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Question Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1.

Question Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1.

FINANCIAL ACCOUNTING
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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Prepare the Statement of Profit or Loss for Maju Jaya Trading for the
year ended 31 August 20X1.

Additional information: Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse 3. Received utilities bill RM450 for August 20X1, but no payment has 1. been made Insurance premium was paid for the year ended 31 December 20X0 Received rent for the six months ended 30 September 20X1 An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be increased to RM2,250. 7. Depreciation is to be provided as follows: Furniture & fittings 4. 5. 6. : 20% per annum at cost Office equipment 20% per annum using straight-line method : 20% per annum using reducing-balance method Motor vehicles
Transcribed Image Text:Additional information: Closing inventory was valued at cost RM26,300 but the market value was RM29,900 2. A quarter of the wages and salaries was paid to warchouse employees One third of the carriage expenses was to deliver goods to warchouse 3. Received utilities bill RM450 for August 20X1, but no payment has 1. been made Insurance premium was paid for the year ended 31 December 20X0 Received rent for the six months ended 30 September 20X1 An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be increased to RM2,250. 7. Depreciation is to be provided as follows: Furniture & fittings 4. 5. 6. : 20% per annum at cost Office equipment 20% per annum using straight-line method : 20% per annum using reducing-balance method Motor vehicles
Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Dr Cr RM RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 50,000 40,000 8,000 Motor Vehicles 70,000 Accumulated depreciation: motor vehicles Drawings Сapital Loan 25,200 19,100 140,000 25,000 Inventory as at 1 September 20X0 Purchases and Sales 29,300 89,100 3,800 4,500 36,000 2,300 177,300 Returns 2,600 Carriage Wages and salaries 1,300 4,800 Discounts Rent Interest 1,800 Insurance Utilities 3,600 5,000 1,900 Bad debts Trade receivables and payables Allowance for doubtful debts 46,600 31,300 1,500 Bank 11,000 3,000 417,000 Cash 417,000
Transcribed Image Text:Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1: Dr Cr RM RM Furniture & Fittings Office Equipment Accumulated depreciation: office equipment 50,000 40,000 8,000 Motor Vehicles 70,000 Accumulated depreciation: motor vehicles Drawings Сapital Loan 25,200 19,100 140,000 25,000 Inventory as at 1 September 20X0 Purchases and Sales 29,300 89,100 3,800 4,500 36,000 2,300 177,300 Returns 2,600 Carriage Wages and salaries 1,300 4,800 Discounts Rent Interest 1,800 Insurance Utilities 3,600 5,000 1,900 Bad debts Trade receivables and payables Allowance for doubtful debts 46,600 31,300 1,500 Bank 11,000 3,000 417,000 Cash 417,000
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