Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

67.00 QUESTION 4 The following is the trial balance extracted from the books of Aloe Enterprise at 31 December 2021: DRRMCR (RM Office pent costs

image text in transcribed
67.00 QUESTION 4 The following is the trial balance extracted from the books of Aloe Enterprise at 31 December 2021: DRRMCR (RM Office pent costs 25.00 Motor vehicles (al cost 70,400 Office pensated depreciation 8.400 Motor vehicles and depreciation 11 Capital Invensyen January 2021 17, Acerbies and publes 35.500 21.30 Prensen for de flebo 1. Bank 4700 9.00 Sales 245,700 145.600 Return 6.200 Discounts 1.500 900 Salus 16,700 Inne SO Uits 3.300 Carriage wande 1.000 Kmigtails IS.lod Baddebos 2.200 365,300 365,300 The following additional information is available for considerations: Inventory on hand on 31 December 2021 amount to RM16,000. On 31 December 2021 insurance expense RM700 was prepaid. Accrued expenses for salaries and utilities were RM900 and RM300 respectively. Depreciation is to be provided as follows: Equipment - 15% on cost Motor vehicles - 20% reducing balance method ten Bad debts of RM500 are deemed to be uncollectible and the provision for doubtful debts is set at the rate of 6% of accounts receivable at year end. Required: Draw up the statement of Profit or Loss for Aloe Enterprise for the year ended 31st December 2021 and a Statement of Financial Position at that date. (Total: 25 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services An Integrated Approach

Authors: Arens, Elder, Beasley

9th Edition

0130646202, 9780130646200

More Books

Students also viewed these Accounting questions

Question

Does your message use defamatory language?

Answered: 1 week ago