Jorasmi Enterprise Trial Balance as at 31 December 2020 Debit RM Credit RM Particulars Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 TOTAL

Jorasmi Enterprise Trial Balance as at 31 December 2020 Debit RM Credit RM Particulars Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 TOTAL

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Description: rnovil8j8jhia898nvne1h7r/fbjfrrh4a1bej9uaegdje3e52rh5ri6t/1612058850000/drive/171896435987361 / 680%Tutorial 11Submission date: 1 February 2021 before 12.00pm1.Jorasmi EnterpriseTrial Balance as at 31 December 2020DebitRMCreditRMParticularsInventory

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

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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80%
Tutorial 11
Submission date: 1 February 2021 before 12.00pm
1.
Jorasmi Enterprise
Trial Balance as at 31 December 2020
Debit
RM
Credit
RM
Particulars
Inventory of raw materials 1 Jan 2020
Inventory of finished goods 1 Jan 2020
Work in progress 1 Jan 2020
21,000
38,900
13,500
Wages (direct RM180,000, factory indirect RM145,000) 325,000
7,000
3,500
370,000
230,000
12,000
31,000
7,500
13,700
44,000
30,000
11,500
12,000
4,200
13,400
2,300
4,800
5,900
Royalties
Carriage inwards (on raw materials)
Purchases of raw materials
Productive machinery (cost RM280,000)
Administration computers (cost RM20,000)
General factory expenses
Lighting
Factory power
Administration salaries
Sales representative salaries
Commission on sales
Rent
Insurance
General administration expenses
Bank charges
Discount allowed
Carriage outwards
Sales
Account receivable and accounts payable
Bank
Cash
1,000,000
64,000
142,300
16,800
1,500
60,000
Drawings
Capital as at 1 Jan 2020
357,800
TОTAL
1,421,800 1,421,800

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80%
+ |
Additional information:
i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work
in progress RM15,000
ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6
iii. Depreciation on productive machinery and administration computers at 10% per
annum on cost
Required:
a) Prepare statement of cost production for the year ended 31 December 2020.
b) Prepare statement of comprehensive income for the year ended 31 December 2020.
c) Prepare statement of financial position as at 31 December 2020.

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