Homework Help is Here – Start Your Trial Now!
Business
Accounting
The trial balance below was extracted from the books of Riang Ria Trading as at 31 December 2020. List of account Debit Credit (RM) 300,000 (RM) 500,000 Purchases and sales Sales return and purchases return Opening capital Drawing Office equipment Accumulated depreciation - Office equipment Furniture and fittings Accumulated depreciation – Furniture and fittings Opening inventories Cash 1,000 540 122,000 4,800 52,000 2,000 33,200 17,160 32,000 8,760 25,960 65,000 80,000 Bank Accounts receivable accounts payable 40,900 Investment and bank loan 10,000 Dividend on investment 2,000 Bank charges Carriage expenses 1,480 5,000 Rental received 6,000 Discount allowed and received 400 1,000 Printing and stationery Repairs and maintenance Electricity and water Salaries and wages Miscellaneous expenses 1,500 3,700 600 81,200 5,000 701,600 Total 701,600 Additional information: 1. Inventories as at 31 December 2020 were valued at RM42,000 2. Yearly depreciation to be provided are as follows: a. Office equipment - 5% on cost b. Furniture and fittings 10% on cost 3. Interest on loan 8% per annum was still accrued on 31 December 2020 4. The accruals and prepayments for the period were as follows: a. Accruals Printing and stationery Electricity and water RM500 RM400 b. Prepayments Repairs and maintenance Salaries and wages RM700 RM1,200 5. The carriage expenses comprise of 60% carriage outwards and 40% carriage inwards. 6. The owner took RM600 cash from the business to buy his clothes. You are required to prepare: а. Statement of Comprehensive Income for the year ended 31 December 2020.

The trial balance below was extracted from the books of Riang Ria Trading as at 31 December 2020. List of account Debit Credit (RM) 300,000 (RM) 500,000 Purchases and sales Sales return and purchases return Opening capital Drawing Office equipment Accumulated depreciation - Office equipment Furniture and fittings Accumulated depreciation – Furniture and fittings Opening inventories Cash 1,000 540 122,000 4,800 52,000 2,000 33,200 17,160 32,000 8,760 25,960 65,000 80,000 Bank Accounts receivable accounts payable 40,900 Investment and bank loan 10,000 Dividend on investment 2,000 Bank charges Carriage expenses 1,480 5,000 Rental received 6,000 Discount allowed and received 400 1,000 Printing and stationery Repairs and maintenance Electricity and water Salaries and wages Miscellaneous expenses 1,500 3,700 600 81,200 5,000 701,600 Total 701,600 Additional information: 1. Inventories as at 31 December 2020 were valued at RM42,000 2. Yearly depreciation to be provided are as follows: a. Office equipment - 5% on cost b. Furniture and fittings 10% on cost 3. Interest on loan 8% per annum was still accrued on 31 December 2020 4. The accruals and prepayments for the period were as follows: a. Accruals Printing and stationery Electricity and water RM500 RM400 b. Prepayments Repairs and maintenance Salaries and wages RM700 RM1,200 5. The carriage expenses comprise of 60% carriage outwards and 40% carriage inwards. 6. The owner took RM600 cash from the business to buy his clothes. You are required to prepare: а. Statement of Comprehensive Income for the year ended 31 December 2020.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
The trial balance below was extracted from the books of Riang Ria Trading as at 31 December 2020. List of account Debit Credit (RM) 300,000 1,000 (RM) 500,000 Purchases and sales Sales return and purchases return Opening capital Drawing Office equipment Accumulated depreciation Office equipment Furniture and fittings Accumulated depreciation - Furniture and fittings Opening inventories Cash 540 122,000 4,800 52,000 2,000 33,200 17,160 32,000 8,760 Bank Accounts receivable and accounts payable Investment and bank loan 25,960 65,000 80,000 40,900 10,000 Dividend on investment 2,000 Bank charges Carriage expenses Rental received 1,480 5,000 6,000 1,000 Discount allowed and received 400 Printing and stationery Repairs and maintenance Electricity and water Salaries and wages 1,500 3,700 600 81,200 Miscellaneous expenses 5,000 Total 701,600 701,600 Additional information: 1. Inventories as at 31 December 2020 were valued at RM42,000 2. Yearly depreciation to be provided are Office equipment – 5% on cost b. Furniture and fittings 10% on cost follows: а. 3. Interest on loan 8% per annum was still accrued on 31 December 2020 4. The accruals and prepayments for the period were as follows: а. Ассruals Printing and stationery Electricity and water RM500 RM400 b. Prepayments Repairs and maintenance Salaries and wages RM700 RM1,200 5. The carriage expenses comprise of 60% carriage outwards and 40% carriage inwards. 6. The owner took RM600 cash from the business to buy his clothes. You are required to prepare: a. Statement of Comprehensive Income for the year ended 3 1 December 2020.
Transcribed Image Text:The trial balance below was extracted from the books of Riang Ria Trading as at 31 December 2020. List of account Debit Credit (RM) 300,000 1,000 (RM) 500,000 Purchases and sales Sales return and purchases return Opening capital Drawing Office equipment Accumulated depreciation Office equipment Furniture and fittings Accumulated depreciation - Furniture and fittings Opening inventories Cash 540 122,000 4,800 52,000 2,000 33,200 17,160 32,000 8,760 Bank Accounts receivable and accounts payable Investment and bank loan 25,960 65,000 80,000 40,900 10,000 Dividend on investment 2,000 Bank charges Carriage expenses Rental received 1,480 5,000 6,000 1,000 Discount allowed and received 400 Printing and stationery Repairs and maintenance Electricity and water Salaries and wages 1,500 3,700 600 81,200 Miscellaneous expenses 5,000 Total 701,600 701,600 Additional information: 1. Inventories as at 31 December 2020 were valued at RM42,000 2. Yearly depreciation to be provided are Office equipment – 5% on cost b. Furniture and fittings 10% on cost follows: а. 3. Interest on loan 8% per annum was still accrued on 31 December 2020 4. The accruals and prepayments for the period were as follows: а. Ассruals Printing and stationery Electricity and water RM500 RM400 b. Prepayments Repairs and maintenance Salaries and wages RM700 RM1,200 5. The carriage expenses comprise of 60% carriage outwards and 40% carriage inwards. 6. The owner took RM600 cash from the business to buy his clothes. You are required to prepare: a. Statement of Comprehensive Income for the year ended 3 1 December 2020.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS