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Berkat Enterpise, a trader of electronic appliances in Seremban. The business is owned by Encik Zaid. The following is the Trial Balance as at 31 December 2020 extracted from the general ledgers of Berkat Enterpise: Debit Credit RM RM Capital Land and building Motor vehicles Office equipment Accumulated depreciation: 888,550 450,000 360,000 270,000 54,000 27,000 Motor vehicles Office equipment Accounts receivable Accounts payable Cash in hand 6,700 9,500 36,200 Financing from RHB Islamic Bank Bank overdraft Allowance for doubtful debt 70,200 6,800 1,100 Inventory as at 1 Jan 2020 Purchases Sales Returns 11,600 71,320 127,450 2,100 1,600 500 800 Carriage inwards Discounts Rental received Commission received Salary expenses Repair and maintenance expenses Stationery Water and electricity Insurance expenses Telephone expenses Bad debts Total 1,200 14,800 27,300 4,700 3,400 850 2,750 7,000 1,600 980 1,230,000 1,230,000

Berkat Enterpise, a trader of electronic appliances in Seremban. The business is owned by Encik Zaid. The following is the Trial Balance as at 31 December 2020 extracted from the general ledgers of Berkat Enterpise: Debit Credit RM RM Capital Land and building Motor vehicles Office equipment Accumulated depreciation: 888,550 450,000 360,000 270,000 54,000 27,000 Motor vehicles Office equipment Accounts receivable Accounts payable Cash in hand 6,700 9,500 36,200 Financing from RHB Islamic Bank Bank overdraft Allowance for doubtful debt 70,200 6,800 1,100 Inventory as at 1 Jan 2020 Purchases Sales Returns 11,600 71,320 127,450 2,100 1,600 500 800 Carriage inwards Discounts Rental received Commission received Salary expenses Repair and maintenance expenses Stationery Water and electricity Insurance expenses Telephone expenses Bad debts Total 1,200 14,800 27,300 4,700 3,400 850 2,750 7,000 1,600 980 1,230,000 1,230,000

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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The following additional information is provided:

 

1. Closing inventory as at 31 December 2020 was valued at RM14,800.

 

2. Telephone bills are accrued by RM230 and insurance of RM500 prepaid at   31 December 2020.

 

3. The depreciation charges for the year are as follows:

Asset

Depreciation method

Depreciation rate

Motor vehicles

Reducing balance method

 15% per annum

Office equipment

Straight line method

10% per annum

4. The allowance for doubtful debts on 31 December 2020 is to be decreased by RM300.

 

5. Cash withdrew for personal use was at RM800. No record has been made.

 

You are required to prepare:

 

a. Statement of Comprehensive Income for Berjaya Enterpise for the year ended 31 December 2020                                                                                         

Question 1 Berkat Enterpise, a trader of electronic appliances in Seremban. The business is owned by Encik Zaid. The following is the Trial Balance as at 31 December 2020 extracted from the general ledgers of Berkat Enterpise: Debit Credit RM RM Capital Land and building Motor vehicles Office equipment Accumulated depreciation: 888,550 450,000 360,000 270,000 54,000 27,000 Motor vehicles Office equipment Accounts receivable Accounts payable Cash in hand Financing from RHB Islamic Bank Bank overdraft Allowance for doubtful debt Inventory as at 1 Jan 2020 Purchases Sales Returns Carriage inwards Discounts Rental received Commission received Salary expenses Repair and maintenance expenses Stationery Water and electricity Insurance expenses Telephone expenses Bad debts Total 6,700 9,500 36,200 70,200 6,800 1,100 11,600 71,320 127,450 2,100 1,600 500 800 1,200 14,800 27,300 4,700 3,400 850 2,750 7,000 1,600 980 1,230,000 1,230,000
Transcribed Image Text:Question 1 Berkat Enterpise, a trader of electronic appliances in Seremban. The business is owned by Encik Zaid. The following is the Trial Balance as at 31 December 2020 extracted from the general ledgers of Berkat Enterpise: Debit Credit RM RM Capital Land and building Motor vehicles Office equipment Accumulated depreciation: 888,550 450,000 360,000 270,000 54,000 27,000 Motor vehicles Office equipment Accounts receivable Accounts payable Cash in hand Financing from RHB Islamic Bank Bank overdraft Allowance for doubtful debt Inventory as at 1 Jan 2020 Purchases Sales Returns Carriage inwards Discounts Rental received Commission received Salary expenses Repair and maintenance expenses Stationery Water and electricity Insurance expenses Telephone expenses Bad debts Total 6,700 9,500 36,200 70,200 6,800 1,100 11,600 71,320 127,450 2,100 1,600 500 800 1,200 14,800 27,300 4,700 3,400 850 2,750 7,000 1,600 980 1,230,000 1,230,000
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