Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help The following trial balance was extracted from the books of Aidil Enterprise as at 31 March 2022 : Additional information: 1. Inventory as at

help
image text in transcribed
image text in transcribed
The following trial balance was extracted from the books of Aidil Enterprise as at 31 March 2022 : Additional information: 1. Inventory as at 31 March 2022 was valued at RM15,000. 2. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 August 2021. 3. RM500 need to be written off as bad debt as one of the credit customer was declared bankrupt and allowance for doubtful debt is to be adjusted to RM750. 4. Depreciations for the year are to be provided on yearly basis as follows: Fixture and Fittings 10% per annum on cost Motor vehicles 20% per annum on cost Machinery 10% per annum on carrying amount 5. The owner took goods worth RM500 for his personal use and no record has been made. 6. The 3% fixed deposit was invested by the business on 1 April 2021. The interest on fixed deposit was still outstanding on 31 March 2022. 7. The following adjustments are to be considered for the period: Required: a. The Statement of Profit or Loss for the year ended 31 March 2022. (20 marks) b. The Statement of Financial Position as at 31 March 2022. (12 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

Explain the steps involved in training programmes.

Answered: 1 week ago

Question

What are the need and importance of training ?

Answered: 1 week ago