Question
qewrwfieaHOJIOFJOJW261erokgpwarofaw1615646w4489f84q9fw1e56 The following is the Trial Balance obtained from Round Enterprise as at 31 st. December 2009. Debit (RM). Credit (RM). Capital. 22,490 Cash at
qewrwfieaHOJIOFJOJW261erokgpwarofaw1615646w4489f84q9fw1e56
The following is the Trial Balance obtained from Round Enterprise as at 31 st. December 2009.
| Debit (RM). | Credit (RM). |
Capital. |
| 22,490 |
Cash at bank | 16,000 |
|
Cash in hand | 900 |
|
Inventory (as at 1st January 2009) | 7,320 |
|
Account receivables. | 8,200 |
|
Account payables |
| 6,300 |
Fixture and fittings | 4,800 |
|
Vehicles | 32,000 |
|
Purchases | 36,200 |
|
Sales |
| 71,800 |
Returns | 500 | 300 |
Commission received |
| 1 ,660 |
Carriage outwards | 460 |
|
Discount received |
| 620 |
Carriage inwards | 790 |
|
Provision for doubtful debt |
| 800 |
Accumulated depreciation on vehicles. |
| 3,200 |
| 107,170 | 107,170 |
Additional information:
1 . Inventory as at 31 st December 2009 was valued at RM 13,440.
- Accrued revenue and expenses during the year were as follows:
- Commission received RM200 ii. Carriage inwards RM440
- Prepaid revenue and expenses during the year were as follows:
- Discount received RM 330
ii. Carriage outwards RM 150
- Vehicles are depreciated at 10% per annum.
- Provision for doubtful debts is 5% of accounts receivables.
From the above information, you are required to:
- Prepare Statements of Profit or Loss (Income Statement) for Round Enterprise for the year ended 31 st December 2009.
- Prepare Statements of Financial Position (Balance Sheet) as at that date. Thanks appreciate your help.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started