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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
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% per
annum on cost. Machinery is depreciated at 15% per annum on reducing balance
method.
viii.The director proposed a final ordinary dividend of 10%.
ix. The proposed corporate tax rate is 30%.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F20e41403-152e-4fab-89cf-64069fc36cd7%2Fb0cdb980-94b4-4e01-9099-a32d282ea4ce%2Fm94mj5d_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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% per
annum on cost. Machinery is depreciated at 15% per annum on reducing balance
method.
viii.The director proposed a final ordinary dividend of 10%.
ix. The proposed corporate tax rate is 30%.
![Question 5
The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.
DR
CR
RM
RM
Machinery at cost
Accumulated depreciation as of 1 January
2020- machinery
60,000
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
50,000
30,000
21,000
400
38,000
Allowance for doubtful debts
Sales & purchases
Salaries & wages
190,000
24,000
34,500
303,600
Bank
Bad debts
Retums
I.
600
2.100
1,950
1,850
Discounts
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F20e41403-152e-4fab-89cf-64069fc36cd7%2Fb0cdb980-94b4-4e01-9099-a32d282ea4ce%2Fp2b8om_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 5
The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.
DR
CR
RM
RM
Machinery at cost
Accumulated depreciation as of 1 January
2020- machinery
60,000
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
50,000
30,000
21,000
400
38,000
Allowance for doubtful debts
Sales & purchases
Salaries & wages
190,000
24,000
34,500
303,600
Bank
Bad debts
Retums
I.
600
2.100
1,950
1,850
Discounts
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education