Journalize all transaction for the year 2020
Receivables i. Sales on account of RM19,950,000. ii. Sales returns and allowances of RM375,000. iii. Collections of trade receivables of RM13,800,000. iv. The estimated bad debts expense is 5% of trade receivables. Payables i. Credit purchase of RM8,900,000 were made for merchandise. ii. Paid of RM6,095,300 on trade payables. iii. Provided services for customers who had made advance payments of RM421,550 (including in other payables). iv. Shareholders approved the proposed a final dividend which is 25% of share capital at the annual general meeting held on 30 October 2020. Intangible Assets The company uses straight line amortization method for all intangible assets that are subject to amortization. ii. On 1 January 2020, SUSU SEGAR BERHAD acquired a patent for RM750,000. The estimated useful life of the patent is 20 years from the date of acquisition. However, the entity will consume the patent's future economic benefits evenly over 15 years from the date of acquisition The estimated annual amortization of computer software is 20% Inventories i. SUSU SEGAR BERHAD uses the periodic inventory system ii. A physical count of inventory on 31 December 2020 revealed that the company had inventory on hand amounted to RM3,951,975. The net realizable value of inventory on 31 December 2020 is RM3,680,875. Others i. Cash sales of RM12,100,000. ii. Cash purchases of RM7,225,000. iii. Half of the prepaid insurance has been expired in the current year. iv. The following expenses had an increment of 15% than the previous year and all expenses incurred have been paid: a. Advertising expense b. Salaries and wages expense c. Supplies expense d. Utilities expense e. Rent expense Debit (RM) Credit (RM) 6,250,000 9,500,000 3.750,000 3,000,000 570,000 1,000,000 900,000 6,435,875 1,250,000 1,950,750 2,926.250 1,726,250 600,000 1,884,725 SUSU SEGAR BERHAD Adjusted Trial Balance As at 31 December 2019 Description Non-current assets - at cost: Freehold land Building Equipment Machinery Accumulated depreciation: Building Equipment Machinery Long term investment Trademark Computer software Inventory Trade receivables Prepaid insurance Bank Allowance for doubtful debts Long term borrowing Deferred tax liability Trade payables Other payables Accumulated amortization - Computer software Share capital Share premium Retained profits Sales revenue Dividend income Sales return and allowance Cost of sales (Cost of goods sold) Finance cost Depreciation expense: Building Equipment Machinery Amortisation expense: Computer software Insurance expense Advertising expense Salary and wages expense Supplies expense Utilities expense Rent expense Bad debt expense Total 172,625 3,750,000 1,250,000 1,850,900 421,550 780,300 7,500,000 2,500,000 8,902,225 25,849,375 1,851.600 1.126,000 8,657,113 426,000 190,000 250,000 300,000 390,150 300,000 1,531,500 1,750,000 1,096,325 1,151,325 750,000 86,313 57,298,575 57,298,575
