Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has beon extracted from his ladger as et 30th April 2020: RM 83, 867 259 870 19, 840 Capilal Sales Trade Accounts payable Return outwards Allowance for doubtful debte Discount alowed Discount received 13, 407 612 2, 306 1, 750 135, 630 5. 624 4, 662 18, 440 11, 830 Purchases Return inwards Carriago outwarde Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telophone Advertising Salaries and wages Bad debts Cash in hand Cash at bank Inventory as at ist May 2019 Trade accounts receivable 25, 973 11,010 2, 410 5, 980 38, 521 2, 000 534 4, 440 15, 654 24, 500 Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 120, 740 63. 020 2020. Depreciation 12, 074 The following additional information as et 30th April 2020 is available as follows: L Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. lL Heating and lighting outstanding RM 1. 360. v. There le a propaid ratos of RM 5, 436. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. Required: a) Propare atatoment of profit or loss for the yaar ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial position as at 30th April 2020 for Kamal Bharin.
Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has beon extracted from his ladger as et 30th April 2020: RM 83, 867 259 870 19, 840 Capilal Sales Trade Accounts payable Return outwards Allowance for doubtful debte Discount alowed Discount received 13, 407 612 2, 306 1, 750 135, 630 5. 624 4, 662 18, 440 11, 830 Purchases Return inwards Carriago outwarde Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telophone Advertising Salaries and wages Bad debts Cash in hand Cash at bank Inventory as at ist May 2019 Trade accounts receivable 25, 973 11,010 2, 410 5, 980 38, 521 2, 000 534 4, 440 15, 654 24, 500 Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 120, 740 63. 020 2020. Depreciation 12, 074 The following additional information as et 30th April 2020 is available as follows: L Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. lL Heating and lighting outstanding RM 1. 360. v. There le a propaid ratos of RM 5, 436. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. Required: a) Propare atatoment of profit or loss for the yaar ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial position as at 30th April 2020 for Kamal Bharin.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 2
Kamal Baharin has been trading for some years as boutique owner. The following list
of balances has been extracted from his ledger as at 30th April 2020:
RM
Capilal
Sales
Trede Accounts payable
83, 887
259, 870
19, 840
13, 407
512
Return outwards
Allowance for doubtful debts
Discount allowed
Discount received
2, 306
1, 750
135, 680
5, 624
Purchases
Return inwards
Carriage outwards
Drawings
Carriage inwards
Rent rates and insurance
4, 562
Heating and lighting
Postage, stationery and telephone
Advertising
Salaries and wages
18, 440
11, 830
25, 973
11,010
2, 410
5, 980
38. 521
Bad debts
2, 008
534
Cash in hand
4, 440
15, 654
24, 500
120, 740
63. 020
Cash at bank
Inventory as at 1st May 2019
Trade accounts receivable
Fixtures and fittings - at cost
Provision for depreciation on fixtures and fittings - as at 30th April
2020.
Depreciation
12, 074
The following additional informetion as et 30th April 2020 is available as follows:
i Inventory as at 30th April 2020 was valued at RM 17, 750.
i Kamal Baharin paid in advance insurances RM 1, 120.
ii Heating and lighting outstanding RM 1. 360.
Thero is a propaid ratos of RM 5, 435.
v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735.
v.
Required:
a) Prepare statement of profit or loss for the year ending 30th April 2020 for Kamal
Baharin.
b) Prepare statement of financial positon as at 30th April 2020 for Kamal Bharin.
c) Describe the two (2) main reasons for a company to perform adjustment on
financial statements
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