Question
State the amount of income and expense that should be recorded by Shadaan Sdn Bhd in the year ended 30 June 2021 for each item
State the amount of income and expense that should be recorded by Shadaan Sdn Bhd in the year ended 30 June 2021 for each item below. Justify your answer by reference to the Entity Concept.
1) On 14 June 2021, the owner, Mr. Shadaan pays RM3,000 for Insurance. 20 percent of the total Insurance was paid for Mr. Shadaan's house and remaining for his business. (2 marks)
2) On 30 June 2021, Mr. Shadaan received RM800 Interest income from Bank, the Interest was earned from his personal saving which he invested in a bank last year. (2 marks)
3) On 30 June 2021, the owner, Mr. Shadaan pays RM500 for utilities expense. 22 percent of the total utilities expense was used in Mr. Shadaan's house. (2 marks)
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