Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Olivie Sdn Bhd is a business selling health and beauty products. The following is the unadjusted trial balance for Olivie Sdn Bhd as at 31

image text in transcribed
image text in transcribed
image text in transcribed
Olivie Sdn Bhd is a business selling health and beauty products. The following is the unadjusted trial balance for Olivie Sdn Bhd as at 31 December 2019: DEBIT CREDIT RM RM Cash 21.000 Account receivables 15.700 Prepaid rent 9.500 Inventory 9.750 18-month investment 30,000 Land 93 600 Motor vehicle 71.300 Accumulated depreciation-motor vehicle 35.900 Furniture 19.400 Accumulated depreciation-furniture 7.760 Accounts payable 16,080 12-month note payable 36,000 Salaries payable 16.800 Share capital 120.000 Retained earnings 24.110 Dividend Sales revenue 74,700 Cost of goods sold 27.450 Administrative expense 15.500 Other operating expense 9050 Income tax expense 331 350 331 350 The following transactions were unrecorded at the year-end, 31 December 2019 a. On May 1, the company goods amounting RM 12,000 have been sold to a regular customer but, payment has not yet been received and no entries have been made b. Eighty per cent (80%) of the salaries payable has been paid c. The note payable was issued on August 1, 2019 with 4% interest Interest on the note accrued at year end d. RM1,500 interest income on 18-month investment account is accrued at year end. The prepaid rent refers to an advance payment of 6 months rent that the company paid on November 1, 2019. The company charges rental cost incurred as administrative expense The company owns a piece of land which was bought in 2000. In December 2019, the land is revalued to RM150,000 8. Annual depreciation charge for motor vehicle and furniture are RM7,180 and RM1.940 respectively. Depreciation for 2019 has not been recorded Required: 1. Journaline transactions (a) to (g)above. 2. Prepare a Statement of Profit or Loss and Other Comprehensive Income, a Statement of Changes in Equity and a Statement of Financial Position for the year ended 31 December 2019 Olivie Sdn Bhd is a business selling health and beauty products. The following is the unadjusted trial balance for Olivie Sdn Bhd as at, 31 December 2019: DEBIT CREDIT RM RM Cash 21,000 Account receivables 15,700 Prepaid rent 9,600 Inventory 9,750 18-month investment 30,000 Land 93,600 Motor vehicle 71,800 Accumulated depreciation-motor vehicle 35,900 Furniture 19,400 Accumulated depreciation-furniture 7,760 Accounts payable 16,080 12-month note payable 36,000 Salaries payable 16,800 Share capital 120,000 Retained earnings 24,110 Dividend 8,000 Sales revenue 74,700 Cost of goods sold 27,450 Administrative expense 15,500 Other operating expense 9,050 Income tax expense 500 331,350 331,350 The following transactions were unrecorded at the year-end, 31* December 2019. a. On May 1, the company goods amounting RM 12,000 have been sold to a regular customer but, payment has not yet been received and no entries have been made b. Eighty per cent (80%) of the salaries payable has been paid. c. The note payable was issued on August 1, 2019 with 4% interest. Interest on the note is accrued at year end. d. RM1,500 interest income on 18-month investment account is accrued at year end. e. The prepaid rent refers to an advance payment of 6 months' rent that the company paid on November 1, 2019. The company charges rental cost incurred as administrative expense. f. The company owns a piece of land which was bought in 2000. In December 2019, the land is revalued to RM150,000. g. Annual depreciation charge for motor vehicle and furniture are RM7,180 and RM1,940 respectively. Depreciation for 2019 has not been recorded. Required: 1. Journalize transactions (a) to (9) above. 2. Prepare a Statement of Profit or Loss and Other Comprehensive Income, a Statement of Changes in Equity and a Statement of Financial Position for the year ended 315 December 2019

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

The Fundamental Principles Of Finance

Authors: Robert Irons

1st Edition

1138477524, 9781138477520

More Books

Students also viewed these Accounting questions