Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balances  extracted from the books of the business on 30 June 2020:   Account Name RM RM Account Receivable and Account Payable 165,520 72,440 Carriage inwards 3,520   Inventory as at 1 July 2019 65,980   Carriage outwards 4,360   Discount allowed and discount received 2,680 60 Utilities             25,100   Loan from Miko bank   80,000 Returns inwards and return outwards 3,840 3,580 Bank 10,400   Premises 160,000   Motor Vehicles 56,000   Furniture and fittings 27,600   Cash 2,160   Accumulated depreciation as at 1 July 2019     ∙ Motor vehicles   20,160 ∙ Furniture and fittings   8,280 Salaries and wages 68,600   Bad debts 2,940   Rent received   7,500 Printing and stationery 9,400   Drawings 3,560   Insurance expenses 18,200   Purchases and Sales 592,380 844,300 Allowance for doubtful debts   5,920 Capital as at 1 July 2019   180,000   1,222,240 1,222,240   Additional information as at 30 June 2020: [Maklumat tambahan berikut pada 30 Jun 2020:] (i) Provision for depreciation are to be provided based on the following. [Peruntukan susut nilai disediakan berdasarkan pada perkara berikut.] ∙ Motor vehicles 20% on book value, yearly basis [Kenderaan bermotor] [20% atas nilai buku, kadar tahunan] ∙ Furniture and fittings 10% on cost, yearly basis [Lekapan dan lengkapan] [10% atas kos, kadar tahunan] (ii) A portion of the business premises was rented out for RM1,500 month starting from 1  March 2020. [Sebahagian daripada premis perniagaan disewa dengan harga RM1,500 sebulan mulai 1 Mac 2020.] (iii) A debtor, Tan was declare a bankrupt in January 2020. The amount owed by him  amounting to RM2,720 has not been adjusted yet. [Seorang penghutang, Tan diisytiharkan muflis pada Januari 2020. Jumlah yang terhutang kepadanya  berjumlah RM2,720 belum diselaraskan.] (iv) A debtor Azam, paid RM740 in cash for his debt which has been written off two years  ago. [Seorang penghutang Azam, membayar wang tunai RM740 untuk hutangnya yang telah dihapuskan  dua tahun sebelum.] (v) It is the policy of the firm to provide 5% provision of doubtful debts on the outstanding  account receivable. [Adalah menjadi dasar syarikat untuk memberikan peruntukan hutang ragu 5% atas hutang  tertunggak.] (vi) Miko bank approved the loan in January 2020 and charged interest at the rate of 8% per  annum thereon. [Miko Bank meluluskan pinjaman pada Januari 2020 dan dikenakan faedah pada kadar 8% setahun di  atasnya.] (vii) The amount of insurance premium paid is for a coverage period of 13 month starting  from February 2020. [Jumlah premium insurans yang dibayar adalah untuk tempoh perlindungan selama 13 bulan bermula dari Februari 2020.] (viii) The expenses below are still outstanding as at year end. [Perbelanjaan di bawah masih belum selesai pada akhir tahun.] ∙ Salaries and wages RM4,690 [Gaji dan upah] ∙ Utilities RM710 [Utiliti] (ix) The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cash  for personal use.  [Pemilik telah menggunakan sejumlah barang bernilai RM12,680 dan mengeluarkan wang tunai  RM1,000 untuk kegunaan peribadi.] (x) Inventory as at 30 June 2020 was RM69,900. [Inventori pada 30 Jun 2020 adalah RM69,900.]       Required: [Dikehendaki:] a) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020.

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Chapter1: Financial Statements And Business Decisions
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Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balances  extracted from the books of the business on 30 June 2020:

 

Account Name

RM

RM

Account Receivable and Account Payable

165,520

72,440

Carriage inwards

3,520

 

Inventory as at 1 July 2019

65,980

 

Carriage outwards

4,360

 

Discount allowed and discount received

2,680

60

Utilities            

25,100

 

Loan from Miko bank

 

80,000

Returns inwards and return outwards

3,840

3,580

Bank

10,400

 

Premises

160,000

 

Motor Vehicles

56,000

 

Furniture and fittings

27,600

 

Cash

2,160

 

Accumulated depreciation as at 1 July 2019

 

 

∙ Motor vehicles

 

20,160

∙ Furniture and fittings

 

8,280

Salaries and wages

68,600

 

Bad debts

2,940

 

Rent received

 

7,500

Printing and stationery

9,400

 

Drawings

3,560

 

Insurance expenses

18,200

 

Purchases and Sales

592,380

844,300

Allowance for doubtful debts

 

5,920

Capital as at 1 July 2019

 

180,000

 

1,222,240

1,222,240

 

Additional information as at 30 June 2020:

[Maklumat tambahan berikut pada 30 Jun 2020:]

(i) Provision for depreciation are to be provided based on the following. [Peruntukan susut nilai disediakan berdasarkan pada perkara berikut.]

∙ Motor vehicles 20% on book value, yearly basis

[Kenderaan bermotor] [20% atas nilai buku, kadar tahunan]

∙ Furniture and fittings 10% on cost, yearly basis

[Lekapan dan lengkapan] [10% atas kos, kadar tahunan]

(ii) A portion of the business premises was rented out for RM1,500 month starting from 1  March 2020.

[Sebahagian daripada premis perniagaan disewa dengan harga RM1,500 sebulan mulai 1 Mac 2020.]

(iii) A debtor, Tan was declare a bankrupt in January 2020. The amount owed by him  amounting to RM2,720 has not been adjusted yet.

[Seorang penghutang, Tan diisytiharkan muflis pada Januari 2020. Jumlah yang terhutang kepadanya  berjumlah RM2,720 belum diselaraskan.]

(iv) A debtor Azam, paid RM740 in cash for his debt which has been written off two years  ago.

[Seorang penghutang Azam, membayar wang tunai RM740 untuk hutangnya yang telah dihapuskan  dua tahun sebelum.]

(v) It is the policy of the firm to provide 5% provision of doubtful debts on the outstanding  account receivable.

[Adalah menjadi dasar syarikat untuk memberikan peruntukan hutang ragu 5% atas hutang  tertunggak.]

(vi) Miko bank approved the loan in January 2020 and charged interest at the rate of 8% per  annum thereon.

[Miko Bank meluluskan pinjaman pada Januari 2020 dan dikenakan faedah pada kadar 8% setahun di  atasnya.]

(vii) The amount of insurance premium paid is for a coverage period of 13 month starting  from February 2020.

[Jumlah premium insurans yang dibayar adalah untuk tempoh perlindungan selama 13 bulan bermula dari Februari 2020.]

(viii) The expenses below are still outstanding as at year end.

[Perbelanjaan di bawah masih belum selesai pada akhir tahun.]

∙ Salaries and wages RM4,690

[Gaji dan upah]

∙ Utilities RM710

[Utiliti]

(ix) The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cash  for personal use. 

[Pemilik telah menggunakan sejumlah barang bernilai RM12,680 dan mengeluarkan wang tunai  RM1,000 untuk kegunaan peribadi.]

(x) Inventory as at 30 June 2020 was RM69,900.

[Inventori pada 30 Jun 2020 adalah RM69,900.]

 

 

 

Required:

[Dikehendaki:]

  1. a) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020.

 

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