3. The following is the trial balance of Aroro Enterprise as at 31 August 2019Debit (RM) Credit (RM)48,400ParticularsCapitalDrawingsTrade receivablesTrade payables3,5009,00012,50040,400SalesPurchases31,000Sales returnsPurchases returnsWages and salariesDiscounts allowed3002505,600120Discounts received200Provision for doubtful debts300Insurance700Inventory as at 1 September 2018UtilitiesRates2,400950350PremisesFixtures and fittingsMotor vanCash in handCash at bank10,0003,00020,00033014,800TOTAL102,050102,050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.i. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income for the yearEnded 31 August 2019.b) Statement of Financial Position as at 31 August 2019.

Entries in trial balance helps in preparing financial Statements.

Answered: nce of Aroro Enterprise as Debit (RM…

Business

Accounting

nce of Aroro Enterprise as Debit (RM 3,500 9,000 21 000

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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