Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the trial balance of Zachry Sdn Bhd as at 31 December 2021. Notes: Unadjusted entries are as follows: 1.10% discount on a

The following is the trial balance of Zachry Sdn Bhd as at 31 December 2021.

Notes: Unadjusted entries are as follows: 1.10% discount on a purchase of RM15,000 2.Inventories as of 31 December 2021 was RM45,000. 3.Drawing during the year are as follows a. Cash - RM1,000 b. Include in Sundry expenses, payment for his personal matters RM1,500 4.Loan received from bank RM100,000 on 1 July 2021 @ 5% per annum. Interest payment made accordingly on 31 December 2021. No principal payment required. 5.Depreciation on cost a.Motor vehicles 10% per annum (straight line method); and b.Fixtures 10% per annum (reducing balance method) 6.The provision for bad debts as of 31 December 2021 RM9,000 7.Posting Error a.Communication Expenses One of the transactions recorded as RM1,000 instead of RM100 Dr Bank Cr Communication Expenses

Required:

1. Draw up a trading and profit and loss account for the year ending 31 December 2021.

2. Statement of Financial Position as at 31 December 2021.

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

Factory Accounts

Authors: John Whitmore

1st Edition

0367494825, 9780367494827

More Books

Students also viewed these Accounting questions