Question 1

The following is a list of balance obtained from PLC Sdn Bhd as at 30 June 2021.

(RM)

Telephone expenses	606
Sundry expenses	1,090
Stationery	1,020
Sales	175,000
Salaries	9,070
Return Outwards	2,060
Return Inwards	1,040
Rent received	7,020
Purchases	123,000
Provisions for Doubtful debts	250
Opening stock	7,650
Motor vehicles (Accumulated depreciation)	605,000 (161,000)
Land and building	820,000
Interest received	3,650
Interest on loan	9050
Insurance	3,080
Import duties	1,160
Furniture and fittings (Accumulated depreciation) Investment	38,000 (5,200) 122,000
Drawings	8,800
Discount allowed	475
Debtors	25,000
Creditors	112,000
Cash Bank	6,700 199,000
Carriage Outwards	5,050
Carriage Inwards	3,090
Capital	1,438,551
Bank loan	86,000
Bad debts	850

Additional information:

1. Stock as at 30 June 2021 were valued at RM15,500.
2. Provisions for doubtful debts were adjusted to 2% on the net debtors.
3. Accrued income and expenses during the year were as follows.

i) Insurance RM400

ii) Salaries RM3,000

iii) Rent received RM500

4. Prepaid expenses and income during the year were as follows:

i) Interest on loan RM450

ii) Interest received RM120

5. Depreciation are to be provided as follows:

i) Motor vehicle at 20% per annum.

ii) Furniture and fittings at 15% on reducing balance method.

REQUIRED:

1. Income Statement for the year ended 30 June 2021.

(15 marks)

2. Statement of Financial Position as at the date.

(15 marks)

(30 Marks)