The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Particulars Debit RM Credit RM Purchases and Sales 377,000 950,000 Plant and machinery 432,000 Vehicles 102,000 Land and building 625,000 Accumulated depreciation: Plant and machinery Vehicles 175,000 39,000 Discount allowed and discount received 1,500 760 Returns inwards and returns outwards 44,000 12,200 Carriage inwards 4,700 Carriage outwards 5,500 Custom duties 15,400 Drawings 3,600 Provision for doubtful debts 2,000 Salaries and wages 300,000 Electricity and water 65,000 Rent and rates 4,000 Insurance 55,000 Mortgage on land and building 450,000 Repairs and maintenance 6,300 Commission earned 95,000 Accounts receivables 187,000 Account payable 166,500 Inventory – 1 April 2019 51,000 Cash at bank 41,100 Capital 429,640 TOTAL 2,320,100 2,320,100 The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 Depreciation for the year: Plant and machinery - RM25,700 Vehicles - RM15,300 iii. Accrued expenses: Rent and rates - RM1,000 Electricity and water - RM4,800 Expenses paid in advance: Salaries and wages - RM4,500 Insurance - RM5,000 Inventory on 31 Mac 2020 was RM42,800. Required: a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020:

Particulars	Debit RM	Credit RM
Purchases and Sales	377,000	950,000
Plant and machinery	432,000
Vehicles	102,000
Land and building	625,000
Accumulated depreciation: Plant and machinery Vehicles		175,000 39,000
Discount allowed and discount received	1,500	760
Returns inwards and returns outwards	44,000	12,200
Carriage inwards	4,700
Carriage outwards	5,500
Custom duties	15,400
Drawings	3,600
Provision for doubtful debts		2,000
Salaries and wages	300,000
Electricity and water	65,000
Rent and rates	4,000
Insurance	55,000
Mortgage on land and building		450,000
Repairs and maintenance	6,300
Commission earned		95,000
Accounts receivables	187,000
Account payable		166,500
Inventory – 1 April 2019	51,000
Cash at bank	41,100
Capital		429,640
TOTAL	2,320,100	2,320,100

The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610

Depreciation for the year:
Plant and machinery - RM25,700
Vehicles - RM15,300

iii. Accrued expenses:

Rent and rates - RM1,000
Electricity and water - RM4,800
Expenses paid in advance:
Salaries and wages - RM4,500
Insurance - RM5,000
Inventory on 31 Mac 2020 was RM42,800.

Required:

a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020.

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