Homework Help is Here – Start Your Trial Now!
Business
Accounting
er 2

er 2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Question 5 The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM 131,789 Capital Drawings Cash and bank 227,836 30,380 Sales 1,472,940 Purchases 760,760 162,400 Accounts receivable Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 34,300 Returns inwards Returns outwards 26,040 Salaries and wages 292,600 Sundry expenses Rent (10 months) Motor vehicle expenses 2,230 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1.751.225 1.751.225 ...5/-
Transcribed Image Text:Question 5 The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM 131,789 Capital Drawings Cash and bank 227,836 30,380 Sales 1,472,940 Purchases 760,760 162,400 Accounts receivable Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 34,300 Returns inwards Returns outwards 26,040 Salaries and wages 292,600 Sundry expenses Rent (10 months) Motor vehicle expenses 2,230 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1.751.225 1.751.225 ...5/-
Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book. • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method. The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method. Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted. Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021. END OF QUESTION PAPER
Transcribed Image Text:Additional information: • Inventory as at 31 December 2021 amounted to RM79,030. • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book. • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method. The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method. Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted. Required: a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. b) Prepare the Statement of Financial Position as at 31 December 2021. END OF QUESTION PAPER
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS