Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 The following are the ledger balances for May Beauty Parlour for 30 June 2021: Sales Opening inventory Purchases Carriage inwards Wages Rates Discount

image text in transcribed

image text in transcribed

Question 2 The following are the ledger balances for May Beauty Parlour for 30 June 2021: Sales Opening inventory Purchases Carriage inwards Wages Rates Discount Allowed Rent Insurance Stationery Commissions paid Interest expense (for 9 months only) General Expenses Office Equipment Bank Overdraft Accounts Receivable Provision for Doubtful Debts Land and Buildings Accounts Payables Mortgage Capital RM 50,450 11,000 34,600 480 6,000 600 700 2.000 160 100 260 240 120 4,000 600 6,800 200 26,400 3,200 2,000 37,010 Below is the additional information which was left out by May's clerk. RM Closing inventory 7.400 Prepaid Insurance 60 Accrued wages 100 Depreciation - Office Equipment 380 Interest expenses unpaid for 3 months 80 The provision for doubtful debts is to be made equal to 6% of the Accounts Receivables. Required: Prepare: a. The Statement of Comprehensive Income for the year ended 30 June 2021. (11 marks) b. The Statement of Financial Position as at 30 June 2021. (9 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Accounting

Authors: Frederick D. S. Choi, Gary K. Meek

7th Edition

0136111475, 9780136111474

More Books

Students also viewed these Accounting questions