The following Trial Balance was extracted from the books of Halimi Enterprise as at 31 December 2019. Debit Credit (RM) (RM) Purchases and Sales 180,000 292,000 Return Inwards and Outwards 1,200 850 General expenses 5,420 Accounts Receivable and Accounts Payable 25,500 12,250 Utilities 2,000 Insurance on purchases 1,200 Fixtures & Fittings 22,200 Land and Building 265,000 Motor Vehicle 60,000 Cash 5,600 Bank 34,000 Capital 131,920 Commission expenses 2 200 8% loan from BIMB 240,000 Allowance for Doubtful Debts 2,000 Inventory as at 1 January 2019 45,500 Bad Debts 500 Salary expenses 25,000 7% Fixed Deposit 12,000 Drawings 3,500 Discount Allowed 1,000 Interest received on Fixed Deposit 2,040 Carriage Expenses 1,200 Acc. Depreciation as at 1 January 2019 Fixtures & Fittings 1,110 Motor Vehicle 11,400 Duty on purchases 693,570 693,570 550 Additional Information: 1. 2. Inventory as at 31 December 2019 was RM22,000. Included in the carriage expenses is carriage inwards amounting to RM200. The owner had taken RM200 of cash for her personal use. Depreciation is to be provided as follows: 3. 4. Fixtures & Fittings 5% on cost, yearly basis Motor Vehicle 10% on book value, yearly basis 5. Additional bad debt of RM300 was to be written off. 6. Allowance for doubtful debt is to be adjusted to 5% on the outstanding Account Receivables. 7. The loan from BIMB was taken on 1 January 2019. The interest on loan at 8% per annum was still accrued on 31 December 2019. The expenses below were still unpaid on 31 December 2019: Utilities RM500 General expenses RM300 9. RM550 of commission expense was prepaid. Required: a) A Statement of Profit or Loss and Income for the year ended 31 December 2019. (17 marks) b) A Statement of Financial Position as at 31 December 2019. (13 marks) 8. The following Trial Balance was extracted from the books of Halimi Enterprise as at 31 December 2019. Debit Credit (RM) (RM) Purchases and Sales 180,000 292,000 Return Inwards and Outwards 1,200 850 General expenses 5,420 Accounts Receivable and Accounts Payable 25,500 12,250 Utilities 2,000 Insurance on purchases 1,200 Fixtures & Fittings 22,200 Land and Building 265,000 Motor Vehicle 60,000 Cash 5,600 Bank 34,000 Capital 131,920 Commission expenses 2 200 8% loan from BIMB 240,000 Allowance for Doubtful Debts 2,000 Inventory as at 1 January 2019 45,500 Bad Debts 500 Salary expenses 25,000 7% Fixed Deposit 12,000 Drawings 3,500 Discount Allowed 1,000 Interest received on Fixed Deposit 2,040 Carriage Expenses 1,200 Acc. Depreciation as at 1 January 2019 Fixtures & Fittings 1,110 Motor Vehicle 11,400 Duty on purchases 693,570 693,570 550 Additional Information: 1. 2. Inventory as at 31 December 2019 was RM22,000. Included in the carriage expenses is carriage inwards amounting to RM200. The owner had taken RM200 of cash for her personal use. Depreciation is to be provided as follows: 3. 4. Fixtures & Fittings 5% on cost, yearly basis Motor Vehicle 10% on book value, yearly basis 5. Additional bad debt of RM300 was to be written off. 6. Allowance for doubtful debt is to be adjusted to 5% on the outstanding Account Receivables. 7. The loan from BIMB was taken on 1 January 2019. The interest on loan at 8% per annum was still accrued on 31 December 2019. The expenses below were still unpaid on 31 December 2019: Utilities RM500 General expenses RM300 9. RM550 of commission expense was prepaid. Required: a) A Statement of Profit or Loss and Income for the year ended 31 December 2019. (17 marks) b) A Statement of Financial Position as at 31 December 2019. (13 marks) 8
