Net profit?Grey Grig LtdTrial Balance as at 30 June 2019ParticularsEquipment rentalInsuranceLighting and heating expensesMotor expensesSalaries and wagesSalesPurchaseSundry expensesLorryAccount payableAccount receivableFixturesShopCash at bankDrawingsCapitalTOTALDebit (RM) Credit (RM)9401,8041,9902,35048,580382,420245,95062419,40023,40844,5164,600174,00011,34644,000194,272600,100600.100

Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Debit (RM) Credit (RM) 940 1,804 1,990 2,350 48,580

Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Debit (RM) Credit (RM) 940 1,804 1,990 2,350 48,580

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Net profit?
Grey Grig Ltd
Trial Balance as at 30 June 2019
Particulars
Equipment rental
Insurance
Lighting and heating expenses
Motor expenses
Salaries and wages
Sales
Purchase
Sundry expenses
Lorry
Account payable
Account receivable
Fixtures
Shop
Cash at bank
Drawings
Capital
TOTAL
Debit (RM) Credit (RM)
940
1,804
1,990
2,350
48,580
382,420
245,950
624
19,400
23,408
44,516
4,600
174,000
11,346
44,000
194,272
600,100
600.100

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