Tutorial 12 Submission date: 1 February 2021 before 12.00pm

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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e Tutorial 12.pdf
Tutorial 12
Submission date: 1 February 2021 before 12.00pm
1. The statement of financial position of Fateh Enterprise, a sole trader, for two
successive years are shown below.
Statement of Financial Position as 31 December
2019
2020
RM
RM
RM
RM
Non Current Asset
Land and premises (cost RM52,000)
Plant and machinery:
(Cost RM19,000)
(Cost RM25,000)
44,000
40,000
14,250
19,600
59,600
58,250
Current Asset
Inventory
Trade account receivable
6,600
17,800
6,300
12,600
7,100
Bank
24.400
82,650
26.000
85,600
FINANCED BY :
Capital account:
Balance at 1 January
Add: Net Profit for the year
42,000
18,000
47,000
22,000
60,000
(13,000)
47,000
69,000
(15,000)
54,000
Less:Drawing
Current Liabilities
Trade account payable
22,000
13,650
11,600
Bank overdraft
35,650
11,600
Non Current Liabilities
Loan(repayable December 2022)
20.000
85,600
82,650
Required:
Prepare statement of
for Fateh Enterprise for
year ended 31 December
2020.
Prepared by: Puan Siti Nor Junita Mohd Radzi
2. The following Statement of Financial Position was extracted from the books of
Gagah Perkasa Sdn Bhd at 31 December 2018 and 2019.
Gagah Perkasa Sdn Bhd
Statement of Financial Position as at 31 December
2018
2019
RM
RM
RM
RM
Non-current Assets
Buildings
Fixtures less Depreciation
Van less Depreciation
50,000
1,800
3,920
55,720
50,000
2,000
7,400
59,400
Transcribed Image Text:04:17 94% e Tutorial 12.pdf Tutorial 12 Submission date: 1 February 2021 before 12.00pm 1. The statement of financial position of Fateh Enterprise, a sole trader, for two successive years are shown below. Statement of Financial Position as 31 December 2019 2020 RM RM RM RM Non Current Asset Land and premises (cost RM52,000) Plant and machinery: (Cost RM19,000) (Cost RM25,000) 44,000 40,000 14,250 19,600 59,600 58,250 Current Asset Inventory Trade account receivable 6,600 17,800 6,300 12,600 7,100 Bank 24.400 82,650 26.000 85,600 FINANCED BY : Capital account: Balance at 1 January Add: Net Profit for the year 42,000 18,000 47,000 22,000 60,000 (13,000) 47,000 69,000 (15,000) 54,000 Less:Drawing Current Liabilities Trade account payable 22,000 13,650 11,600 Bank overdraft 35,650 11,600 Non Current Liabilities Loan(repayable December 2022) 20.000 85,600 82,650 Required: Prepare statement of for Fateh Enterprise for year ended 31 December 2020. Prepared by: Puan Siti Nor Junita Mohd Radzi 2. The following Statement of Financial Position was extracted from the books of Gagah Perkasa Sdn Bhd at 31 December 2018 and 2019. Gagah Perkasa Sdn Bhd Statement of Financial Position as at 31 December 2018 2019 RM RM RM RM Non-current Assets Buildings Fixtures less Depreciation Van less Depreciation 50,000 1,800 3,920 55,720 50,000 2,000 7,400 59,400
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