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why does my statement of financial position does not tally even though my trial balance is balance. this is my statement of financial position this
why does my statement of financial position does not tally even though my trial balance is balance.
this is my statement of financial position
this is my trial balance
and this is my statement of profit and loss. (is it correct?)
RM RM Assets Non-current assets Lorries Air conditioner 10,000 6,100 Current assets Cash Accounts Receivable Prepaid expenses Total current assets 491,585 4,100 23,750 519,435 Total assets 535,535 Capital and Liabilities Capital Balance as at 1 January Less: Net loss Less: drawing 50,000 (11,948) (2,000) Non-current liabilities Bank loan 450,000 Current liabilities Accounts Payable 373 Total equity and liabilities 486,425 Particular Debit (RM) Credit (RM) 1. Cash 491,585 2. Capital 50,000 3. Furniture 18,430 4 Office Talk Co 0 0 (Account payable) 5. Lorries 10,000 6. 6 Prepaid insurance 2.750 7. Air conditioner 6,100 8. 0 0 0 0 Smart Tech (Account Payable ) 9. 0 0 Mr Gale (Account Receivable) 10. Rent Expense 3,500 11. Prepaid Rent 21,000 12. Bank Loan 450,000 13. Omega Inc (Account Receivable) 0 0 14. Madam Bella (Account Receivable) 4.100 15. Discount received 305 16. Advertising expense 1,500 17. Advancing from Art Co. 27.500 18. Drawings 2,000 19. Telephone expense 373 20. Telephone expense payable 373 21. Salary expense 1,500 22. Utility expense 2,200 Total 546,608 546,608 RM RM Sales (furniture) 18,430 Less: discount received 305 Less: Expenses Prepaid rent 21,000 Prepaid insurance 2,750 Rent expenses 3,500 Salaries and wages expense 1,500 Advertising expense 1,500 Utilities expense 2,200 Telephone expense 373 Total expenses 30,073 Net loss (11,948)Step by Step Solution
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