The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in hand 100 9,000 12,840 26,500 Cash at bank Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 Wages and salaries Rates and taxes 70,300 1,000 1,700 2,000 21,000 3,000 Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales Sales returns 7,400 600 14,000 250,000 1,000 500 600 Purchases returns Discount received Discount allowed Allowance for doubtful debt 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

The following list of balances obtained from Agro Trading as at 31 July 2020. PARTICULARS RM Cash in hand 100 9,000 12,840 26,500 Cash at bank Account receivable Inventory as at 1 June 2019 Motor vehicles Plant and machinery Long term investment Freehold premises Account payable 10% Mortgage on freehold premises Capital Purchases 14,000 50,000 10,000 147,500 16,500 34,000 219,840 128,900 Wages and salaries Rates and taxes 70,300 1,000 1,700 2,000 21,000 3,000 Interest on mortgage General expenses Carriage outwards Insurance premium Drawings Carriage inwards Advertising expenses Sales Sales returns 7,400 600 14,000 250,000 1,000 500 600 Purchases returns Discount received Discount allowed Allowance for doubtful debt 800 200 Inventory at 31 July 2020 was RM30,000. Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 31 July 2020. ii. Statement of Financial Position as 31 July 2020

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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Question

5. The following list of balances obtained from Agro Trading as at 31 July 2020.
PARTICULARS
RM
Cash in hand
Cash at bank
Account receivable
Inventory as at 1 June 2019
100
9,000
12,840
26,500
Motor vehicles
14,000
50,000
Plant and machinery
Long term investment
Freehold premises
Account payable
10% Mortgage on freehold premises
Сapital
Purchases
10,000
147,500
16,500
34,000
219,840
Wages and salaries
Rates and taxes
Interest on mortgage
General expenses
Carriage outwards
Insurance premium
Drawings
|Carriage inwards
Advertising expenses
Sales
Sales returns
128,900
70,300
1,000
1,700
2,000
21,000
3,000
7,400
600
14,000
250,000
1,000
500
600
800
200
Purchases returns
Discount received
Discount allowed
Allowance for doubtful debt
Inventory at 31 July 2020 was RM30,000.
Required:
i. Statement of Profit and Loss and Others Comprehensive Income for the year
ended 31 July 2020.
ii. Statement of Financial Position as 31 July 2020

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