Tutorial : Financial statement with adjustment
Note to tutor : Kindly copy the questions as at below into Microsoft Excel to do the working and look upon the format attached at the bottom for the format for the working of answers .
*Do indicate which account it goes for each entry whether SOPL or SOFP beside credit columns
Q1
Insurance Carriage outward Sundry expenses Allowance for doubtful debt Allowance for depreciation Stationery Postages X X X X X X X Bank charges Interest on loan X Maintenance X (X) Net profit XInsurance Carriage outward Sundry expenses Allowance for doubtful debt Allowance for depreciation Stationery Postages X X X X X X X Bank charges Interest on loan X Maintenance X (X) Net profit XABC ENTERPRISE Statement of financial position as at 31 December 20XX RM RM RM Non-current assets Premises X Less) Allowance for depreciation ( x ) X Office equipment X Less) Allowance for depreciation (x ) X XX Current assets Inventories X Account receivables X Less) Allowance for doubtful debts (x) X Cash at bank X Cash in hand X XX Advance / Prepaid expenses Total Assets XX Finance by: Capital X Add) Net profit IX X Less) Drawing ( x) X Non-current liability Long term loan X Current liability Account payables XABC ENTERPRISE Statement of financial position as at 31 December 20XX RM RM RM Non-current assets Premises X Less) Allowance for depreciation ( x ) X Office equipment X Less) Allowance for depreciation (x ) X XX Current assets Inventories X Account receivables X Less) Allowance for doubtful debts (x) X Cash at bank X Cash in hand X XX Advance / Prepaid expenses Total Assets XX Finance by: Capital X Add) Net profit IX X Less) Drawing ( x) X Non-current liability Long term loan X Current liability Account payables XCurrent liability Account payables X Bank overdraft X X Owing/Accrual expenses X XXCurrent liability Account payables X Bank overdraft X X Owing/Accrual expenses X XXABC ENTERPRISE Statement of profit or loss and comprehensive income for the year ended 31 December 20XX RM RM RM Sales XX Less) Sales return ( return inward) (XX) Net sales XX Less) Cost of Goods Sold Opening Stock X Purchases X Less) Purchase return (return outward) (X) Net Purchase X Carriage inwards X Import Duty X X Less) Closing stock (X) XX (COGS) Gross Profit X Add) Other Income Discount receivable X Rent receivable X Commission receivable Total revenue Less) Expenses Discount allowed Utilities Bad debts Rent X x X x Wages and salaries InsuranceABC ENTERPRISE Statement of profit or loss and comprehensive income for the year ended 31 December 20XX RM RM RM Sales XX Less) Sales return ( return inward) (XX) Net sales XX Less) Cost of Goods Sold Opening Stock X Purchases X Less) Purchase return (return outward) (X) Net Purchase X Carriage inwards X Import Duty X X Less) Closing stock (X) XX (COGS) Gross Profit X Add) Other Income Discount receivable X Rent receivable X Commission receivable Total revenue Less) Expenses Discount allowed Utilities Bad debts Rent X x X x Wages and salaries InsuranceAdditional information: . Stock as at 31 March 2012 was valued at RM10660 . Depreciation is to be provided as follows: Premises 10%, Equipment 20% (both on cost). . A provision for doubtful debts is to be created at 5% of Account receivables at the year-end. . Accrued rent RM211. . Insurance paid in advance RM120REVISION : FINANCIAL STATEMENT WITH ADJUSTMENT From the following trial balance of J Hall, you are asked to draw up a Statement of profit or loss and other comprehensive income for the year ended 31 March 2012 and a statement of financial position as at that date. Dr Cr RM RM Sales 52000 Purchases 23000 Stock as at 1 April 2011 8550 Premises 75000 Equipment 18000 Returns inwards 340 Bank 1280 Wages 5600 Insurance 390 Advertising 260 Capital 94660 Drawings 11800 Returns outwards 450 Account receivables 6500 Account payables 4960 Rent 1350 152070 152070
