The following was the trial balance extract from ABC Trading as at 31 March Particulars DEBIT (RM) CREDIT (RM) Purchases and Sales 22,860 41,000 Inventory on 1 April 2018 5,100 Capital 8,170 Bank overdraft 4,300 Cash 140 Discount allowed and received 1,440 930 Returns inwards and outwards 790 570 Carriage outwards 2,180 Office expenses 450 Fixtures and fittings 1,210 Delivery van 2,000 Accounts receivables and account payables 11,900 6,720 Rent and insurance 1,790 Drawings 2,850 Wages and salaries 8,980 TOTAL 61,690 61,690 Additional information as at 31 March 2019: Inventory on 31 March 2019 wasRM4,250 Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses wasRM30 Rent and insurance prepaid was RM150 Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March2019 Prepare Statement of Financial Position as at 31 March2019
The following was the trial balance extract from ABC Trading as at 31 March Particulars DEBIT (RM) CREDIT (RM) Purchases and Sales 22,860 41,000 Inventory on 1 April 2018 5,100 Capital 8,170 Bank overdraft 4,300 Cash 140 Discount allowed and received 1,440 930 Returns inwards and outwards 790 570 Carriage outwards 2,180 Office expenses 450 Fixtures and fittings 1,210 Delivery van 2,000 Accounts receivables and account payables 11,900 6,720 Rent and insurance 1,790 Drawings 2,850 Wages and salaries 8,980 TOTAL 61,690 61,690 Additional information as at 31 March 2019: Inventory on 31 March 2019 wasRM4,250 Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses wasRM30 Rent and insurance prepaid was RM150 Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March2019 Prepare Statement of Financial Position as at 31 March2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
- The following was the
trial balance extract from ABC Trading as at 31 March
|
Particulars |
DEBIT (RM) |
CREDIT (RM) |
|
Purchases and Sales |
22,860 |
41,000 |
|
Inventory on 1 April 2018 |
5,100 |
|
|
Capital |
|
8,170 |
|
Bank overdraft |
|
4,300 |
|
Cash |
140 |
|
|
Discount allowed and received |
1,440 |
930 |
|
Returns inwards and outwards |
790 |
570 |
|
Carriage outwards |
2,180 |
|
|
Office expenses |
450 |
|
|
Fixtures and fittings |
1,210 |
|
|
Delivery van |
2,000 |
|
|
|
11,900 |
6,720 |
|
Rent and insurance |
1,790 |
|
|
Drawings |
2,850 |
|
|
Wages and salaries |
8,980 |
|
|
TOTAL |
61,690 |
61,690 |
Additional information as at 31 March 2019:
- Inventory on 31 March 2019 wasRM4,250
- Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses wasRM30
- Rent and insurance prepaid was RM150
Required:
- Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March2019
- Prepare
Statement of Financial Position as at 31 March2019
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