The following Trial Balance was extracted from the books of Excellent Enterprise as at 30

June 2020.

Debit (RM) Credit (RM)

Purchases and Sales 175,000 282,500

Return Inwards and Return Outwards 2,500 1,650

Carriage expenses 7,250

Accounts Receivable and Accounts Payable 34,000 24,000

Fixtures and Fittings 25,500

Land and Building 250,000

Motor Vehicles 150,000

Acc. Depreciation as at 1 July 2019

- Fixtures and Fittings

- Motor Vehicles

10,650

54,000

10% loan from CIB Bank 230,000

Duty on purchases 2,200

Utilities 1,500

Insurance 7,800

Salary and Wages 24,000

10% Fixed Deposit 11,000

Bad Debt 2,600

General Expenses 4,200

Cash 7,400

Bank 42,250

Inventory as at 1 July 2019 56,000

Commissions 3,500 6,200

Discount Allowed and Discount Received 2,500 3,150

Interest on loan 1,200

Drawings 4,000

Allowance for Doubtful Debts 2,250

Capital 200,000

814,400 814,400

Additional information:

1. Inventory as at 30 June 2020 was RM30,000.

2. The owner took goods worth RM1,500 and cash RM1,000 for her personal use.

3. The following expenses are still outstanding as at 30 June 2020:

General Expenses RM600

Utilities RM250

4. Included in carriage expenses is carriage inwards amounting to RM1,250.

5. One of the employees was given an advance salary of RM500 and no record has been made

in the account.

6. One of the debtors owing an amount of RM560 was declared bankrupt and the amount has

to be written off as bad debt.

7. Depreciation for the year are to be provided as follows:

Fixtures and Fittings 10% on Cost

Motor Vehicles 20% on Net Book Value

8. Fixed Deposit was invested on 1 January 2019. The half year interest received was not yet

recorded in the book of accounts.

9. Allowance for doubtful debt is estimated at 5% of the total outstanding of account

receivables.

10. During the year, the owner contributes additional RM10,000 cash.

A Statement of Profit or Loss for the year ended 30 June 2020.

A Statement of Financial Position as at 30 June 2020.