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 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

In the context of the given question, we are required to identify the value to be recorded on 31…

Answered: Encik Amir, the owner of Smart Trading,…

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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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.

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