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Please help me .. Please help me .. Please please Question 2 The following list of balances was extracted from the books of Sagu Enterprise
Please help me .. Please help me .. Please please
Question 2 The following list of balances was extracted from the books of Sagu Enterprise as at 30 June 2021. RM RM 85,000 150,000 3,250 2,250 Purchases Sales Return inwards Return outwards Drawings Inventory (1 July 2020) Buildings Motor vehicles (cost RM34,750) Fixtures and fittings (cost RM24,250) Cash at bank Salaries Carriage inwards Carriage outwards Account receivable Account payable Water and electricity Insurance Allowance for doubtful debts Discount allowed Discount received Rent revenue Rates Loan from Affin Bank Interest on loan Commission revenue Capital 4,750 13,000 79,750 22,150 19,350 15,600 16,550 3,150 4,300 29,750 14,750 3,640 2,160 500 150 100 4,250 3,000 24,750 750 250 109,450 306.300 306.300 The following additional information is available as at 30 June 2021: a) Rent revenue received in advance amounting to RM750. b) The loan from Affin Bank was taken on 1 October 2018 and the interest charged is 8% per annum. c) Depreciation: Motor vehicle -20% per annum on reducing balance method. Fixtures and fittings - 10% per annum on straight line method. d) Rate accrued on 30 June 2021 was RM50. e) Insurance expenses amounting to RM360 is for July 2021. f) Commission revenue of RM500 was still not received as at 30 June 2021. g) Provision for doubtful debts should be increased by RM750. h) The owner took RM1,000 cash to pay his son's hospital bill. i) Inventory as at 30 June 2021 is RM 19,050. Required: a) Prepare Sagu Enterprise's Statement of Profit and Loss for the year ended 30 June 2021. b) Prepare Sagu Enterprise's Statement of Financial Position as at 30 June 2021Step by Step Solution
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