CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 1 July 2020 2021 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? Premises Equipment at net book value Inventories Accounts receivable Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 450 440 270 410 PAYMENTS Accounts Accounts receivable Sales 56,880 13,600 payable Purchases 34,690 9,200 6,320 3,640 510 Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.
CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 1 July 2020 2021 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? Premises Equipment at net book value Inventories Accounts receivable Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 450 440 270 410 PAYMENTS Accounts Accounts receivable Sales 56,880 13,600 payable Purchases 34,690 9,200 6,320 3,640 510 Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such,
he requires your assistance to determine business's profitability and financial position. Following are
the information gathered:
Business's assets and liabilities
30 June
2021
1 July 2020
Premises
Equipment at net book value
Inventories
Accounts receivable
65,00065,000
8,400 11,200
11,450 13,500
12,900 13,400
7,800 9,450
8,800 ???
450
Accounts payable
Cash at bank
Prepaid insurance
Accrued utility expense
ii.Following were the receipts and payments during
the year ended 2021:
RECEIPTS
440
270
410
PAYMENTS
Accounts
payable
Purchases
Salaries
Insurance
General expense
Utility expense
Drawings
Equipment
acquired
Repairs expense
Accounts receivable
Sales
56,880
13,600
34,690
9,200
6,320
3,640
510
2,560
11,230
3,600
4,600
CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not
been recorded yet
Bad debts of RM640 was written off.
Total discount received was RM1,120 and total discount allowed was RM1,380
Total sales return was RM330 and purchases return was RM280.
You are required to prepare:
a. Profit or loss statement for the year ended 30 June 2021.
b. Statement of financial position as at 30 June 2021.
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