Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ken Wood sells wooden furniture made from oak and mahogany tree. The business unadjusted trial balance as at 30 June 2021 is as follows: Ken

Ken Wood sells wooden furniture made from oak and mahogany tree. The business unadjusted trial balance as at 30 June 2021 is as follows:

image text in transcribed

Ken Wood sells wooden furniture made from oak and mahogany tree. The business' unadjusted trial balance as at 30 June 2021 is as follows: Ken Wood Unadjusted Trial Balance as at 30 June 2021 Cash Accounts Receivable Provision for Doubtful Debts Inventory (Opening) Delivery Van Accounts Payable Maintenance Expense Capital Drawings Sales Purchases Purchases Return Fuel Expense Salary Expense Debit Credit RM RM 300,800 120,000 8,000 458,700 125,000 199,500 19,400 318,700 35,800 780,000 230,900 20,200 12,800 23,000 1,326,400 1,326,400 The following balance day adjustments have not been taken into account for year ended 30 June 2021: Provision for doubtful debts is to be estimated at 5% of total accounts receivable. Fuel expense paid in advance was RM2,800. Salary owing at the end of the period amounts to RM11,200. Delivery van was purchased on 1 January 2021. The business decides to provide depreciation at 10% per annum using the straight-line method. Maintenance expense accrued, RM6,000. Inventory on hand as at 30 June 2021 is RM150,000. Required: 1) Prepare the adjusted trial balance for the year ended 30 June 2021 (Show workings). 2) Prepare Ken Wood's Statement of Comprehensive Income (Income Statement) for the year ended 30 June 2021. 3) Prepare Ken Wood's Statement of Financial Position as at 30 June 2021

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

Interpreting Company Reports And Accounts

Authors: Geoffrey Holmes, Alan Sugden, Paul Gee

10th Edition

0273711415, 9780273711414

More Books

Students also viewed these Accounting questions

Question

=+b) Should the company send the fact-finding trip? Explain.

Answered: 1 week ago