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PLS ANSWER ASAP... The following Trial Balance was extracted from the books of Amira Trading as at 31 December 2020. Debit (RM) Credit (RM) 300,000
PLS ANSWER ASAP...
The following Trial Balance was extracted from the books of Amira Trading as at 31 December 2020. Debit (RM) Credit (RM) 300,000 80,000 100,000 259,000 2,000 Capital Loan from Maybank Purchases Sales Returns inwards Rental income Rental expenses Carriage inwards Salaries Investment in Fixed Deposit 24,000 5,000 3,500 25,000 246,500 20,000 2,000 3,000 Bank 6,000 Commission expenses Advertising expenses Discount received Insurance General expenses Land and building Office Equipment Delivery van 2,000 2,000 130,000 20,000 38,000 10,000 Accounts receivable 12,500 Account payable Inventory as at 1 January 2020 72,500 681,500 681,500 Additional Information: (1) Inventory as at 31 December 2020 was valued at RM 70,500. Depreciation for delivery van and office equipment will be charged on cost at 10% and 15% respectively. (iii) The owner of the business, withdrew goods worth RM2,000 to be given as a wedding present to his friend. You are required to prepare: (a) A Statement of Profit or Loss for the year ended 31 December 2020 (12 marks) (b) A Statement of Financial Position as at 31 December 2020. (13 marks)Step by Step Solution
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