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: [Ahmad Ali, yang menjalankan perniagaan runcit, Teguh Harian Ltd, mempunyai baki-baki berikut yang diekstrak daripada buku-buku perniagaan pada 30 Jun 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: Provision for depreciation are to be provided based on the following. Motor vehicles 20% on book value, yearly basis Furniture and fittings 10% on cost, yearly basis A portion of the business premises was rented out for RM1,500 month starting from 1 March A debtor, Tan was declare a bankrupt in January 2020. The amount owed by him amounting to RM2,720 has not been adjusted yet. A debtor Azam, paid RM740 in cash for his debt which has been written off two years ago. It is the policy of the firm to provide 5% provision of doubtful debts on the outstanding account receivable. Miko bank approved the loan in January 2020 and charged interest at the rate of 8% per annum thereon. The amount of insurance premium paid is for a coverage period of 13 month starting from February 2020. The expenses below are still outstanding as at year end. Salaries and wages RM4,690 Utilities RM710 The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cash for personal use. Inventory as at 30 June 2020 was RM69,900. Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020

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: [Ahmad Ali, yang menjalankan perniagaan runcit, Teguh Harian Ltd, mempunyai baki-baki berikut yang diekstrak daripada buku-buku perniagaan pada 30 Jun 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: Provision for depreciation are to be provided based on the following. Motor vehicles 20% on book value, yearly basis Furniture and fittings 10% on cost, yearly basis A portion of the business premises was rented out for RM1,500 month starting from 1 March A debtor, Tan was declare a bankrupt in January 2020. The amount owed by him amounting to RM2,720 has not been adjusted yet. A debtor Azam, paid RM740 in cash for his debt which has been written off two years ago. It is the policy of the firm to provide 5% provision of doubtful debts on the outstanding account receivable. Miko bank approved the loan in January 2020 and charged interest at the rate of 8% per annum thereon. The amount of insurance premium paid is for a coverage period of 13 month starting from February 2020. The expenses below are still outstanding as at year end. Salaries and wages RM4,690 Utilities RM710 The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cash for personal use. Inventory as at 30 June 2020 was RM69,900. Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020

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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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:

[Ahmad Ali, yang menjalankan perniagaan runcit, Teguh Harian Ltd, mempunyai baki-baki berikut yang diekstrak daripada buku-buku perniagaan pada 30 Jun 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:

Provision for depreciation are to be provided based on the following.

Motor vehicles 20% on book value, yearly basis

Furniture and fittings 10% on cost, yearly basis
A portion of the business premises was rented out for RM1,500 month starting from 1 March
A debtor, Tan was declare a bankrupt in January 2020. The amount owed by him amounting to RM2,720 has not been adjusted yet.

A debtor Azam, paid RM740 in cash for his debt which has been written off two years ago.
It is the policy of the firm to provide 5% provision of doubtful debts on the outstanding account receivable.

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

The amount of insurance premium paid is for a coverage period of 13 month starting from February 2020.
The expenses below are still outstanding as at year end.
Salaries and wages RM4,690
Utilities RM710
The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cash for personal use.

Inventory as at 30 June 2020 was RM69,900.

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

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