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Question 5 The following balances were extracted from Alicia's accounts at 31 December 2022. Accounts Debit (RM) Credit (RM) Capital at 1 January 2022
Question 5 The following balances were extracted from Alicia's accounts at 31 December 2022. Accounts Debit (RM) Credit (RM) Capital at 1 January 2022 32,000 Cash drawing 3,325 Plant and machinery at 1 January 2022 140,000 Motor vehicle at 1 January 2022 20,000 Accumulated depreciation for plant and 14,000 machinery Accumulated depreciation for motor vehicle 4,000 Stock at 1 January 2022 28,550 Purchases 61,000 Sales 250,000 Accounts receivable 30,163 Accounts payable Wages and salaries Motor vehicles expenses General expenses Insurance 28,716 18,000 4,900 4,736 2,290 Cash at bank and hand Provision for doubtful debts 20,990 5,238 333,954 333,954 Additional information: i. Stock as at 31 December 2022 was RM15,735. ii. Included in cash drawing is a total of RM500 paid by Alicia for business's electricity expenses. iii. Unexpired insurance amounting to RM290. iv. Accrued wages and salaries amounting to RM290. v. There was an unpaid account of RM410 for general expenses. vi. Provision to be made for depreciation at the following rates: Plant and machinery Motor vehicles 10% per annum 20% per annum vii. The provision for doubtful debts is to be reduced to RM4,178. Required: Prepare the statement of comprehensive income and statement of financial position as at 31 December 2022. (40 marks)
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