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so as you guys can see the answer is already given , but i want to know under the income statement answer , what is
so as you guys can see the answer is already given , but i want to know under the income statement answer , what is 4e, 2e, 05, and 200 ? where is those things come from? someone teach me .
Question 6 The following trial balance for Care Enterprise has been prepared for the year ended 31st December, 2020. Trial Balance as at 31st December 2020 Debit Credit Accounts (RM) (RM) Sales 380,000 Purchases 220,000 Sales return 2,000 Purchases return 2,700 3,000 Carriage Inwards Discount received 4,000 Inventory as at 1st Jan 2020 10,000 Allowance for doubtful debts 5,000 Wages and salaries 25,000 Rent expenses 16,000 4,900 Takaful insurance 3,990 Carriage outwards Office expenses and utilities 3,500 Maintenance expenses 5,200 Supplies and stationeries 3,000 50,000 Printing equipment Accumulated Depreciation - printing equipment Motor vehicle 10,000 92,000 Accumulated Depreciation - motor vehicle 18,000 Accounts receivable 27,000 Accounts payable 20,000 Capital 40,000 Cash & Bank balance 35,700 Commission received 2,790 6,200 Drawings Bank borrowings 25,000 Total 507,490 507,490 The following additional information has to be considered. i. Inventories at 31st December 2020 were valued at RM18,500. The current market value of inventory is at RM25,500. ii. The owner took cash RM2,000 for his personal use. iii. Salary expenses accrued amounting to RM9,000. iv. Rent was paid in advance amounting to RM4,000 for the following year. v. Utilities for month of December amounting to RM1,800 was not paid. vi. Depreciation is provided on the following basis Motor vehicle - straight line basis at 20% per annum. The following additional information has to be considered. i. Inventories at 31st December 2020 were valued at RM18,500. The current market value of inventory is at RM25,500. ii. The owner took cash RM2,000 for his personal use. iii. Salary expenses accrued amounting to RM9,000. iv. Rent was paid in advance amounting to RM4,000 for the following year. v. Utilities for month of December amounting to RM1,800 was not paid. vi. Depreciation is provided on the following basis Motor vehicle - straight line basis at 20% per annum. Printing equipment -reducing balance method at 20% per annum vii. The Allowance for doubtful debts is to be provided at 4% of net account receivables. viii. Commission income amounting to RM3,000 has not been received. Required: (a) Prepare a Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2020. (b) Prepare a Statement of Financial Position as at 31st December 2020. (30 marks) 4E+05 2E+05 2E+05 Income statement Sale 4E+05 Less : Sale Return 2000 Net Sale Cost of Goods sold Gross Profit Operating Expenses Wages & Salaries 34000 Rent Expenses 12000 Takful Insurance 4900 Carriage outward 3990 Office Expesnes & Utilities 5300 Maintenance Expenses 5200 Depreciation Expenses 26400 Total Operating Expenses Operating Profit Othre Expenses & Revenue Bad debt Recovered Commission Received Discount Received Net Income Balance Sheet Assets Current Asset Cash & bank Balance 33700 Account Receivable 27000 Allowance for Doubtful Debt 1038 25962 Supplies & Stationery 3000 Inventory 18500 Prepaid Rent 4000 Commission Receivable 3000 Total Current Asset 88162 Property Plant & Equiptment printing Equipment 50000 Acccumulated Depreciation - printing equiptmer 18000 32000 Motor Vehicle 92000 Acccumulated Depreciation - Motor Vehicle 36400 55600 91790 74410 175762 3962 5790 4000 88162 20000 9000 1800 30800 Total Assets Liability & Equity Current Liability Account Payable Salaries Payable utility Payable Total Current Liability Long term Liability bank Borrowing Total Liability Equity Capital Drawing Net income 25000 55800 40000 -8200 88162119962 Total Liability & Equity 175762Step by Step Solution
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