Additional Information:

• Inventory valued at 30April 2021 is RM 90,000
• The Fixed Deposit account was opened on 1 Nov 2020 and interest is at 5% per annum. No interest has been received during the year.
• The owner took cash RM500 and goods worth RM3,500 for personal use
• The loan from Bank FB was taken on 1 May 2020. No interest has been paid on this loan at the end of accounting period.
• Allowances for Doubtful Debt were to be adjusted to RM723.
• Depreciation is to be provided as follows:

Premises - 2% on straight line method

Office Supplies - 12% on reducing balance method

• The following adjustments are to be considered for the period:

Prepayment: Commission received - RM1,000

Accrual: Electricity & Telephone - RM 250

Required:

1. Prepare the Statement of Profit or Loss for the year ended 30 April 2021. (7 marks)

2. Prepare the Statement of Financial Position as at 30 April 2021. (6 marks)

Question 1 EPL Enterprise sells computer accessories like keyboard, printer and scarner. The following is the Trial Balance of EPL Enterprise as at 30 April 2021 Trial Balance as at 30 April 2021 Accounts Payable 56,300 Accounts Receivable 98,100 Advertisements & Promotions 45,000 Bank 245,000 500,000 50,000 6,280 Capital t 1 May 2020 5%Fixed Deposits Carriage Inwards Carriage Outwards Commission Received Discount Allowed 5,500 11,100 900 Discount Received 1,000 21,000 Drawings Electricity & Telephone 39,000 Accumulated Depreciation as x 1 May 2020: Premises 4,000 2.000 Office Supplies Inventory at 1 May 2020 105,000 Land 150,000 5,000 Loan (Omonths) 10% Mortgage Loan from Bank FB 58,000 Office Supplies 20,000 Office Supplies Expense 4,500 Petty Cash 920 Premises 230,000 Purchases 540,000 Purchases Retur 2,300 Salaries & Wages 105,000 Sales 1,029,390 Sales Retur 3,500 Allowances for Doubtful Debt u * 1 May 2020 610 1,660,700 1,669,700