Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Appreciate you can show me the working. Question 6 The Trial Balance of Supercomfort Sdn. Bhd. at 30 June 2020 is given as follows: DR

Appreciate you can show me the working. image text in transcribed
image text in transcribed
Question 6 The Trial Balance of Supercomfort Sdn. Bhd. at 30 June 2020 is given as follows: DR CR RM RM Share capital 50,000 Inventory at 30 June 2019 38,295 Trade receivables 26.890 Trade payables 12,310 10% debentures 20,000 Revaluation reserve 16,000 Retained earnings Debenture interest Equipment at cost Motor vehicles at cost 3,940 1.000 35,000 X 10%3500 28,500 20% 5700 3,619 Bank Cash in hand 180 Sales 99,500 Purchases 68,600 Returns 1,150 2,250 240 Carriage inwards Wages & salaries 11,000 Rent, assessment and insurance 5,170 + 1000 Discounts 1,246 640 Directors' remuneration 2,500 Accumulated depreciation: 7 Equipment 8.400 Motor vehicles 10.350 223,390 223,390 The following information as at 30 June 2020 are as follows: i. Inventory at 30 June 2020 is valued at RM49,371. ii. The share capital consisted of 25,000 ordinary shares and 25,000 of 10% preference shares. The dividend on the preference shares was yet to be paid and a dividend of 20% on the ordinary shares was proposed. Rent of RM1,000 and directors' remuneration of RM2,500 are accrued. Insurance prepaid is RM300. iii. iv. Depreciation on cost: Equipment 10%; Motor vehicles 20%. V. Transfer to General Reserve RM1,000. vi. Corporate tax is RM2,000. Required: Prepare the Statement of Comprehensive Income, and Statement of Financial Position as at 30 June 2020 for internal use. [30 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

Step: 3

blur-text-image

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

The People Policies Audit

Authors: Maurice A. Phelps

1st Edition

1907766049, 978-1907766046

More Books

Students also viewed these Accounting questions