Required: [Dikehendaki:] a. Prepare a Statement of Comprehensive Income for the year ended 31 March 2020. [Sediakan Penyata Pendapatan Komprehensif bagi tahun berakhir 31 Mac 2020.] b. Prepare a Statement of Financial Position as at 31 March 2020. [Sediakan Penyata Kedudukan Kewangan pada 31 Mac 2020.]
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
Required: [Dikehendaki:] a. Prepare a Statement of Comprehensive Income for the year ended 31 March 2020. [Sediakan Penyata Pendapatan Komprehensif bagi tahun berakhir 31 Mac 2020.] b. Prepare a
![The following Trial Balance was extracted from the books of GH Gadget Sdn Bhd as at 31 March 2020.
fImbangan duga berikut diambil daripada buku GH Gadget Sdn Bhd pada 31 Mac 2020:]
Cr (RM)
Dr (RM)
Capital (Modal]
Purchases and Sales (Belian dan Jualan]
760,000
372,000
665,000
12,400
Commissions [Komisen]
Accounts Payable [Akaun Belum Bayar]
Accounts Receivable [Akaun Belum Terima]
Retum Inwards / Outwards [Pulangan Masuk / Keluar]
7,000
48,000
68,000
5,000
3,300
Transportation Expenses [Belanja Pengangkutan]
12,000
Allowance for doubtful debts [Peruntukan hutang ragu]
4,500
Discount Allowed / Received [Diskaun Diberi / Diterima]
5,000
6,300
Duty on Purchases [Duti atas Belian]
4,400
Drawings [Ambilan]
8,000
Carriage Inwards [Angkutan Masuk)
2,500
General Expenses (Belanja Am]
8,400
Utility Bills [Bil-bil Utiliti]
3,000
Insurance [Insurans]
15,600
Salaries and Wages [Gaji dan Upah)
50,400
Bad Debls (Hutang Lapuk)
5,200
Cash in Hand [Tunai dalam Tangan]
14,800
Cash at Bank [Tunai di Bank]
84,500
Inventory as at1 April 2019 [Inventori pada 1 April 2019]
Furniture and Fittings (Perabot dan Lengkapan)
112,000
51.000
Land and Building [Tanah dan Bangunan]
500,000
Motor Vehicles [Kenderaan Bermotor]
300,000
Accumulated depreciation - Furnitures and Fittings
21.300
(Susutnilai terkumpul - Perabot dan Lengkapan]
Accumulated depreciation - Motor Vehicles
108,000
[Susutnilai terkumpul – Kenderaan Bermotor]
1.628.800
1.628.800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9874982f-f2f2-40e1-a309-9bc44d53f758%2F2627f11e-3aa2-477d-9670-24d94eb5ef9d%2Fvydffpq_processed.jpeg&w=3840&q=75)
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