Exercise : Preparation of Statement of Comprehensive Income (SOCI) and Statement of FinancialPosition (SOFP), Comprehensive ExampleQuestions:The following is the trial balance extracted from the books of Syarikat Indah Alam as at 31December 2019Syarikat Indah AlamTrial Balance as at 31 December 2019ParticularDebit (RM)Credit(RM)50,000Capital at 1 January 2019DrawingsFreehold premises (cost)Fixture and fitting (cost)Stock at 1 January 2019Cash2,40016,00016,60016,0004,600Debtors42,660CreditorsLoan from Maybank26,3925,000Bad debts640Rent4,970Bank ChargesCarriage inwardsCarriage outwards2403801,092250Discount allowedElectricityGeneral ExpensesPrinting and stationary5,7204,7502,35033,3003,480173,096SalariesTravelling expensespurchasesSales247,090Return inwards500Return outwards270Discount received276Total329,028329,028Closing stock as at 31 December 2019 was valued at RM16,100You are required to prepare:a) The statement of comprehensive income for the year ended 31 December 2019 andb) The statement of financial position as at the datec) Classify the trial balance Jtems either as the SOCI items or SOFP items9 financial pustticnStatdent ofComprehemfive

Financial statements are those statements which are prepared at the end of accounting period for the…

Exercise: Preparation of Statement of Comprehensive Income (SOCI) and Statement of Financial Position (SOFP), Comprehensive Example Questions: The following is the trial balance extracted from the books of Syarikat Indah Alam as at 31 December 2019 Syarikat Indah Alam Trial Balance as at 31 December 2019 Particular Debit (RM) Credit(RM) 50,000 Capital at 1 January 2019 Drawings 2,400 Freehold premises (cost) 16,000 16,600 Fixture and fitting (cost) Stock at 1 January 2019 Cash 16,000 4,600 Debtors 42,660 Creditors 26,392 Loan from Maybank 5,000 Bad debts 640 Rent 4,970 240 Bank Charges Carriage inwards 380 Carriage outwards 1,092 Discount allowed 250 Electricity 5,720 General Expenses 4,750 Printing and stationary 2,350 Salaries 33,300 3,480 Travelling expenses purchases 173,096 Sales 247,090 Return inwards 500 Return outwards 270 Discount received 276 Total 329,028 329,028 Closing stock as at 31 December 2019 was valued at RM16,100 You are required to prepare: a) The statement of comprehensive income for the year ended 31 December 2019 and b) The statement of financial position as at the date c) Classify the trial balance Items either as the SOCI items or SOFP items e У financial position Statent of

Exercise: Preparation of Statement of Comprehensive Income (SOCI) and Statement of Financial Position (SOFP), Comprehensive Example Questions: The following is the trial balance extracted from the books of Syarikat Indah Alam as at 31 December 2019 Syarikat Indah Alam Trial Balance as at 31 December 2019 Particular Debit (RM) Credit(RM) 50,000 Capital at 1 January 2019 Drawings 2,400 Freehold premises (cost) 16,000 16,600 Fixture and fitting (cost) Stock at 1 January 2019 Cash 16,000 4,600 Debtors 42,660 Creditors 26,392 Loan from Maybank 5,000 Bad debts 640 Rent 4,970 240 Bank Charges Carriage inwards 380 Carriage outwards 1,092 Discount allowed 250 Electricity 5,720 General Expenses 4,750 Printing and stationary 2,350 Salaries 33,300 3,480 Travelling expenses purchases 173,096 Sales 247,090 Return inwards 500 Return outwards 270 Discount received 276 Total 329,028 329,028 Closing stock as at 31 December 2019 was valued at RM16,100 You are required to prepare: a) The statement of comprehensive income for the year ended 31 December 2019 and b) The statement of financial position as at the date c) Classify the trial balance Items either as the SOCI items or SOFP items e У financial position Statent of

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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