Prepare balance sheet as on 31 dec. 2021 The following information was extracted from the books of KP Mark Enterprise on 31 December2021:Debit (RM)SalesCapitalPurchasesInventory 1 January 2021Carriage outwardsRent receivedCarriage inwardsReturns inwardsReturns outwardsDiscount allowedSalaries and wagesRent and RatesGeneral expensesLifting equipmentDiscounts receivedAccounts ReceivableInsuranceBuildingLoan from BensonAccounts PayableCash at bankCash in handDrawingsAdditional information:(i)(iv)Rent accrued amounted to RM1,210.Insurance prepaid amounted to RM2,430.Building is depreciated at 15% on cost.640,58012,5001,8001,3801,4301,90092,60055,420620210,70064,85012,430110,00034,1004,00029,1101,273,420Credit (RM)450,000696,730Required: Show all your working.(a) Prepare the Income Statement for the year ended 31 December 2021, and131 Dagambar 201(5)Rela23,4001,1101,20080,00020,9801,273,420Other non-current assets are depreciated at 20% per annum, using reducing balance.Closing Inventory fully counted on 31 December amounted to RM381,900.

Income statement is one of the financial statement which shows all incomes and all expenses of the…

Answered: Required: Show all your working. (a)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Prepare balance sheet as on 31 dec. 2021

The following information was extracted from the books of KP Mark Enterprise on 31 December
2021:
Debit (RM)
Sales
Capital
Purchases
Inventory 1 January 2021
Carriage outwards
Rent received
Carriage inwards
Returns inwards
Returns outwards
Discount allowed
Salaries and wages
Rent and Rates
General expenses
Lifting equipment
Discounts received
Accounts Receivable
Insurance
Building
Loan from Benson
Accounts Payable
Cash at bank
Cash in hand
Drawings
Additional information:
(i)
(iv)
Rent accrued amounted to RM1,210.
Insurance prepaid amounted to RM2,430.
Building is depreciated at 15% on cost.
640,580
12,500
1,800
1,380
1,430
1,900
92,600
55,420
620
210,700
64,850
12,430
110,000
34,100
4,000
29,110
1,273,420
Credit (RM)
450,000
696,730
Required: Show all your working.
(a) Prepare the Income Statement for the year ended 31 December 2021, and
131 Dagambar 201
(5)
Rela
23,400
1,110
1,200
80,000
20,980
1,273,420
Other non-current assets are depreciated at 20% per annum, using reducing balance.
Closing Inventory fully counted on 31 December amounted to RM381,900.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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