Encik Amir, the owner of Smart Trading, has given to you the following balances taken from his business books as at 31 December 2017. Debit (RM) Credit (RM) Insurance 3,700 Utilities 1,500 Rent received 2,700 10% Deposit Account 10,000 Deposit Interest revenue 500 Additional Information: Rent received is for the period from 1 January 2017 to 31 March 2018. RM200 of utilities was paid in advance. Insurance amounting RM1,000 was still outstanding at the end of the accounting period. Interest on deposit account is 10% per annum. Identify the value to be recorded on 31 December 2017 in SOPL and SOFP.

Encik Amir, the owner of Smart Trading, has given to you the following balances taken from his business books as at 31 December 2017. Debit (RM) Credit (RM) Insurance 3,700 Utilities 1,500 Rent received 2,700 10% Deposit Account 10,000 Deposit Interest revenue 500 Additional Information: Rent received is for the period from 1 January 2017 to 31 March 2018. RM200 of utilities was paid in advance. Insurance amounting RM1,000 was still outstanding at the end of the accounting period. Interest on deposit account is 10% per annum. Identify the value to be recorded on 31 December 2017 in SOPL and SOFP.

Name: Encik Amir, the owner of Smart Trading, has given to you the following
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Description: Encik Amir, the owner of Smart Trading, has given to you the following balances taken from his business books as at 31 December 2017. Debit (RM)Credit (RM)Insurance3,700 Utilities1,500 Rent received 2,70010% Deposit Account10,000 Deposit Interest rev

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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