QUESTION 4 Mr. Eddy is the sole proprietor of Eddyra Trading. The following information was obtained from the book of his business on 31 December 2020. Trial Balance as at 31 December 2020 Dr (RM) 30000 Cr (RM) Motor Vehicle Machineries 8500 Building Opening Inventory 39000 6500 Accounts receivable 8000 Accounts payable Provision for depreciation: Motor vehicle Provision for depreciation: Machineries Allowance for Doubtful Debts 11000 3000 1500 200 Cash 14000 Bank 4000 Salary 1200 Return Inwards 700 Discounts Allowed 500 Telephone bill 350 Rent 600 Purchase 4000 Return Outwards 900 Discounts Received 800 Sales 10000 Capital 81950 TOTAL 113350 113350 Additional information: (i) Closing inventory at the cost price of RM 8,000 and at the market price of RM 6,800. (ii) The depreciation rate for machineries 5% on cost and for motor vehicle is 10%, using straight line method. (iii) The allowance for doubtful debts is to be adjusted at 3% on account receivable. (iv) Accrued telephone bill is RM50.

QUESTION 4 Mr. Eddy is the sole proprietor of Eddyra Trading. The following information was obtained from the book of his business on 31 December 2020. Trial Balance as at 31 December 2020 Dr (RM) 30000 Cr (RM) Motor Vehicle Machineries 8500 Building Opening Inventory 39000 6500 Accounts receivable 8000 Accounts payable Provision for depreciation: Motor vehicle Provision for depreciation: Machineries Allowance for Doubtful Debts 11000 3000 1500 200 Cash 14000 Bank 4000 Salary 1200 Return Inwards 700 Discounts Allowed 500 Telephone bill 350 Rent 600 Purchase 4000 Return Outwards 900 Discounts Received 800 Sales 10000 Capital 81950 TOTAL 113350 113350 Additional information: (i) Closing inventory at the cost price of RM 8,000 and at the market price of RM 6,800. (ii) The depreciation rate for machineries 5% on cost and for motor vehicle is 10%, using straight line method. (iii) The allowance for doubtful debts is to be adjusted at 3% on account receivable. (iv) Accrued telephone bill is RM50.

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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