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Please answer correct or I will not give a like! Answer correctly onlyyy!!! 1. The following information was extracted from the ledger of Booster-X Sdn
Please answer correct or I will not give a like! Answer correctly onlyyy!!!
1. The following information was extracted from the ledger of Booster-X Sdn Bhd as at 31 December 2021: Credit (RM) 60 000 34 600 410 000 25 300 Booster-X Sdn Bhd Trial Balance as at 31 December 2021 Debit (RM) Land and buildings 950 000 Motor vehicles (MV) 120 000 Provision for depreciation - MV Office furniture (OF) 86 500 Provision for depreciation - OF Sales Purchases 192 300 Return inwards 18 000 Return outwards Carriage inwards 7 450 Carriage outwards 8 500 Insurance on purchases 3 500 Vehicle maintenance 8 550 Duty imports on purchases 8 250 Utilities expenses 4 600 Sundry expenses 2 500 Discounts received Commission received Dividend income Rental income Advertisement 2 800 Salaries and wages 89 500 General insurance 7 500 Printing and stationaries 2050 Bad debts 6 500 Cash in hand 19 700 Cash at bank 212 100 Stocks at 1 January 2021 51 700 Trade debtors 252 000 Provision for doubtful debt Trade creditors Capital Drawings 8 000 Bank loan 9 900 2 500 3 000 28 600 12 600 175 500 500 000 800 000 2062 000 2062 000 Additional information: (i) Stocks at 31 December 2021 RM66 200 (ii) A total of RM1 200 of dividend income has not been received. (iii) Monthly rental income is RM 2 200 per month. (iv) The following expenses are accrued: Advertisement RM2 600 Salaries and wages RM6 000 (v) The general insurance was paid on 1 July 2021, covering a one-year period. (vi) Additional bad debts amounting to RM2 000 to be written off. (vii) The business had decided that the allowance for doubtful debt for the year is to be adjusted to 4% from the outstanding debtor. (viii) The depreciations for fixed assets are: Motor vehicle RM12 000 Office furniture RM6 920 Required: (a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021. (b) Prepare the Statement of Financial Position as at that date. (40 marks)Step by Step Solution
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