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URGENTTTTT!!!!!!!!!!!! PLEASE ANSWER ASAPPPPP!!!!!!!!!!!!!!!!!!!!!!!!!!! BETTER IS ANSWERS ARE TYPED/ EXCEL The following information was extracted from Fast Mart's books: Trial balance as at 31 October
URGENTTTTT!!!!!!!!!!!! PLEASE ANSWER ASAPPPPP!!!!!!!!!!!!!!!!!!!!!!!!!!! BETTER IS ANSWERS ARE TYPED/ EXCEL
The following information was extracted from Fast Mart's books: Trial balance as at 31 October 2021 Debit RM 150,000 Credit RM 280,000 3,000 980 88,000 120,000 3,000 20,000 Purchases Sales Rent expenses Utilities Trade payables Trade receivables Allowance for doubtful debts as at 1 November 2020 Office furniture at cost Accumulated depreciation - Office furniture 9% bank loan (taken on 1 March 2021) Cash Drawings Capital Salaries Discounts received Delivery van at cost 2,000 50,000 105,020 8,000 38.000 120,000 2,000 100,000 545,000 545,000 Additional information: 1. 2. 3. The interest on loan taken from Maybank Bhd. has not been recorded in the accounts. RM50 of the utilities paid was for the month November 2021. Depreciation is to be charged at the rates of 10% and 5% per annum on cost for office furniture and delivery van respectively. The allowance for doubtful debts is to be adjusted to 4% of net trade receivables. RM3,000 rental paid was for the six months ending 31 December 2021. 4. 5. Required: (a) Prepare the necessary journal entries for the above transactions. Narrative is not required. (13 marks) Prepare the adjusted trial balance as at 31 October 2021. (12 marks) (b)Step by Step Solution
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