Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the trial balance of Red Flower Sdn Bhd as at 31 December 2020. Particulars Debit (RM) Credit (RM) Inventory (1 January

image text in transcribed

The following is the trial balance of Red Flower Sdn Bhd as at 31 December 2020. Particulars Debit (RM) Credit (RM) Inventory (1 January 2020) 5,000 Purchases and sales 20,000 150,000 Carriage Outwards 2,000 Return Outward 500 Wages and Salaries 2,200 Rent expenses 1,800 Delivery expenses 300 Discount allowed and discount received 700 500 Insurance 1,400 General expenses 600 Building 100,000 Account receivable and account payable 40,000 11,000 Furniture and fittings 8,000 Cash in bank Cash in hand Drawing Capital 15,000 2,000 1,000 38,000 200,000 200,000 The closing inventory was RM7,000 REQUIRED: i. Prepare a Statement of Comprehensive Income for the year ended 31 December 2020. ii. Prepare a Statement of Financial Position as at ended 31 December 2020. (15 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

College Accounting A Practical Approach

Authors: Jeffrey Slater, Brian Zwicker

11th Canadian Edition

132564440, 978-0132564441

More Books

Students also viewed these Accounting questions

Question

Why do professional organizations develop codes of ethics?

Answered: 1 week ago