test Q3 Protected view) - iord (Product Activation Failed erences Mailings Review View Help Search Question 3 Ananda wants to prepare financial statements for his business. Use the trial balance below to help Ananda to prepare the statement of profit or loss for the year ended 31 March 2021, and a statement of financial position as at 31 March 2021. Trial balance as at 31 March 2021 Debit (RM) Credit (RM) Office equipment at cost 30,000 Accumulated depreciation: Office 7,500 equipment Delivery van at cost 60,000 Accumulated depreciation: 19.280 Delivery van Machinery at cost 48,000 Drawings 15,700 Capital 100,000 Loan 30,000 Inventories as at 1 April 2020 19,200 Purchases 83.900 Return Outwards 2.900 Sales 157.500 Retum Inwards 2,700 Salaries 21,000 Discount Allowed 500 Discount Received Rent Received 2,500 Insurance premium paid 1.200 Water and electricity 6,400 Bad debts 1.300 Trade receivables 35,600 Trade payables 32.320 Allowance for doubtful debts 2,000 Bank 22,000 Cash 8,000 355.500 355.500 Additional information: Inventories as at 31 March 2021 were valued at cost RM17,700. 1,500 2. Allowance for doubtful debts is 5% of trade receivables. 3. Depreciation policy for the following assets: Office equipment: 20% on cost, Delivery van : 15% reducing balance method; Machinery 25% on cost. Required: CH test Q3 (Protected View) - Word (Product Activation Failed) Mailings Review View Help Search Denveen Accumulated depreciation 19280 Delivery van Machinery at cost 48,000 Drawings 15,700 Capital 100,000 Loan 30,000 Inventories as at 1 April 2020 19,200 Purchases 83,900 Retum Outwards 2.900 Sales 157,500 Retum Inwards 2,700 Salaries 21,000 Discount Allowed 500 Discount Received 1,500 Rent Received 2,500 Insurance premium paid 1,200 Water and electricity 6,400 Bad debts 1.300 Trade receivables 35,600 Trade payables 32,320 Allowance for doubtful debts 2.000 Bank 22.000 Cash 8,000 355.500 355.500 Additional information: 1. Inventories as at 31 March 2021 were valued at cost RM17,700. 2. Allowance for doubtful debts is 5% of trade receivables. 3. Depreciation policy for the following assets: Office equipment: 20% on cost; Delivery van : 15% reducing balance method; Machinery : 25% on cost. Required: (13 marks) (a) Prepare the statement of profit or loss for the year ended 31 March 2021 (12 marks) Prepare the statement of financial position as at 31 March 2021. test Q3 Protected view) - iord (Product Activation Failed erences Mailings Review View Help Search Question 3 Ananda wants to prepare financial statements for his business. Use the trial balance below to help Ananda to prepare the statement of profit or loss for the year ended 31 March 2021, and a statement of financial position as at 31 March 2021. Trial balance as at 31 March 2021 Debit (RM) Credit (RM) Office equipment at cost 30,000 Accumulated depreciation: Office 7,500 equipment Delivery van at cost 60,000 Accumulated depreciation: 19.280 Delivery van Machinery at cost 48,000 Drawings 15,700 Capital 100,000 Loan 30,000 Inventories as at 1 April 2020 19,200 Purchases 83.900 Return Outwards 2.900 Sales 157.500 Retum Inwards 2,700 Salaries 21,000 Discount Allowed 500 Discount Received Rent Received 2,500 Insurance premium paid 1.200 Water and electricity 6,400 Bad debts 1.300 Trade receivables 35,600 Trade payables 32.320 Allowance for doubtful debts 2,000 Bank 22,000 Cash 8,000 355.500 355.500 Additional information: Inventories as at 31 March 2021 were valued at cost RM17,700. 1,500 2. Allowance for doubtful debts is 5% of trade receivables. 3. Depreciation policy for the following assets: Office equipment: 20% on cost, Delivery van : 15% reducing balance method; Machinery 25% on cost. Required: CH test Q3 (Protected View) - Word (Product Activation Failed) Mailings Review View Help Search Denveen Accumulated depreciation 19280 Delivery van Machinery at cost 48,000 Drawings 15,700 Capital 100,000 Loan 30,000 Inventories as at 1 April 2020 19,200 Purchases 83,900 Retum Outwards 2.900 Sales 157,500 Retum Inwards 2,700 Salaries 21,000 Discount Allowed 500 Discount Received 1,500 Rent Received 2,500 Insurance premium paid 1,200 Water and electricity 6,400 Bad debts 1.300 Trade receivables 35,600 Trade payables 32,320 Allowance for doubtful debts 2.000 Bank 22.000 Cash 8,000 355.500 355.500 Additional information: 1. Inventories as at 31 March 2021 were valued at cost RM17,700. 2. Allowance for doubtful debts is 5% of trade receivables. 3. Depreciation policy for the following assets: Office equipment: 20% on cost; Delivery van : 15% reducing balance method; Machinery : 25% on cost. Required: (13 marks) (a) Prepare the statement of profit or loss for the year ended 31 March 2021 (12 marks) Prepare the statement of financial position as at 31 March 2021
