3. The following was the trial balance extract from ABC Trading as at 31 March 2019.DEBIT (RM)22,8605,100CREDIT (RM)41,000ParticularsPurchases and SalesInventory on 1 April 2018CapitalBank overdraftCash8,1704,3001401,4407902,180Discount allowed and received930570Returns inwards and outwardsCarriage outwardsOffice expensesFixtures and fittingsDelivery vanAccounts receivables and account payablesRent and insuranceDrawingsWages and salaries4501,2102,00011,9001,7906,7202,8508,98061,690ТОTAL61.690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding officeexpenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for theyear ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019

Financial statements are the one that shows all the information related to the companies financials,…

Answered: Required: i. Prepare the Statement of…

Required: i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019 ii. Prepare Statement of Financial Position as at 31 March 2019

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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Question

3. The following was the trial balance extract from ABC Trading as at 31 March 2019.
DEBIT (RM)
22,860
5,100
CREDIT (RM)
41,000
Particulars
Purchases and Sales
Inventory on 1 April 2018
Capital
Bank overdraft
Cash
8,170
4,300
140
1,440
790
2,180
Discount allowed and received
930
570
Returns inwards and outwards
Carriage outwards
Office expenses
Fixtures and fittings
Delivery van
Accounts receivables and account payables
Rent and insurance
Drawings
Wages and salaries
450
1,210
2,000
11,900
1,790
6,720
2,850
8,980
61,690
ТОTAL
61.690
Additional information as at 31 March 2019:
a. Inventory on 31 March 2019 was RM4,250
b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office
expenses was RM30
c. Rent and insurance prepaid was RM150
Required:
i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the
year ended 31 March 2019
ii. Prepare Statement of Financial Position as at 31 March 2019

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