Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I want to know step by step on how to solve this question because I don't have accounting basic. Question 2 Mr. Kedekut Pahit,

Hi, I want to know step by step on how to solve this question because I don't have accounting basic.

image text in transcribed
Question 2 Mr. Kedekut Pahit, a sole trader, extracted the following trial balance from his books at the close of business 31" march 2014. RM RM Purchases and Sales 30,000 50,000 Opening stock 2,000 Capital as at 1" april 2013 25,330 Bank overdraft 1,000 Cash in hand 500 Discounts 800 1,200 Returns inwards 850 Returns outwards 600 Carriage outwards 1,500 Rent and insurance 2,500 Provision for doubtful debts 600 Furniture and Fittings 10,000 Motor Vehicles 15,000 Debtors and Creditors 11,000 8,000 Drawings 2,880 Salaries 9.000 General office expenses 700 86,730 86,730 Additional information on 31" March 2014: 1. Closing stock RM4000. 2. Salaries accrued RM200, Office expenses owing RM100. 3. Prepaid rent RM300. 4. Increase the provision for doubtful debts by RM400. 5. Depreciation expenses for Furniture and fittings 10% per annum and Motor Vehicles 20% per annum. Required: Prepare the Income Statement (Trading, Profit and Loss) for the year ended 31" march 2014 together with a Balance Sheet as at that date. (25 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

Corporate Finance

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan

12th edition

1259918947, 1260091908, 978-1259918940

More Books

Students also viewed these Accounting questions

Question

How can assertiveness help you cope with anger? Critical T hinking

Answered: 1 week ago

Question

RefertotheBaseball2016data...

Answered: 1 week ago