Question
The following accounts extracted from the Trial Balance (before adjustment) of FUSS Company as at 31 December 2020. RM RM Cash 120,000 Ordinary Share Capital
The following accounts extracted from the Trial Balance (before adjustment) of FUSS Company as at 31 December 2020.
RM RM
Cash 120,000 Ordinary Share Capital 700,000 Accounts Receivable 87,000 Dividend 15,000 Supplies 15,500 Rent Revenue 85,800 Short-term Investment 100,000 Interest Revenue 31,500 Building 550,000 Interest Expense 2,500 Accumulated Depreciation - Building 10,000 Utilities Expense 4,200 Accounts Payable 30,500 Advertising Expense 13,800 Unearned Rent Revenue 35,200 Salaries Expense 25,000 Notes Payable 50,000 Depreciation Expense 10,000
Additional info:
1. After did a stock-count on supplies, balance still on hand amounted RM10,000. 2. Annual depreciation for Building is RM6,600.
3. Unearned rent revenue remained unearned amounted RM30,000.
4. Accrued salaries expense RM5,000.
Instructions:
(a) Prepare the adjusting entries for FUSS Company for the month of December 2020. Show necessary workings.
(11 marks)
(b) Prepare the Adjusted Trial Balance for FUSS Company as at 31 December 2020. Show necessary workings.
(30 marks)
(c) Prepare the Statement of Profit or Loss for FUSS Company the year ended 31 December 2020. (11 marks)
(d) Prepare the Statement of Financial Position as at 31 December 2020. Show necessary workings.
(19 marks)
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