Question 2 (CLO 2) Aveen, a sole trader, has the following Trial Balance as at 31 December 2022: Accounts Debit (RM) Credit (RM) Capital 121,050 Drawings 8,000 Cash at bank 3,000 Cash in hand 400 Accounts payable 12,000 Accounts receivable 30,000 Inventory as at 1 January 2022 23,000 Motor vehicle 40,000 Office equipment 60,000 Sales 130,000 Accumulated depreciation- Motor vehicle 8,000 Accumulated depreciation - Office equipment 12,000 Provision for doubtful debts 5,000 Purchases 90,000 Returns 600 300 Carriage inwards 300 Motor running expenses 1,000 Rent expenses 20,000 Telephone charges 400 Wages and salaries expenses 12,000 Insurance expenses 3,000 Postage and stamps expenses 100 Office expenses 1,300 Sundry expenses 300 Dividend income 2,000 Interest income 3,000 Discount 200 250 Total 293,600 293,600 The inventory for the company as at 31 December 2022 was RM30,000. Additional information: i) Wages and salaries are accrued by RM140. ii) Prepaid rent at 31 December 2022 is RM1,000. iii) Motor running expenses are accrued by RM200. iv) Increase in the provision for doubtful debts by RM200. v) Depreciation is yet to be provided for the year. All non-current assets are to be depreciated by 10% on cost based on the balance of its account on 31 December 2022. You are required to prepare the following for the company: Journal for the adjusting entries on 31 December 2022. Statement of Comprehensive Income for the year ended 31 December 2022.

Question 2 (CLO 2) Aveen, a sole trader, has the following Trial Balance as at 31 December 2022: Accounts Debit (RM) Credit (RM) Capital 121,050 Drawings 8,000 Cash at bank 3,000 Cash in hand 400 Accounts payable 12,000 Accounts receivable 30,000 Inventory as at 1 January 2022 23,000 Motor vehicle 40,000 Office equipment 60,000 Sales 130,000 Accumulated depreciation- Motor vehicle 8,000 Accumulated depreciation - Office equipment 12,000 Provision for doubtful debts 5,000 Purchases 90,000 Returns 600 300 Carriage inwards 300 Motor running expenses 1,000 Rent expenses 20,000 Telephone charges 400 Wages and salaries expenses 12,000 Insurance expenses 3,000 Postage and stamps expenses 100 Office expenses 1,300 Sundry expenses 300 Dividend income 2,000 Interest income 3,000 Discount 200 250 Total 293,600 293,600 The inventory for the company as at 31 December 2022 was RM30,000. Additional information: i) Wages and salaries are accrued by RM140. ii) Prepaid rent at 31 December 2022 is RM1,000. iii) Motor running expenses are accrued by RM200. iv) Increase in the provision for doubtful debts by RM200. v) Depreciation is yet to be provided for the year. All non-current assets are to be depreciated by 10% on cost based on the balance of its account on 31 December 2022. You are required to prepare the following for the company: Journal for the adjusting entries on 31 December 2022. Statement of Comprehensive Income for the year ended 31 December 2022.

Name: Question 2 (CLO 2)
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Question 2 (CLO 2) Aveen, a sole trader, has the following Trial Balance as at

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question 2 (CLO 2)

Aveen, a sole trader, has the following Trial Balance as at 31 December 2022:

Accounts	Debit (RM)	Credit (RM)
Capital		121,050
Drawings	8,000
Cash at bank	3,000
Cash in hand	400
Accounts payable		12,000
Accounts receivable	30,000
Inventory as at 1 January 2022	23,000
Motor vehicle	40,000
Office equipment	60,000
Sales		130,000
Accumulated depreciation- Motor vehicle		8,000
Accumulated depreciation - Office equipment		12,000
Provision for doubtful debts		5,000
Purchases	90,000
Returns	600	300
Carriage inwards	300
Motor running expenses	1,000
Rent expenses	20,000
Telephone charges	400
Wages and salaries expenses	12,000
Insurance expenses	3,000
Postage and stamps expenses	100
Office expenses	1,300
Sundry expenses	300
Dividend income		2,000
Interest income		3,000
Discount	200	250
Total	293,600	293,600

The inventory for the company as at 31 December 2022 was RM30,000. Additional information:

i) Wages and salaries are accrued by RM140.
ii) Prepaid rent at 31 December 2022 is RM1,000.

iii) Motor running expenses are accrued by RM200.

iv) Increase in the provision for doubtful debts by RM200.
v) Depreciation is yet to be provided for the year. All non-current assets are to be depreciated by 10% on cost based on the balance of its account on 31 December 2022.

You are required to prepare the following for the company:

Journal for the adjusting entries on 31 December 2022.
Statement of Comprehensive Income for the year ended 31 December 2022.

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