a) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020b) Prepare the Statement of Financial Position on as at 30 June 2020. SULITSULIT(BFT 106)-5-Additional information as at 30 June 2020:[Maklumat tambahan berikut pada 30 Jun 2020:]Provision for depreciation are to be provided based on the following.[Peruntukan susut nilai disediakan berdasarkan pada perkara berikut.](i)Motor vehicles20% on book value, yearly basis[20% atas nilai buku, kadar tahunan][Kenderaan bermotor]Furniture and fittings[Lekapan dan lengkapan]10% on cost, yearly basis[10% atas kos, kadar tahunan]A portion of the business premises was rented out for RM1,500 month starting from 1March 2020.(ii)[Sebahagian daripada premis perniagaan disewa dengan harga RM1,500 sebulan mulai 1 Mac 2020.]A debtor, Tan was declare a bankrupt in January 2020. The amount owed by himamounting to RM2,720 has not been adjusted yet.[Seorang penghutang, Tan diisytiharkan muflis pada Januari 2020. Jumlah yang terhutang kepadanyaberjumlah RM2,720 belum diselaraskan.](iii)(iv)A debtor Azam, paid RM740 in cash for his debt which has been written off two yearsago.[Seorang penghutang Azam, membayar wang tunai RM740 untuk hutangnya yang telah dihapuskandua tahun sebelum.]It is the policy of the firm to provide 5% provision of doubtful debts on the outstandingaccount receivable.[Adalah menjadi dasar syarikat untuk memberikan peruntukan hutang ragu 5% atas hutangtertunggak.](v)(vi)Miko bank approved the loan in January 2020 and charged interest at the rate of 8% perannum thereon.[Miko Bank meluluskan pinjaman pada Januari 2020 dan dikenakan faedah pada kadar 8% setahun diatasnya.]The amount of insurance premium paid is for a coverage period of 13 month startingfrom February 2020.[Jumlah premium insurans yang dibayar adalah untuk tempoh perlindungan selama 13 bulan bermuladari Februari 2020.](vii)The expenses below are still outstanding as at year end.[Perbelanjaan di bawah masih belum selesai pada akhir tahun.](viii)Salaries and wagesRM4,690[Gaji dan upah]UtilitiesRM710[Utiliti]The owner had consumed some goods worth RM12,680 and withdrew RM1,000 cashfor personal use.[Pemilik telah menggunakan sejumlah barang bernilai RM12,680 dan mengeluarkan wang tunaiRM1,000 untuk kegunaan peribadi.](ix)Inventory as at 30 June 2020 was RM69,900.[Inventori pada 30 Jun 2020 adalah RM69,900.](x)....6/-SULITSULIT(BFT 106)-7- SULIT(BFT106)-4-Question 2[Soalan 2]Mr. Ahmad Ali, who runs a retail business, Teguh Harian Ltd, had the following balancesextracted from the books of the business on 30 June 2020:[Ahmad Ali, yang menjalankan perniagaan runcit, Teguh Harian Ltd, mempunyai baki-baki berikut yangdiekstrak daripada buku-buku perniagaan pada 30 Jun 2020:]Account NameRMRMAccount Receivable and Account Payable165,52072,440Carriage inwardsInventory as at 1 July 2019Carriage outwards3,52065,9804,360Discount allowed and discount received2,68060Utilities25,100Loan from Miko bank80,000Returns inwards and return outwards3,8403,580Bank10,400Premises160,00056,00027,6002,160Motor VehiclesFurniture and fittingsCashAccumulated depreciation as at 1 July 2019Motor vehicles20,160Furniture and fittings8,280Salaries and wages68,600Bad debts2,940Rent received7,500Printing and stationeryDrawings9,4003,560Insurance expenses18,200592,380844,3005,920Purchases and SalesAllowance for doubtful debtsCapital as at 1 July 2019180,0001,222,2401,222,240...5/-SULITSULIT(BFT 106)-5-Additional information as at 30 June 2020:(Maklun at than howilut20 Lun 2020.1

Name: a) Prepare Statement of Profit or Loss and Other Comprehensive Income
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: a) Prepare Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020b) Prepare the Statement of Financial Position on as at 30 June 2020. SULITSULIT(BFT 106)-5-Additional information as at 30 June 2020:[Maklumat tam

Answered: SULIT | bartleby

Business

Accounting

SULIT

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

. Can apply procedures used in interim financial reports to treat an interim period as an integral part of the annual period?
Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial position
Instructions: (Assume all transactions during the year were for cash.) a. Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020. b. Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2020. c. Prepare a statement of comprehensive income for 2020. d. Prepare a balance sheet as of December 31, 2020
Prepare and Interpret a complete ratio analysis for the years 2019 & 2020 operations using the following ratios: Current Ratio Total Asset Turnover Debt Ratio Operating Profit Margin Net Profit Margin Return on Assets Return on Equity Inventory Turnover Summarize your findings and make recommendations
What is the adjusting journal entry on December 31, 2019? Debit Unrealized Holding Gain/Loss (P&L), P200,000; Credit Retained Earnings, P200,000 Debit Financial Asset FVPL, P500,000; Credit Retained Earnings, P500,000 Debit Retained Earnings, P100,000; Credit Financial Asset FVPL, P100,000 Debit Retained Earnings, P300,000; Credit Unrealized Gain (P&L), P300,000 Debit Retained Earnings, P200,000; Credit Unrealized Holding Gain/Loss (P&L), P200,000 None of the choices
WHY DOESNT THE NET INCOME AND RETAIN EARNING HAVE A 2020 AND 2021 COLUMN AS LIKE THE ASSET COLUMN
K.
A revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of accounting, the revenue should appear on: A. the 2020 income statement B. the 2019 income statement C. both the 2019 and 2020 income statements D. neither the 2019 nor 2020 income statement
At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023
1）Statement profit or loss and other comprehensive income for the year ended 31 january 2020 2) Statement of financial position as at 31 january 2020
Please answer all
Make a Horizontal Analysis and briefly explain the findings.