Question 5 The following is the trial balance of Syarikat TooEasy at 30 June 2010. Debit RM Credit RM 140,000 5,100 1,500 6,400 93,100 1,300 Capital Debtors and creditors Bank Cash Sales and purchases Return inwards and outwards Carriage inwards Carriage outwards Stock at 1 July 2009 Electricity and water Wages and salaries Advertisement Insurance Discount allowed and received Bad debts Provision for doubtful debts Motor vehicles (at cost) Provision for depreciation on motor vehicles Fittings (at cost) Provision for depreciation on fittings Land and buildings Commission received Long term loan Drawings Rent received 850 65,000 1,850 250 285 6,800 345 3,600 2,650 800 150 680 650 450 34,000 12,000 6,000 1,200 145,000 360 20,000 2,000 276,660 1,000 276,660 The following information needs to be taken into account in the preparation of the final accounts: 1. Closing stock RM7,150 2. Commission received in advance amounted to RM60 3. Provision for doubtful debts is to made at 5% of debtors. 55 4. Insurance was prepaid amounted to RM270 5. Rent amounted to RM200 has not been received. 6. Electricity bill amounting to RM130 is still owing 7. Depreciation rate for the fixed assets are as follows: Motor vehicles - 20% reducing balance method Fittings - 10% straight line method 7 . Required: Prepare an Income Statement for the year ending 30 June 2010 and a balance sheet as at that date