The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s trading, Brahim Labi Sdn Bhd Trial Balance as at 30 June 2020 Particulars Debit (RM) Credit (RM) Sales 265,900 Purchases 154,870 Rent 4,200 Lighting and heating expenses 530 Salaries and wages 51,400 Insurance 2,100 Buildings 85,000 Fixtures 1,100 Account receivable 31,300 Sundry expenses 412 Account payable 15,910 Cash at bank 14,590 Drawings 30,000 Vans 16,400 Motor running expenses 4,110 Capital 114,202 TOTAL 396,012 396,012 Inventory at 30 June 2020 was RM16,280. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2020. ii. Statement of Financial Position as at 30 June 2020

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

2. The following is extracted trial balance of Brahim Labi Sdn Bhd, after his first year’s
trading,
Brahim Labi Sdn Bhd
Trial Balance as at 30 June 2020
Particulars Debit (RM) Credit (RM)
Sales 265,900
Purchases 154,870
Rent 4,200
Lighting and heating expenses 530
Salaries and wages 51,400
Insurance 2,100
Buildings 85,000
Fixtures 1,100
Account receivable 31,300
Sundry expenses 412
Account payable 15,910
Cash at bank 14,590
Drawings 30,000
Vans 16,400
Motor running expenses 4,110
Capital 114,202
TOTAL 396,012 396,012
Inventory at 30 June 2020 was RM16,280.
Required:
i. Statement of Profit and Loss and Others Comprehensive Income for the year
ended 30 June 2020.
ii. Statement of Financial Position as at 30 June 2020.

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education