Question
Puan Alya and her sons are the owners of Gembira Sdn.Bhd. They started their stationery business on 1 January 2023. None of them has accounting
Puan Alya and her sons are the owners of Gembira Sdn.Bhd. They started their stationery business on 1 January 2023. None of them has accounting background. At the end of the accounting period which is on 31 December 2023, they have difficulties in preparing financial reports for their business. Since you have knowledge in accounting, they seek your help to prepare the reports.
Given below are the particulars of Gembira Sdn. Bhd.
Particulars | Amount (RM) |
Building | 50,000 |
Accounts Receivable | 20,000 |
Rent received | 2,700 |
Electricity bill | 250 |
Loan from Bank Islam | 60,000 |
Short term deposit | 7,550 |
Interest on loan | 200 |
Sales | 32,000 |
Accounts Payable | 13,500 |
Cash at bank | 28,500 |
Insurance | 1 ,200 |
Repairs | 500 |
Required:
Based on the scenario above, answer the following questions:
A) State the type of business entity owned by Puan Alya and her sons.
(1 mark)
b) State THREE (3) characteristics of business entity possessed by Gembira Sdn. Bhd.
(3 marks)
c) Calculate the total amount of
i.Assets;
(3 marks)
ii. Expenses.
(2 marks)
iii.Liabilities;
(2 marks)
iv. Revenue
(2 marks)
d) Prepare the trial balance as at 31 December 2023 for the above items.
(12 marks)
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