Course: D2ACC100 Financial Acco X Answer All questions C Get Homework Help With Chegg X + c File C:/Users/user/Downloads/D2ACC100%20Jan%202021%20Qn%20(1).pdf Q = Answer All questions 2 / 10 72% + @ Question 1 (20 marks) LEGO Traders is a business that buys and sells animal toys. The business uses the periodic inventory system and prepares its financial statements at the end of the financial year. 30 November. Following is the trial balance for the business: LEGO Traders Unadjusted Trial Balance as at 30 November 2020 Debit (RM) Credit (RM) Bad debts 2,000 Discount allowed 4,000 Sales returns 5,000 Carriage Inwards 8,000 Advertisements 2.000 Withdrawals 13,000 Insurance 18,000 Tata Interest on loan 39.00 22,000 Bank 33,000 Solari Salaries expense 46,000 Inventory, 1 December 2019 59.000 58,000 Accounts receivable 85.000 85,000 Equipment 150,000 Vehicle 200,000 Purchases 291,000 Prepaid insurance 10,000 Building 300.000 Sales 585,000 Purchases retums 1,000 Rental received 6,000 Discount received 1,000 _ Allowance for Doubtful Debts 1,000 Accumulated depreciation - vehicle 40,000 Accumulated depreciation - equipment 15,000 Accounts payable 56,000 Loan (due on 31 May 2025) 109,000 Capital, 1 December 2019 433,000 1,247,000 1.247,000 Activate Windows Go to Settings to attakes 79% + gi w W fra ENG 8:16 AM 4/26/2021 Course: D2ACC100 Financial Acco X Answer All questions C Get Homework Help With Chegg X + + c File C:/Users/user/Downloads/D2ACC100%20Jan%202021%20Qn%20(1).pdf Q = Answer All questions 3 / 10 3 / 72% + 10 Additional Information: a. The physical count of inventory as at 30 November 2020 revealed a balance of RM72,000. b. Salaries of RM4,000 for the month of November 2020 is yet to be paid. c. One of the customers, Bob Cruze, has been declared bankrupt. Hence, his debts of RM5,000 has to be written off as bad debts. d. % of prepaid insurance has expired during the year ended 30 November 2020. The following assets have been depreciated: - Vehicle at the rate of 20% per annum on reducing balance method. Equipment at the rate of 10% per annum on straight line method. e. REQUIRED: (9 marks) (a) Profit & loss Statement for the year ended 30 November 2020. (b) Statement of Owner's Equity for the year ended 30 November 2020. (6) Statement of financial position as at 30 November 2020. 1 (1 mark) (10 marks) (Total: 20 marks) Activate Windows Go to Settings to att2r5ks w179. 157K/s gi w W fra ENG 8:16 AM 4/26/2021 Course: D2ACC100 Financial Acco X Answer All questions C Get Homework Help With Chegg X + c File C:/Users/user/Downloads/D2ACC100%20Jan%202021%20Qn%20(1).pdf Q = Answer All questions 2 / 10 72% + @ Question 1 (20 marks) LEGO Traders is a business that buys and sells animal toys. The business uses the periodic inventory system and prepares its financial statements at the end of the financial year. 30 November. Following is the trial balance for the business: LEGO Traders Unadjusted Trial Balance as at 30 November 2020 Debit (RM) Credit (RM) Bad debts 2,000 Discount allowed 4,000 Sales returns 5,000 Carriage Inwards 8,000 Advertisements 2.000 Withdrawals 13,000 Insurance 18,000 Tata Interest on loan 39.00 22,000 Bank 33,000 Solari Salaries expense 46,000 Inventory, 1 December 2019 59.000 58,000 Accounts receivable 85.000 85,000 Equipment 150,000 Vehicle 200,000 Purchases 291,000 Prepaid insurance 10,000 Building 300.000 Sales 585,000 Purchases retums 1,000 Rental received 6,000 Discount received 1,000 _ Allowance for Doubtful Debts 1,000 Accumulated depreciation - vehicle 40,000 Accumulated depreciation - equipment 15,000 Accounts payable 56,000 Loan (due on 31 May 2025) 109,000 Capital, 1 December 2019 433,000 1,247,000 1.247,000 Activate Windows Go to Settings to attakes 79% + gi w W fra ENG 8:16 AM 4/26/2021 Course: D2ACC100 Financial Acco X Answer All questions C Get Homework Help With Chegg X + + c File C:/Users/user/Downloads/D2ACC100%20Jan%202021%20Qn%20(1).pdf Q = Answer All questions 3 / 10 3 / 72% + 10 Additional Information: a. The physical count of inventory as at 30 November 2020 revealed a balance of RM72,000. b. Salaries of RM4,000 for the month of November 2020 is yet to be paid. c. One of the customers, Bob Cruze, has been declared bankrupt. Hence, his debts of RM5,000 has to be written off as bad debts. d. % of prepaid insurance has expired during the year ended 30 November 2020. The following assets have been depreciated: - Vehicle at the rate of 20% per annum on reducing balance method. Equipment at the rate of 10% per annum on straight line method. e. REQUIRED: (9 marks) (a) Profit & loss Statement for the year ended 30 November 2020. (b) Statement of Owner's Equity for the year ended 30 November 2020. (6) Statement of financial position as at 30 November 2020. 1 (1 mark) (10 marks) (Total: 20 marks) Activate Windows Go to Settings to att2r5ks w179. 157K/s gi w W fra ENG 8:16 AM 4/26/2021