Prepare the statement of financial position of 31 Dec 2020 Additional Information:1.Inventory as at 31 December 2020 was RM24,500.2.Insurance paid during the year included amount of RM2,000 for January 2021.3.Utilities for December 2020, RM330 was still unpaid.4.RM600 of commission received was received in advance.5.Depreciation is calculated on the following basis:i)Motor vehicles are depreciated at 10% per annum of the carrying value.i)Machines and equipment are depreciated at 15% per annum on cost.6.During the year, Idzqar had taken out some motor accessories of RM230 from the shopfor personal use and had not recorded it.7.Allowance for doubtful debts is to be provided at 6% of debtors.8.Interest on loan was 4% per year and interest for the second half-year was still accrued. Trial Balance as at 31 December 2020ParticularsDebit (RM)Credit (RM)65,000Motor vehiclesMachines and equipment20,00018,900BankCashAccounts Receivable/Accounts PayableInventory 1 January 20202,3003,9003,30022,100Purchases/Sales68,200273,400Returns Inwards/Returns Outwards6,1004,700Utilities3,500Rent36,000Salaries72,000Insurance26,000Advertising18,800Petrol and transport4,120Interest on loan160Commission received4,160Bad debts180Accumulated Depreciation:- Motor Vehicles12,000- Machines and equipment3,000Capital69,300Loan from CIMB8,000Drawings10,600377,860377,860

Income statement is a statement that helps in determining the income or the profit and loss of a…

Trial Balance as at 31 December 2020 Particulars Debit (RM) Credit (RM) Motor vehicles 65,000 Machines and equipment 20,000 Bank 18,900 Cash 2,300 Accounts Receivable/Accounts Payable Inventory 1 January 2020 Purchases/Sales 3,900 3,300 22,100 68,200 273,400 Returns Inwards/Returns Outwards 6,100 4,700 Utilities 3,500 Rent 36,000 Salaries 72,000 Insurance 26,000 Advertising 18,800 Petrol and transport 4,120 Interest on loan 160 Commission received 4,160 Bad debts 180 Accumulated Depreciation: - Motor Vehicles 12,000 - Machines and equipment 3,000 Capital 69,300 Loan from CIMB 8,000 Drawings 10,600 377,860 377,860

Trial Balance as at 31 December 2020 Particulars Debit (RM) Credit (RM) Motor vehicles 65,000 Machines and equipment 20,000 Bank 18,900 Cash 2,300 Accounts Receivable/Accounts Payable Inventory 1 January 2020 Purchases/Sales 3,900 3,300 22,100 68,200 273,400 Returns Inwards/Returns Outwards 6,100 4,700 Utilities 3,500 Rent 36,000 Salaries 72,000 Insurance 26,000 Advertising 18,800 Petrol and transport 4,120 Interest on loan 160 Commission received 4,160 Bad debts 180 Accumulated Depreciation: - Motor Vehicles 12,000 - Machines and equipment 3,000 Capital 69,300 Loan from CIMB 8,000 Drawings 10,600 377,860 377,860

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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