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The following trial balance was extracted from Irish Berhad as of 31st December 2023. Debit (RM) Credit (RM) Capital 189,000 Accounts receivable and Accounts payable 35,000 20,000 Allowance for doubtful debts as at 1 January 2013 600 Land and building 150,000 Motor vehicles 60,000 Machinery 50,000 Accumulated depreciation - Motor Vehicles 12,000 Accumulated depreciation - Machinery 5,000 Opening inventory as at 1 January 2013 15,000 Cash at bank 80,000 Purchases and Sales 70,000 150,000 Return inwards and Return outwards 2,500 1,500 Carriage expenses 3,000 Discounts allowed and Discounts received 500 800 Rental income 6,000 Insurance expense 2,000 Electricity and water Salaries expense Advertising 5% Loan from bank 2,300 9,600 3,500 100,000 Drawings 1,500 484,900 484,900 Additional information: 1. 2. i) 3. 4. 5. 6. Closing inventory as at 31 December 2013 was RM35,000. Depreciation is to be provided as follows: ii) Motor vehicles -10% on cost on a yearly basis Machinery-10% on carrying value on yearly basis The allowance for doubtful debts is to be increased to RM800. One of the accounts receivable of Irish Enterprise amounting to RM500, has been declared bankrupt and is unable to settle his debts. The information relating to the prepayments and accruals of the business are as follows: Prepayment Rental income Insurance expenses RM 1,000 400 Accruals Electricity and water Salaries RM 200 1,600 The owner of the business had withdrawn goods worth RM600 to be given as a gift to a friend. 7. RM2,100 of the total carriage expenses is carriage outwards. Required: i) Prepare the Balance Sheet ii) Prepare Income Statement iii) Ratio Analysis (Liquidity, Profitability, Debt Ratio) iv) Common Size Analysis (Vertical & Horizontal)

The following trial balance was extracted from Irish Berhad as of 31st December 2023. Debit (RM) Credit (RM) Capital 189,000 Accounts receivable and Accounts payable 35,000 20,000 Allowance for doubtful debts as at 1 January 2013 600 Land and building 150,000 Motor vehicles 60,000 Machinery 50,000 Accumulated depreciation - Motor Vehicles 12,000 Accumulated depreciation - Machinery 5,000 Opening inventory as at 1 January 2013 15,000 Cash at bank 80,000 Purchases and Sales 70,000 150,000 Return inwards and Return outwards 2,500 1,500 Carriage expenses 3,000 Discounts allowed and Discounts received 500 800 Rental income 6,000 Insurance expense 2,000 Electricity and water Salaries expense Advertising 5% Loan from bank 2,300 9,600 3,500 100,000 Drawings 1,500 484,900 484,900 Additional information: 1. 2. i) 3. 4. 5. 6. Closing inventory as at 31 December 2013 was RM35,000. Depreciation is to be provided as follows: ii) Motor vehicles -10% on cost on a yearly basis Machinery-10% on carrying value on yearly basis The allowance for doubtful debts is to be increased to RM800. One of the accounts receivable of Irish Enterprise amounting to RM500, has been declared bankrupt and is unable to settle his debts. The information relating to the prepayments and accruals of the business are as follows: Prepayment Rental income Insurance expenses RM 1,000 400 Accruals Electricity and water Salaries RM 200 1,600 The owner of the business had withdrawn goods worth RM600 to be given as a gift to a friend. 7. RM2,100 of the total carriage expenses is carriage outwards. Required: i) Prepare the Balance Sheet ii) Prepare Income Statement iii) Ratio Analysis (Liquidity, Profitability, Debt Ratio) iv) Common Size Analysis (Vertical & Horizontal)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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The following trial balance was extracted from Irish Berhad as of 31st December 2023. Debit (RM) Credit (RM) Capital 189,000 Accounts receivable and Accounts payable 35,000 20,000 Allowance for doubtful debts as at 1 January 2013 600 Land and building 150,000 Motor vehicles 60,000 Machinery 50,000 Accumulated depreciation - Motor Vehicles 12,000 Accumulated depreciation - Machinery 5,000 Opening inventory as at 1 January 2013 15,000 Cash at bank 80,000 Purchases and Sales 70,000 150,000 Return inwards and Return outwards 2,500 1,500 Carriage expenses 3,000 Discounts allowed and Discounts received 500 800 Rental income 6,000 Insurance expense 2,000 Electricity and water Salaries expense Advertising 5% Loan from bank 2,300 9,600 3,500 100,000 Drawings 1,500 484,900 484,900 Additional information: 1. 2. i) 3. 4. 5. 6. Closing inventory as at 31 December 2013 was RM35,000. Depreciation is to be provided as follows: ii) Motor vehicles -10% on cost on a yearly basis Machinery-10% on carrying value on yearly basis The allowance for doubtful debts is to be increased to RM800. One of the accounts receivable of Irish Enterprise amounting to RM500, has been declared bankrupt and is unable to settle his debts. The information relating to the prepayments and accruals of the business are as follows: Prepayment Rental income Insurance expenses RM 1,000 400 Accruals Electricity and water Salaries RM 200 1,600 The owner of the business had withdrawn goods worth RM600 to be given as a gift to a friend. 7. RM2,100 of the total carriage expenses is carriage outwards. Required: i) Prepare the Balance Sheet ii) Prepare Income Statement iii) Ratio Analysis (Liquidity, Profitability, Debt Ratio) iv) Common Size Analysis (Vertical & Horizontal)
Transcribed Image Text:The following trial balance was extracted from Irish Berhad as of 31st December 2023. Debit (RM) Credit (RM) Capital 189,000 Accounts receivable and Accounts payable 35,000 20,000 Allowance for doubtful debts as at 1 January 2013 600 Land and building 150,000 Motor vehicles 60,000 Machinery 50,000 Accumulated depreciation - Motor Vehicles 12,000 Accumulated depreciation - Machinery 5,000 Opening inventory as at 1 January 2013 15,000 Cash at bank 80,000 Purchases and Sales 70,000 150,000 Return inwards and Return outwards 2,500 1,500 Carriage expenses 3,000 Discounts allowed and Discounts received 500 800 Rental income 6,000 Insurance expense 2,000 Electricity and water Salaries expense Advertising 5% Loan from bank 2,300 9,600 3,500 100,000 Drawings 1,500 484,900 484,900 Additional information: 1. 2. i) 3. 4. 5. 6. Closing inventory as at 31 December 2013 was RM35,000. Depreciation is to be provided as follows: ii) Motor vehicles -10% on cost on a yearly basis Machinery-10% on carrying value on yearly basis The allowance for doubtful debts is to be increased to RM800. One of the accounts receivable of Irish Enterprise amounting to RM500, has been declared bankrupt and is unable to settle his debts. The information relating to the prepayments and accruals of the business are as follows: Prepayment Rental income Insurance expenses RM 1,000 400 Accruals Electricity and water Salaries RM 200 1,600 The owner of the business had withdrawn goods worth RM600 to be given as a gift to a friend. 7. RM2,100 of the total carriage expenses is carriage outwards. Required: i) Prepare the Balance Sheet ii) Prepare Income Statement iii) Ratio Analysis (Liquidity, Profitability, Debt Ratio) iv) Common Size Analysis (Vertical & Horizontal)
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