The following information taken from Jejai Limited: Particulars Debit RM Credit RM Purchase of raw materials 258,000 Fuel and light 21,000 Administration salaries 17,000 Factory wages 59,000 Carriage outwards 4,000 Rent and business rates 21,000 Sales 482,000 Return inward 7,000 General office expenses 9,000 Repairs to plant and machinery 9,000 Inventory at 1 January 2020: Raw materials Work in process Finished goods 21,000 14,000 23,000 Sundry accounts payable 37,000 Capital 457,000 Freehold premises 410,000 Plant and machinery 80,000 Accounts receivable 20,000 Accumulated provision for depreciation on plant and machinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i. Inventory in hand at 31 December 2020: a. Raw materials RM25,000 b. Work in process RM11,000 c. Finished goods RM26,000 ii. Depreciation of 10% on plant and machinery using the straight-line method iii. 80% of fuel and light and 75% of rent and rates to be charged to manufacturing iv. Provision for doubtful debts: 5% of sundry accounts receivable. v. RM4,000 outstanding for fuel and light vi. Rent and business rates paid in advance: RM5,000 vii. Market value of finished goods: RM382,000 Required: c) Prepare statement of financial position as at 31 December 2020.
The following information taken from Jejai Limited:
Particulars Debit
RM
Credit
RM
Purchase of raw materials 258,000
Fuel and light 21,000
Administration salaries 17,000
Factory wages 59,000
Carriage outwards 4,000
Rent and business rates 21,000
Sales 482,000
Return inward 7,000
General office expenses 9,000
Repairs to plant and machinery 9,000
Inventory at 1 January 2020:
Raw materials
Work in process
Finished goods
21,000
14,000
23,000
Sundry accounts payable 37,000
Capital 457,000
Freehold premises 410,000
Plant and machinery 80,000
Accumulated provision for
machinery
8,000
Cost in hand 11,000
TOTAL 984,000 984,000
Prepared by: Puan Siti Nor Junita Mohd Radzi
Additional information:
i. Inventory in hand at 31 December 2020:
a. Raw materials RM25,000
b. Work in process RM11,000
c. Finished goods RM26,000
ii. Depreciation of 10% on plant and machinery using the straight-line method
iii. 80% of fuel and light and 75% of rent and rates to be charged to manufacturing
iv. Provision for doubtful debts: 5% of sundry accounts receivable.
v. RM4,000 outstanding for fuel and light
vi. Rent and business rates paid in advance: RM5,000
vii. Market value of finished goods: RM382,000
Required:
c) Prepare statement of financial position as at 31 December 2020.
Step by step
Solved in 2 steps with 2 images
