Question
Question 1: Trade Receivable RM 690,500 Allowance for doubtful Debt RM 69,050 Bad Debt Expense RM 34,525 Additional Information: a) Sales on account of RM
Question 1:
Trade Receivable RM 690,500
Allowance for doubtful Debt RM 69,050
Bad Debt Expense RM 34,525
Additional Information:
a) Sales on account of RM 7,980,000
b) Sales return and allowance RM 150,000
c) Collections of trade receivable of RM 5,520,000
d) The estimated bad debts expense is 5% or trade receivable
Record
1. Journalize all transactions for year 2019.
Question 2
Computer Software RM 1,170,500
Amortization expense-Computer Software RM 156,060
Additional Information:
a) The company uses straight line amortization method for all intangible assets that are subject to amortization.
b) On 1 January 2019, RK Company acquired a patent for RM 300,000. The estimated useful life of the patent is 20 years from the date of acquisition. However, the entity will consume the patent's future economic benefits evenly over 15 years from the date of acquisition.
c) The estimated annual amortization of computer software is 20%
Record
a) Journalize all transactions for year 2019
Question 3
i) RK Company uses the periodic inventory system
ii) A physical count of inventory on 31 December 2019 revealed that company had inventory on hand amounted to RM 1,580,790
iii) The net realizable value of inventory on 31 December 2019 is RM 1,472,350.
Record:
1.Journalize all transaction for year 2019.
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