Financial Statement Exercise 01 - Baca sahajaQuestion 3SHARON'S POINTTRIAL BALANCE AS OF 31.12.2018DRCRAccrued Liabilities5,464Bank2,325CapitalCashCommision PaidCommission ReceivedComputer|Cost of Goods SoldDrawingsElectricityFixed Deposit at BankFixtures & FittingsHire Purchase LoanInterest PaidShort-Term DebtMotor VehicleNotes Payableoffice RentalPrepaid ExpenseRetained EarningsSalariesSalesTelephone ExpenseTrade Debtors30,0005,6011,2002,5232,00032,3649,00080019,00010,52021,00075912,62235,0005,24110,50050012,00015,30075,8944,21515,660TOTAL164,744164,744Adjustments:1. Interest paid short of RM1202. Water bill amounting to RM855 not accounted for3. Depreciation not accounted for- Computer RM200, Fixtures & Fittings RM1,052, Motor Vehicle RM3,5004. Office Rental should be RM11,500Required :1. Trading, Profit & Loss Account2. Balance Sheet

Trading and profit and loss account: The trading account shows the sales revenues and the cost of…

Question 3 SHARON'S POINT TRIAL BALANCE AS OF 31.12.2018 DR CR Accrued Liabilities Bank Capital Cash Commision Paid Commission Received Computer Cost of Goods Sold Drawings Electricity Fixed Deposit at Bank Fixtures & Fittings Hire Purchase Loan Interest Paid Short-Term Debt Motor Vehicle Notes Payable Joffice Rental Prepaid Expense Retained Earnings Salaries Sales Telephone Expense Trade Debtors 5,464 2,325 30,000 5,601 1,200 2,523 2,000 32,364 9,000 800 19,000 10,520 21,000 759 12,622 35,000 5,241 10,500 500 12,000 15,300 75,894 4,215 15,660 164,744 TOTAL 164,744 Adjustments: 1. Interest paid short of RM120 2. Water bill amounting to RM855 not accounted for 3. Depreciation not accounted for - Computer RM200, Fixtures & Fittings RM1,052, Motor Vehicle RM3,500 4. Office Rental should be RM11,500 Required : 1. Trading, Profit & Loss Account 2. Balance Sheet

Question 3 SHARON'S POINT TRIAL BALANCE AS OF 31.12.2018 DR CR Accrued Liabilities Bank Capital Cash Commision Paid Commission Received Computer Cost of Goods Sold Drawings Electricity Fixed Deposit at Bank Fixtures & Fittings Hire Purchase Loan Interest Paid Short-Term Debt Motor Vehicle Notes Payable Joffice Rental Prepaid Expense Retained Earnings Salaries Sales Telephone Expense Trade Debtors 5,464 2,325 30,000 5,601 1,200 2,523 2,000 32,364 9,000 800 19,000 10,520 21,000 759 12,622 35,000 5,241 10,500 500 12,000 15,300 75,894 4,215 15,660 164,744 TOTAL 164,744 Adjustments: 1. Interest paid short of RM120 2. Water bill amounting to RM855 not accounted for 3. Depreciation not accounted for - Computer RM200, Fixtures & Fittings RM1,052, Motor Vehicle RM3,500 4. Office Rental should be RM11,500 Required : 1. Trading, Profit & Loss Account 2. Balance Sheet

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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