Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following balances were extracted from the books of MajuJaya Enterprise on 31 December 2022. Additional information: 1. Inventory as of 31 December 2022, RM

image text in transcribed

image text in transcribed

The following balances were extracted from the books of MajuJaya Enterprise on 31 December 2022. Additional information: 1. Inventory as of 31 December 2022, RM 18,180 2. Depreciation for the year ended 31 December 2022 has yet to be provided as follows: a. Fixtures \& fittings: 10% using straight-line method b. Motor vehicles: 15% using reducing balance method. 3. Electricity bills were paid in advance by RM500. Meanwhile, the RM400 commission has not been received yet. 4. One of the customers Anthony, was declared bankrupt and unable to pay the debt amount of RM700 5. The provision for doubtful debts is to be adjusted to 5% based on remaining account receivables. 6. RM140 salaries have not been paid. 7. 'Purchases' include goods valued at RM1,040 that were withdrawn by owner, Azreen for her personal use. Required: a) Prepare a Statement of Profit or Loss for the year ended 31 December 2022 (15 marks) b) Prepare a Statement of Financial Position as at 31 December 2022 (10 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting, 1, (6 Months)

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

14th Edition

1337270814, 9781337270816

More Books

Students also viewed these Accounting questions

Question

Explain the characteristics of a good system of control

Answered: 1 week ago

Question

State the importance of control

Answered: 1 week ago

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

LO6Outline steps for creating a performance improvement plan.

Answered: 1 week ago