Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Please help me . Please help me . i will give upvote . Please help me . i support you please Questions 4 The following

Please help me . Please help me . i will give upvote . Please help me . i support you please

image text in transcribed

image text in transcribed

Questions 4 The following trial balance has been extracted from the ledger of KJL Enterprise. Trial Balance as at 31st March 2021 Accounts Debit (RM) Credit (RM) 40,000 290,000 465,000 1,800 1,200 40,000 15,000 2,200 1,500 2,800 50,000 Capital Purchases Sales Sales Return and Purchase Return Staff salary General Expenses Stationeries Carriage inwards Carriage outwards Long term bank borrowing Rent expense Rates and Assessment Insurance Repairs and maintenance Utilities Bad Debts Discount Received Discount Allowed Drawings Cash in Hand Bank Accounts Receivable Trade Payables Inventories as at 1st April 2020 Furniture and Fittings Accumulated Depreciation - Furniture & Fittings Motor Vehicles Accumulated Depreciation - Motor Vehicles Allowance for Doubtful Debts Total 15,600 2,200 9,460 10,200 1,400 500 4,000 2,500 4,000 5,500 18,000 55,900 35,000 39,500 42,480 8,000 80,400 36,240 640,940 1,500 640,940 iii. V. Additional information: i. Inventories as at 31st March 2021 was valued at RM45,000 ii. Accrued utilities for the amount of RM5,000. Maintenance were not yet paid amounting to RM2,000. iv. Fire insurance amounting to RM4,800 was taken on 14 January 2021 for the period of 12 months. Additional debts totaling RM6,000 is considered as bad debts. Allowance for doubtful debt is to be adjusted to 4% of net trade receivables. vii. Owner took goods for own usage amounting to RM3,000. viii. Depreciation has not been provided during the year. Depreciation is to be charged as follows: Furniture and Fittings 25% on reducing balance method Motor Vehicles - 20% straight line method Required: vi. (a) (b) Prepare journal entries for the year-end adjustments. Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st March 2021. Prepare a Statement of Financial Position as at 31" March 2021. 0 (c)

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_2

Step: 3

blur-text-image_3

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

Accounting What The Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

8th Edition

0073379417, 978-0073379418

More Books

Students explore these related Accounting questions