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this is the full question Ace Bhd is a reputable service provider operated in east coast region which has started its operation on 1 January
this is the full question
Ace Bhd is a reputable service provider operated in east coast region which has started its operation on 1 January 2020. The following is the financial information for the business as at 31 December 2022. Ace Bhd. Additional notes: 1. The payment of the Prepaid insurance is for a 1-year policy starting 1 December 2022. 2. The record for the count of unused supplies on 31 December 2022 is amounted to RM350. 3. Depreciation expenses: a. Annual depreciation for the buildings is RM2,640. b. The equipment depreciated on a straight-line basis for a period of 20 years. This equipment has been bought on 1t January 2022. 4. The mortgage interest rate is 25% per annum. (The interest charges payable starting from 1 September 2022) 5. One-fifth of the unearned rent revenue has been recognized for services performed. 6. At 31 December 2022, RM750 of salaries and wages are accrued and unpaid. 7. The company has a total of 100,000 shares as at 31 December 2021. The company issued additional 50,000 shares for cash at 50 cents per share on 31 December 2022. None of these transactions was captured. You are required to: (a) Journalize the adjusting entries on 31 December 2022. (b) Prepare an adjusted trial balance on 31 December 2022. (c) You are also required to prepare: i. Profit and Loss Statement and Other Comprehensive Income for the year ended 31 December 2022 ii. Statement of Changes in Equity for the year ended 31 December 2022 iii. Statement of financlal position as at 31 December 2022Step by Step Solution
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