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The Trial Balance of Out of Direction Enterprise as at 31 December 2014 are as follows Debit RM Credit RM 35.000 Capital Drawings Vehicles at
The Trial Balance of Out of Direction Enterprise as at 31 December 2014 are as follows Debit RM Credit RM 35.000 Capital Drawings Vehicles at cost Fixture and fittings at cost Inventory on 1 January 2014 Accounts receivables Accounts payables Cash in hand Short-term borrowing Rent Maintenance Commission Interest Return inwards Return outwards 2,150 7,500 30,000 16.750 4,500 5.050 3,750 2.000 4,550 880 2.080 1.000 400 1,050 22,140 2.160 45,300 Purchases and Sales Custom duties Accumulated depreciation on vehicles Provision for doubtful debts 3,000 300 94.780 94,780 Additional information: i Inventory on 31 December 2014 was valued a t RM18,000 Custom duties owing amounted to RM600 Rent not yet paid amounted RM50 on received in advance amounted to RM400 of cash worth RM550 for personal use had not been taken into vi. vii. viii. ix. x- Maintenance paid in advance amounted RM120 Interest not yet received amounted RM500 Vehicles are depreciated at 10% per annum using straight line method Fixture and fittings are depreciated at 20% per annum on their original cost. Provision for doubtful debts is to be adjusted to 5% of accounts receivables. From the above information, you are required to: Prepare Statements of Comprehensive Income (Income Statement) for the year ended 31 December 2014. Pregare Statements of Financial Position (Balance Sheet) as at that date. (20 Marks) (20 Marks) (Total: 40 Marks) Prepare State
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