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Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 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 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 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable Bank 1,000,000 64,000 142,300 16,800 1,500 60,000 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 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 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 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 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable Bank 1,000,000 64,000 142,300 16,800 1,500 60,000 Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 TOTAL

FINANCIAL ACCOUNTING
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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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.
Transcribed Image Text: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.
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM 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 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 Sales representative salaries Commission on sales 12,000 4,200 13,400 2,300 Rent Insurance General administration expenses Bank charges Discount allowed 4,800 5,900 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 1,421,800 1,421,800 TOTAL
Transcribed Image Text:Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM 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 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 Sales representative salaries Commission on sales 12,000 4,200 13,400 2,300 Rent Insurance General administration expenses Bank charges Discount allowed 4,800 5,900 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 1,421,800 1,421,800 TOTAL
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