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is my statement of profit or loss correct based on the trial balance? this is my trial balance RM RM Sales (furniture) 18,430 Less: discount
is my statement of profit or loss correct based on the trial balance?this is my trial balance
RM RM Sales (furniture) 18,430 Less: discount received 305 Less: Expenses Prepaid rent 21,000 Prepaid insurance 2,750 Rent expenses 3,500 Salaries and wages expense 1,500 Advertising expense 1,500 Utilities expense 2,200 Telephone expense 373 Total expenses 30,073 Net loss (11,948) Particular Debit (RM) Credit (RM) 1. Cash 491,585 2. Capital 50,000 3. Furniture 18,430 4 Office Talk Co 0 0 (Account payable) 5. Lorries 10,000 6. 6 Prepaid insurance 2.750 7. Air conditioner 6,100 8. 0 0 0 0 Smart Tech (Account Payable ) 9. 0 0 Mr Gale (Account Receivable) 10. Rent Expense 3,500 11. Prepaid Rent 21,000 12. Bank Loan 450,000 13. Omega Inc (Account Receivable) 0 0 14. Madam Bella (Account Receivable) 4.100 15. Discount received 305 16. Advertising expense 1,500 17. Advancing from Art Co. 27.500 18. Drawings 2,000 19. Telephone expense 373 20. Telephone expense payable 373 21. Salary expense 1,500 22. Utility expense 2,200 Total 546,608 546,608Step by Step Solution
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