and Sales 40,000 56,000 Return inwards and Return outwards 300 200 Advertising expense Salary expense 4,800 17,000 Allowance for doubtful debt 1,800 Rent revenue 15,000 Commission revenue 5,900 Accumulated depreciation 16,000 198,900 198,900 Additional information: (i) Stock at 31 December 2020 worth RM1,920 (ii) Accrued rental revenue RM2,300 (iii) A customer, whose accounts had been written off in previous year, pays RM1,320 in cheque (iv) Lorry is depreciated at 20% on cost

(b) Karmila Trading had the following account balances as at 31 December 2020. Accounts Debit Credit (RM) (RM) Capital 54,000 Cash at bank 45,410 Cash in hand 5,250 Motor vehicle – Lorry Trade Receivables and Trade Payables 50,140 13,000 20,000 Mortgage 30,000 Opening stock 23,000 Purchases and Sales 40,000 56,000 Return inwards and Return outwards 300 200 Advertising expense Salary expense 4,800 17,000 Allowance for doubtful debt 1,800 Rent revenue 15,000 Commission revenue 5,900 Accumulated depreciation 16,000 198,900 198,900 Additional information: (i) Stock at 31 December 2020 worth RM1,920 (ii) Accrued rental revenue RM2,300 (iii) A customer, whose accounts had been written off in previous year, pays RM1,320 in cheque (iv) Lorry is depreciated at 20% on cost

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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2) Prepare Statement of Financial Position as at 31 December 2020. 

(b) Karmila Trading had the following account balances as at 31 December 2020. Accounts Debit Credit (RM) (RM) Capital 54,000 Cash at bank 45,410 Cash in hand 5,250 Motor vehicle – Lorry 50,140 Trade Receivables and Trade Payables 13,000 20,000 Mortgage 30,000 Opening stock 23,000 Purchases and Sales 40,000 56,000 Return inwards and Return outwards 300 200 Advertising expense 4,800 Salary expense 17,000 Allowance for doubtful debt 1,800 Rent revenue 15,000 Commission revenue 5,900 Accumulated depreciation 16,000 198,900 198,900 Additional information: (i) Stock at 31 December 2020 worth RM1,920 (ii) Accrued rental revenue RM2,300 A customer, whose accounts had been written off in previous year, pays RM1,320 in cheque (iii) (iv) Lorry is depreciated at 20% on cost
Transcribed Image Text:(b) Karmila Trading had the following account balances as at 31 December 2020. Accounts Debit Credit (RM) (RM) Capital 54,000 Cash at bank 45,410 Cash in hand 5,250 Motor vehicle – Lorry 50,140 Trade Receivables and Trade Payables 13,000 20,000 Mortgage 30,000 Opening stock 23,000 Purchases and Sales 40,000 56,000 Return inwards and Return outwards 300 200 Advertising expense 4,800 Salary expense 17,000 Allowance for doubtful debt 1,800 Rent revenue 15,000 Commission revenue 5,900 Accumulated depreciation 16,000 198,900 198,900 Additional information: (i) Stock at 31 December 2020 worth RM1,920 (ii) Accrued rental revenue RM2,300 A customer, whose accounts had been written off in previous year, pays RM1,320 in cheque (iii) (iv) Lorry is depreciated at 20% on cost
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