b. the Statement of Financial Position as at 31 December 2020. 7.The following additional Information are avalable:I Inventory at 31 December 2020 is valued at RM13,000.IL Rates and insurance are prepaid by RM1,500.I. Wages of RM400 is owed.Iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances.Bad debts of RM500 is to be written off.V. Rent of RM400 is due but yet to be paid.vi. Long term loan interest is 10% per annum.vil. Depreciation of motor vehicles and fumiture & equipment are based on 15% perannum on cost. Machinery is depreciated at 15% per annum on reducing balancemethod.viii.The director proposed a final ordinary dividend of 10%.ix. The proposed corporate tax rate is 30%. Question 5The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.DRCRRMRMMachinery at costAccumulated depreciation as of 1 January2020- machinery60,00010,000Motor vehicles at costAccumulated depreciation as of 1January 2020- motor vehiclesFumiture & equipment at costAccumulated depreciation as of 1 January2020- furniture & equipmentLong term loan (repayable on 30November 2022)50,0008,00025,0005,00030,000Ordinary share capital9% preference share capitalTrade receivables & payables50,00030,00021,00040038,000Allowance for doubtful debtsSales & purchasesSalaries & wages190,00024,00034,500303,600BankBad debtsRetumsI.6002.1001,9501,850Discounts1.600Loan interest1,500Telephone expensesRent, rates and insuranceInventory as of 1 January 2020Retained earnings as of 1 January 20204,00016,0004,50010.000461.800461.800

SOLUTION- BALANCE SHEET IS A FINANCIAL STATEMENT THAT REPORTS THE COMPANY'S ASSETS , LIABILITIES…

Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2020. DR CR RM 60,000 RM Machinery at cost Accumulated depreciation as of 1 January 2020- machinery 10,000 Motor vehicles at cost Accumulated depreciation as of 1 January 2020 - motor vehicles Fumiture & equipment at cost Accumulated depreciation as of 1 January 2020- furniture & equipment Long term loan (repayable on 30 November 2022) 50,000 8,000 25,000 5,000 30,000 Ordinary share capital 9% preference share capital Trade receivables & payables Allowance for doubtful debts Sales & purchases Salaries & wages 50,000 30,000 21,000 38,000 400 190,000 303,600 24,000 Bank 34,500 Bad debts 600 2,100 Retums Discounts 1,950 1.850 1.600 Loan interest 1,500 Telephone expenses Rent, rates and insurance Inventory as of 1 January 2020 Retained earnings as of 1 January 2020 4.000 16,000 4,500 10.000 461.800 461.800

Question 5 The following is the Trial Balance of Maple Union Berhad at 31 December 2020. DR CR RM 60,000 RM Machinery at cost Accumulated depreciation as of 1 January 2020- machinery 10,000 Motor vehicles at cost Accumulated depreciation as of 1 January 2020 - motor vehicles Fumiture & equipment at cost Accumulated depreciation as of 1 January 2020- furniture & equipment Long term loan (repayable on 30 November 2022) 50,000 8,000 25,000 5,000 30,000 Ordinary share capital 9% preference share capital Trade receivables & payables Allowance for doubtful debts Sales & purchases Salaries & wages 50,000 30,000 21,000 38,000 400 190,000 303,600 24,000 Bank 34,500 Bad debts 600 2,100 Retums Discounts 1,950 1.850 1.600 Loan interest 1,500 Telephone expenses Rent, rates and insurance Inventory as of 1 January 2020 Retained earnings as of 1 January 2020 4.000 16,000 4,500 10.000 461.800 461.800

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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