Financial Statement Question:The following trial balance has been extracted from the ledger of MrDominic, a sole trader as at 31st May 2021, the end of his most recentfinancial year.Accounting year: 1 June 2020 -31st May 2021Property at cost (g)Equipment at cost (g)Allowance for depreciation (as at 1June 2020) - propertyAllowance for depreciation (as at 1June 2020)- equipmentInventory as at 1 June 2020Purchases (d)Sales RevenueDiscountsWages and Salaries (b)Receivable ExpensesLoan InterestCarriage OutwardsOther Operating Expenses ⒸTrade Receivables (e)Trade PayablesReceivable Allowances (f)CashBank (Credit side Overdraft)Drawings13% LoanCapital as at 1 June 2020Debit (RM)60,00030,00025,000300,000Allowed(expense)2,50045,0002,0001,5604,00035,00048,00080040,000593.860Credit(RM)15,00010,000500,000Received(income)3,00028,00030020,00012,0005,560593.860|| The following additional information as at 31 May 2021 is available:a) Inventory at the close of business was valued at RM30,000. -P/Lcost of goods sold SQFPCurrent Asset Inventoryb) Wages and salaries are accrued by RM250. +p/L wages expense+SOFP Current liabilityc) Other operating expenses includes certain expenses prepaid byRM900. Other expenses included under this heading are accruedby RM400.d) Purchases includes goods valued at RM1,500, which werewithdrawn by Mr. Dominic for his own personal use. Dr SOFPDrawingsCr P/L Purchasese) One of his customers has gone into liquidation owing her RM5,000.P/L receivable expenses SOFP - Accounts Receivablef) Mr. Dominic has decided that a receivable allowance of 5% shouldbe made against the remaining receivables. 5% x 43,000 = 2,150SOFP P/L the difference between the closing balance and the openingbalanceg)ation for the year ended 31 May 2021 has yet to be allowedfor as follows:Property 5% using the straight line method. P/Ldepreciation SOFP NCAEquipment 10% using the straight line method.RequiredPrepare Mr. Dominic's statement of profit or loss for the year ending31 May 2021 and a statement of financial position as at that date.

Statement of profit and loss shows all incomes and expenses of the business for the particular…

Answered: Required Prepare Mr. Dominic's…

Required Prepare Mr. Dominic's statement of profit or loss for the year ending 31 May 2021 and a statement of financial position as at that date.

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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