ACT 2112 SEMESTER 1 2013/14 TUTORIAL 9 Question 1 Sinar Enterprise, a merchandising business owned by Encik Fauzi, has been in operation for al few years. The trial balance of the business as at 30 June 2008. is as follows: Sinar Enterprise Trial Balance as at 30 June 2008 Debit (RM) Credit (RM) 35,000 1,000 30,000 7,500 16,750 4.500 5.050 Account Name Capital (1 July 2007) Drawings Motor vehicle (at cost) Office equipment (at cost) Stock (1 July 2007) Debtors Creditors Bank Rent expense Repairs and maintenance expense Carriage outwards Carriage inwards Purchases returns Sales returns 6,750 4,550 680 540 1.150 1,050 300 WI Faldytapi Styles 12 DAS 10, 4,500 5.050 6,750 4,550 680 540 1,150 102 103 1045 61708 109 10 BLOCK Tuy ZouT) Debtors Creditors Bank Rent expense Repairs and maintenance expense Carriage outwards Carriage inwards Purchases returns Sales retums Purchases Sales Duty on purchases Accumulated depreciation of motor vehicle Allowance of doubtful debts Discount received Bad debts Commission revenue 1,050 300 21,600 45,300 2,160 9,000 300 280 300 1.800 97,780 97,780 Additional information as at 30 June 2008: Stock on 30 June 2008 was valued at RM18.000 at cost and RM20,000 at market value Carriage inwards owing amounted to RM600. Drawing of goods worth RM550 for personal use had not been taken into account Motor vehicle is to be depreciated at 20% per annum (straight-line method) Allowance for doubtful debts is to be adjusted to 5% of debtors S.) vi vii. Commission received in advance amounted to RM400 Rent included RM350 deposit paid to landlord. You are required to: a Prepare the necessary adjusting entries using the general journal format (omit the narration). Please show all the workings. b. Prepare an Income Statement of Sinar Enterprise for the year ended 30 June 2008 C. Prepare a Balance Sheet of Sinar Enterprise as at 30 June 2008. d. Give two (2) financial ratios that Encik Fauzi could use to evaluate the profitability of the business nglish (U.S.)