Question
Question 1 The following is the trial balance of Bintang Enterprise as at 31 Dec. 2019 Bintang Enterprise Trial Balance as at 31 Dec. 2019
Question 1
The following is the trial balance of Bintang Enterprise as at 31 Dec. 2019
Bintang Enterprise
Trial Balance as at 31 Dec. 2019
Accounts | Debit (RM) | Credit (RM) |
|
| |
Inventory at 1 January 2020 | 52,800.00 |
|
Sales |
| 276,400.00 |
Purchases | 141,300.00 |
|
Carriage inwards | 1,350.00 |
|
Carriage outwards | 5,840.00 |
|
Returns outwards |
| 2,408.00 |
Wages and salaries | 63,400.00 |
|
Business rates | 3,800.00 |
|
Communication expenses | 714.00 |
|
Commission paid | 1,930.00 |
|
Insurance | 1,830.00 |
|
Sundry expenses | 208.00 |
|
Buildings | 125,000.00 |
|
Accounts receivable | 45,900.00 |
|
Accounts payable |
| 24,870.00 |
Fixtures | 1,106.00 |
|
Cash at bank | 31,420.00 |
|
Cash in hand | 276.00 |
|
Drawings | 37,320.00 |
|
Capital at 1 January 2019 |
| 210,516.00 |
Total | 514,194.00 | 514,194.00 |
Inventory at 31 Dec 2019 was RM58,440.00
REQUIRED:
- Prepare income statement as at 31 Dec 2019
- Prepare financial position as at 31 Dec 2019
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QUESTION 2
The following is a summary of transactions that occurred in 31 Dec.2019 for Aqila Trading.
Sales RM2400 (Cash RM2,000, RM400 on Account), Cost of Goods Sold was RM2,000, Paid RM120 for Supplies: Used RM80 of them; RM40 remain, Purchased RM2,000 of inventory; paid RM1500 Cash, RM500 on account.
REQUIRED:
- Prepare the necessary Journal entries.
- Prepare Cash Flows from Operating Activities using direct method.
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