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The following is the trial balance extracted from the books of M2Y Enterprise as at 31 December 2021. Land Machinery Furniture Discount allowed Rental received

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The following is the trial balance extracted from the books of M2Y Enterprise as at 31 December 2021. Land Machinery Furniture Discount allowed Rental received Drawings Carriage outwards Commission revenue Administrative expenses Capital Cash at bank Cash in hand Accounts payable Advertising expenses Carriage inwards Accounts receivable Allowance for doubtful debts as at 1 January 2021 Insuranse expenses Loan from ALBA Bank Purchases Rental expenses Copyright Repairs Return inwards Return outwards Sales Sundry expenses Inventory as at 1 January 2021 Duty on Purchase Wages and salaries Water and electricity Accumulated depreciation as at 1 January 2021 Machinery Furniture Additional information: 1. 2. Debit (RM) Credit (RM) 300,000 148,600 20,400 5,200 7,820 9,000 6.600 150,000 15,600 15,600 5,600 25,800 15,780 128,600 24,000 5,000 5,200 4,400 8,200 65,600 8,360 45,200 13,040 1,033,600 60,450 20,560 240,000 40,950 1,780 150,000 5,810 447,572 59,440 7,038 1,033,600 Inventory as at 31 December 2021 was valued at RM 30,000. Loan from ALBA Bank was taken on 1 September 2021 and the interest at 9% per annum has not yet been paid. a. 3. b. 4. 5. 6. 7. Required: 8. Accrued rental received was RM10,600 and RM2,000 of wages and salaries were still outstanding on 31 December 2021. RM3,000 of insurance expenses was paid for January and February 2022. The business has not yet received a commission of RM1,500 for services rendered in December 2021. The owner took goods worth RM1,200 for his personal use. Latifah, one of the credit customer was in financial difficulties and the balance in her account of RM3,560 need to be written off. the allowance for doubtful debts is provided at the rate of 5% on the net account receivables balance. Depreciation for the year is to be provided as follows: Machinery 20% straight line method Furniture 15% reducing balance method Statement of Profit or Loss for the year ended 31 December 2021. Statement of Financial Position as at 31 December 2021. (18 marks) (12 marks) Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM. (Total: 30 marks)

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