The following selected accounts with their current balances as at 31 March 2021 were extracted from Affiqque Corporation Sdn Bhd. RM 237,800 40,000 106,250 128,970 58,420 42,890 18,500 Sales Rent revenue Cost of merchandise sold Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation – store equipment Accounts payable Unearned rent Notes payable (due in 2 years) Afiq, capital 1 March 2021 140,000 37,910 85,970 32,000 79,780 78,120 Additional information: 1. Selling expenses for the month of March 2021 was RMS58,280. 2. Administrative expenses for the month of March 2021 was RM38,270. REQUIRED: (a) Prepare a single step Statement of Profit or Loss and Other Comprehensive Income for the month of March 2021. (b) Prepare a Statement of Financial Position for the month of March 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following selected accounts with their current balances as at 31 March 2021 were extracted
from Affiqque Corporation Sdn Bhd.
RM
237,800
40,000
106,250
128,970
58,420
42,890
Sales
Rent revenue
Cost of merchandise sold
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store equipment
Accumulated depreciation- store equipment
Accounts payable
Unearned rent
18,500
140,000
37,910
Notes payable (due in 2 years)
Afiq, capital 1 March 2021
85,970
32,000
79,780
78,120
Additional information:
1.
Selling expenses for the month of March 2021 was RM58,280.
2.
Administrative expenses for the month of March 2021 was RM38,270.
REQUIRED:
(a)
Prepare a single step Statement of Profit or Loss and Other Comprehensive Income for
the month of March 2021.
(b)
Prepare a Statement of Financial Position for the month of March 2021.
Transcribed Image Text:The following selected accounts with their current balances as at 31 March 2021 were extracted from Affiqque Corporation Sdn Bhd. RM 237,800 40,000 106,250 128,970 58,420 42,890 Sales Rent revenue Cost of merchandise sold Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation- store equipment Accounts payable Unearned rent 18,500 140,000 37,910 Notes payable (due in 2 years) Afiq, capital 1 March 2021 85,970 32,000 79,780 78,120 Additional information: 1. Selling expenses for the month of March 2021 was RM58,280. 2. Administrative expenses for the month of March 2021 was RM38,270. REQUIRED: (a) Prepare a single step Statement of Profit or Loss and Other Comprehensive Income for the month of March 2021. (b) Prepare a Statement of Financial Position for the month of March 2021.
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