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i want you to solve the question like this answer company name trading statemenet sales sales return NET SALES 442000 (5030) fixed assets van shop
i want you to solve the question like this answer
company name trading statemenet sales sales return NET SALES 442000 (5030) fixed assets van shop fitting 70430 40000 436970 110430 cost of goods sold Inventory purchases purchase return closing stock 112000 323000 (52.30) (113000) 0 current assess bank balance debtors prov for bad debts prepayment for insurance closing stock SODO 9800 1980) 512 113040 316730 120240 127372 237802 total assets 13 Eross profit 14 1S expenses 36 wanes and salaries 17 tel charges 18 Insurance 19 bad debts 20 prov for bad debts (9800X10%-980) (980-800) 21 22 NET PROFET 23 30710 1235 5828 200 180 current liabilities creditors accrules for wagtes accrutess for tel charges total 7000 5210 235 (38153) 12445 52087 SHNAIN 25 26 27 28 Financed by: capital net profit drawing 161570 82087 (18300) 225557 2. Following is the trial balance of Golden Bridge Trading as on 31st May 2021: Debit RM 22,860 5,160 Credit RM 41,970 7,200 4,350 90 1,440 930 810 570 Purchases and sales Beginning Inventory Capital Bank Overdraft Cash Discounts Returns inwards Return outwards Carriage outwards Rent and Insurance Provision for bad and doubtful debts Fixtures and Fittings Delivery van Debtors and Creditors Drawings Wages and salaries General office expenses 2,160 1,740 660 1,200 2,100 11,910 2,880 8,940 450 6,060 61,740 61,740 Additional Information: 1. Inventory as at 31 May 2021 was RM4, 290. 2. Wages and salaries accrued at 314 May 2021 is RM210. 3. Office Expenses owing RM20. 4. Rent prepaid RM180. 5. Increase the provision for bad and doubtful debts by RM150 to RM810 You are required to: a. Prepare a trading and profit and loss account for the year ended 31* May 2021. (20 Marks) b. Prepare a balance sheet, as at 314 May 2021. (20 Marks) Step by Step Solution
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