Mr Zane started a business namely XYXY Trading on 1 April 2021, these balances were taken...

Transcribed Image Text:

Mr Zane started a business namely XYXY Trading on 1 April 2021, these balances were taken from his books as at 31 March 2022: Store equipment Deposit Accounts payable Cash Accounts receivable RM 6,800 11,680 3,764 236 6,560 Bank 4,356 Accrued electricity bill 88 Prepaid insurance 60 Additional info: In the same year, Mr Zane had withdrawn RM 250 a month to pay his house rent. i) iv) v) He established allowance for doubtful debts at 5% on accounts receivable value. Depreciation value of store equipment: RM 1,020 Total capital as at 31 March 2022: RM 20,500 Net profit for the year: RM 6,992 Required: Refer the above information, prepare the Balance Sheet of XYXY Trading as at 31 March 2022 (12marks) Mr Zane started a business namely XYXY Trading on 1 April 2021, these balances were taken from his books as at 31 March 2022: Store equipment Deposit Accounts payable Cash Accounts receivable RM 6,800 11,680 3,764 236 6,560 Bank 4,356 Accrued electricity bill 88 Prepaid insurance 60 Additional info: In the same year, Mr Zane had withdrawn RM 250 a month to pay his house rent. i) iv) v) He established allowance for doubtful debts at 5% on accounts receivable value. Depreciation value of store equipment: RM 1,020 Total capital as at 31 March 2022: RM 20,500 Net profit for the year: RM 6,992 Required: Refer the above information, prepare the Balance Sheet of XYXY Trading as at 31 March 2022 (12marks)