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Mr.Iman is a businessman who carries out retail business that sell shoes catered for young adults called Iman Shoes Enterprise. The following trial balance as
Mr.Iman is a businessman who carries out retail business that sell shoes catered for young adults called Iman Shoes Enterprise. The following trial balance as at 30 June 2020 is provided by Mr.Iman for his business. RM 138,078 RM 82,350 4,889 5,422 2,126 875 1,330 1,200 255 325 2,685 Purchases and Sales Carriage Inward Rent and rates Insurance Utilities Advertising Carriage outwards Discount allowed and received Commission received Salaries and wages Bad debts Account's receivables and account payables Cash in hand Cast at bank Inventory as at 1 July 2019 Motor vehicles Fixtures and Fittings Accumulated depreciation: Motor Vehicle Fixtures and Fittings Capital Long term Loan 6,471 26,420 747 14,805 2,777 10,402 7,727 32,000 26,000 7,000 12,000 42,566 10,200 219,325 219,325 Additional Information: (0) The inventory as at 30 June 2020 is valued at RM13,551. (ii) Salaries for shoes designer amounting to RM1,800 are still unpaid. Mr.Iman took a pair of shoes worth RM425 for his son birthday gift. (iv) Depreciation of motor vehicles was to be provided at 20% on cost and fixtures and fittings at 15% of its carrying value. (v) Commission received in advance is RM450. You are required to prepare: (a) Statements of Comprehensive Income for the year ended 30 June 2020. (20 marks) (b) Statement of Financial Position as at 30 June 2020. (20 marks)
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