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Please show the i)corrected trial balance, ii)unadjusted trial balance, iii)adjusting entries , iv)adjusted trial balance and v)prepare the financial statement. Iffah is the owner of
Please show the i)corrected trial balance, ii)unadjusted trial balance, iii)adjusting entries , iv)adjusted trial balance and v)prepare the financial statement.
Iffah is the owner of Purple Iffah Trading which sells precious gems and jewelleries in Kuching, Sarawak. Table Q4 summarizes balances extracted from her ledger as at 31st August 2017. Table Q4 On 31st August 2017 , additional information relating to adjustment for Purple Iffah Trading is as follows: (i) Inventory was valued at RM5,861. (ii) Unearned commission revenue was RM67. (iii) Salaries worth RM60,000 per year. (iv) Machinery are depreciated at 20% under the straight line method, while fixtures are depreciated at 15% under the reducing balance method. (v) The allowance for doubtful debts was increased by RM533. Prepare the financial statement for Purple Iffah Trading with the accounting year ended 31st August 2017Step by Step Solution
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