Below is the Trial Balance of L&G Trading as at 31 December 2019: RM RM Capital 300,000 Computer & Software 30,000 Office Equipment 12,500 Motor Vehicles 285,000 Sales 885,500 Purchases 525,000 Sales Returns 3,150 Purchases Returns 1,550 Carriage Inwards 1,450 Fire Insurance 2,640 Rental 72,000 Water & Electricity 24,650 Salaries 108,000 Sundry Expenses 750 Printing & Stationery 880 Telephone Charges 3,430 Opening Stocks 42,350 Incentive 5,700 Discount Received 650 Cash in Hand 2,550 Cash at Bank 19,620 Trade Receivables 74,500 Trade Payables 26,470 1,214,170 1,214,170 …4/- Additional information : i. Stocks on 31 December 2019 was RM45,360. ii. Fixed assets are to be depreciated at 20% on cost. iii. Electricity charges payable as at 31 December 2019 was RM1,250. iv. Provision for doubtful debts is set at 2%. Required: a. Prepare the Statement of Comprehensive Income for the year ended 31 December 2019. b. Prepare the Statement of Financial Position as at 31 December 2019
Below is the
RM RM Capital 300,000 Computer & Software 30,000 Office Equipment 12,500 Motor Vehicles 285,000 Sales 885,500 Purchases 525,000 Sales Returns 3,150 Purchases Returns 1,550 Carriage Inwards 1,450 Fire Insurance 2,640 Rental 72,000 Water & Electricity 24,650 Salaries 108,000 Sundry Expenses 750 Printing & Stationery 880 Telephone Charges 3,430 Opening Stocks 42,350 Incentive 5,700 Discount Received 650 Cash in Hand 2,550 Cash at Bank 19,620 Trade Receivables 74,500 Trade Payables 26,470 1,214,170 1,214,170
…4/-
Additional information : i. Stocks on 31 December 2019 was RM45,360. ii. Fixed assets are to be
Required:
a. Prepare the Statement of Comprehensive Income for the year ended 31 December 2019. b. Prepare the Statement of Financial Position as at 31 December 2019.
Step by step
Solved in 3 steps with 3 images
