Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Xuna Enterprise provided you with the following information as at 1 January 2021: Account receivable Allowance for doubtful debts Allowance for discounts allowable (RM) RM
Xuna Enterprise provided you with the following information as at 1 January 2021: Account receivable Allowance for doubtful debts Allowance for discounts allowable (RM) RM 38,552 RM4,115 RM 2,345 During the year ended 31 December 2021, the following transactions were still not recorded in the book: i. Bad debts to be written off amounting RM2,650 ii. Total sales for the year amounting RM55,500 iii. Cash sales for the year RM 20,000 iv. V. vi. Allowance for doubtful debts at 3% of net account receivable Allowance for discounts allowable at 2% of net account receivable All calculations must be rounded up by to the nearest RM You are required to prepare: a. b. Trade receivable account Allowance for doubtful debts account (5 marks) (5 marks) c. (5 marks) d. Extract of the Statement of Financial Position as at 31 December 2021 (5 marks) Allowance for discounts allowable account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started