Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following balances were extracted from the books of MajuJaya Enterprise on 31 Decembe 2 Additional information: 1. Inventory as of 31 December 2022, RM
The following balances were extracted from the books of MajuJaya Enterprise on 31 Decembe 2 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 'Purchases' include goods valued at RM1,040 that were withdrawn by owner, Azreen for her personal use.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 b) Prepare a Statement of Financial Position as at 31 December 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started