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The following trial balance is extracted from the books of All Seasons Ltd as at 31 December 2022. The following adjustments are needed: 1) Stock
The following trial balance is extracted from the books of All Seasons Ltd as at 31 December 2022. The following adjustments are needed: 1) Stock as at 31 December 2008 was RM28000 2) Depreciate motors 5% on cost; equipment 10% on cost 3) Accrued debenture interest RM1200 4) Provide preference dividend RM5000 and final ordinary dividend of 10% 5) Transfer RM7000 to general reserve 6) Authorized share capital is RM100000 in preference shares and RM150000 in ordinary shares. (Par value of ordinary shares and preference shares is RM1) 7) Provide corporate tax of RM3000 Required: (40 marks) Question 2 a) Differentiate between non for profit organizations and for profit organizations. (20 marks) b) Discuss the various sources of income for non for profit organizations. (20 marks) c) Contrast between Limited company (Sdn Bhd) and Public company (Berhad). (20 marks)
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