prepare journal entries too.

(Question 4) Question 4 Pop kitchen Sdn Bhd is a company sells latchen utensils. To ensure the competitive advantage of the business, the company provides credit facilities to its customer. The following information relating to the company trade receivables for the year ended 31 October 2019 RM Trade receivables 52 310 Less Provision for doubtful debt (9,350) Provision for discount allowable (2 500 Net realisable value 40 460 For the year end 31 October 2020, the following activities has to be considered for the preparation of financial statements Date Transactions 2 November 2019 Sales amounted RM32,500 to Salwa Trading of which only 30% was a cash sale 3 December 2019 Issued invoice RM5 200 to Traders Enterprise before allowing 3% trade discount, 15 January 2020 Received cheque from Salwa Trading which represents only 50% of the amount due 8 February 2020 Sold fifteen sets of kitchen cutlery to Aroma Trading and Foody Enterprise worth RM25,540 and RM24,450 respectively both with credit term of 5/10, net 60 10 February 2020 The business received a cash payment of RM8,000 from Regina Sdn Bhd although this debt was previously written-off as bad debt 17 February 2020 Received a cheque from Aroma Trading for full settlement of its debts and on the same day received 60% cash settlement from Foody Enterprise 5 March 2020 Credit sales to Delici Sdn Bhd amounting RM15,960. However, the company returned some of faulty products worth RM520 in the next day 6 Apr 2020 Sold 5 sets of cooking pots worth RM10,500 to Tracer Enterprise which 30% of cash payment was settled on that day 3 September 2020 Delici Sdn Bhd made full settlement of their account by cheque. 5% cash discount was given. 28 October 2020 After repeated effort to collect the amount due from Foody Enterprise was unsuccessful, this amount was written as bad debt It is the company policy to maintain the provision for doubtful debts at 10% of outstanding trade receivables and 5% provision for discount allowable to potentially good receivables. (Round off your answer) (a) Based on the journal entries in question 3, you are required to prepare i Trade receivables account (9 marks) Provision for doubtful debts account and provision for discount allowable account for the year end 31 October 2020 (7 marks) (b) Silky Sdn Bhd involves in producing traditional clothes in Kuala Lumpur. The materials are imported from India because of its high quality and the price is affordable. During the business year ended 31 July 2020 the following expenses had incurred Purchase cost of silk material from India at RM26,700. A piece of the silk material was damaged, estimated at RM1,110, Non-refundable tax of RM850 Transportation cost incurred from India to Malaysia at RM2 300 Expected selling cost of the traditional clothes is RM650 Open storage cost of RM180 You are required to calculate the value of inventory to be reported in the Statement of Financial Position as of 31 July 2020 (show all workings) (4 marks) 4