2.3.4.5.6.7.The total amount of interest on loan in the trial balance was for the period of 12months starting 1 August 2021.a.RM500 need to be written off as bad debt as one of the credit customer was declaredbankrupt and allowance for doubtful debt is to be adjusted to RM750.Depreciations for the year are to be provided on yearly basis as follows:Fixture and Fittings - 10% per annum on costMotor vehicles-20% per annum on costMachineryThe owner took goods worth RM500 for his personal use and no record has beenmade.Required:- 10% per annum on carrying amountThe 3% fixed deposit was invested by the business on 1 April 2021. The interest onfixed deposit was still outstanding on 31 March 2022.The following adjustments are to be considered for the period:RMSalaryPrepaymentsAccrualsUtilitiesCommissions revenueRM1,500500600The Statement of Profit or Loss for the year ended 31 March 2022.b. The Statement of Financial Position as at 31 March 2022.Note 1: Use vertical format presentation for both statements and show all calculations.Note 2: Calculate to the nearest RM. QUESTION 1The following trial balance was extracted from the books of Aidil Enterprise as at 31 March2022:ParticularsSalesPurchasesReturn outwardsReturn inwardsDiscountsCarriage outwardsDuty on purchasesInventory as at 1 April 2021SalaryAdvertisementGeneral expensesStationeryUtilitiesRentalMotor vehicle expensesInsuranceRepairs and maintenanceInterest on loanCommission revenueCarriage inwardsAllowance for doubtful debt as at 1 April 20215% bank loanAccounts payableAccounts receivableFixture and FittingsMotor vehiclesMachinery3% Fixed DepositAccumulated depreciation as at 1 April 2021:Fixture and FittingsMotor vehiclesMachineryCash in handCash at bankDrawingsCapitalAdditional information:1. Inventory as at 31 March 2022 was valued at RM15,000.Debit(RM)94,0008,7503,50025094012,00019,5001,50070027550012,0001,0002,4001,5001,50075012,5007,00025,00045,00050,0004,2505,4753,500313,790Credit(RM)185,0003,7501,5007,54060030,00015,0001,4005,0009,00055,000313,790

Financial Statements It is an assortment of summary-level reports about an organization's financial…

2. 3. 4. 5. 6. 7. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 August 2021. a. RM500 need to be written off as bad debt as one of the credit customer was declared bankrupt and allowance for doubtful debt is to be adjusted to RM750. Depreciations for the year are to be provided on yearly basis as follows: Fixture and Fittings Motor vehicles Machinery - 10% per annum on cost -20% per annum on cost -10% per annum on carrying amount The owner took goods worth RM500 for his personal use and no record has been made. The 3% fixed deposit was invested by the business on 1 April 2021. The interest on fixed deposit was still outstanding on 31 March 2022. The following adjustments are to be considered for the period: RM Required: Prepayments Salary Utilities Commissions revenue Accruals RM 1,500 500 600 The Statement of Profit or Loss for the year ended 31 March 2022. b. The Statement of Financial Position as at 31 March 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM

2. 3. 4. 5. 6. 7. The total amount of interest on loan in the trial balance was for the period of 12 months starting 1 August 2021. a. RM500 need to be written off as bad debt as one of the credit customer was declared bankrupt and allowance for doubtful debt is to be adjusted to RM750. Depreciations for the year are to be provided on yearly basis as follows: Fixture and Fittings Motor vehicles Machinery - 10% per annum on cost -20% per annum on cost -10% per annum on carrying amount The owner took goods worth RM500 for his personal use and no record has been made. The 3% fixed deposit was invested by the business on 1 April 2021. The interest on fixed deposit was still outstanding on 31 March 2022. The following adjustments are to be considered for the period: RM Required: Prepayments Salary Utilities Commissions revenue Accruals RM 1,500 500 600 The Statement of Profit or Loss for the year ended 31 March 2022. b. The Statement of Financial Position as at 31 March 2022. Note 1: Use vertical format presentation for both statements and show all calculations. Note 2: Calculate to the nearest RM

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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3. The following is the trial balance of Aroro Enterprise as at 31 August 2019Particulars Debit (RM) Credit (RM)Capital 48,400Drawings 3,500Trade receivables 9,000Trade payables 12,500Sales 40,400Purchases 31,000Sales returns 300Purchases returns 250Wages and salaries 5,600Discounts allowed 120Discounts received 200Provision for doubtful debts 300Insurance 700Inventory as at 1 September 2018 2,400Utilities 950Rates 350Premises 10,000Fixtures and fittings 3,000Motor van 20,000Cash in hand 330Cash at bank 14,800TOTAL 102,050 102,050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.iii. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income…
3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…
Case Questions1. Consider the principles, assumptions, and constraints of Generally AcceptedAccounting Principles (GAAP). Define the revenue recognition principle andexplain why it is important to users of financial statements.2. Consider the Sithe Energies contract described in the case. Does the account-ing for this contract provide an example of how Enron violated the revenuerecognition principle? Why or why not? Please be specific.3. Consult Paragraphs .06–.07 of AU Section 319. Based on the case informa-tion, do you believe that Enron had established an effective system of inter-nal control over financial reporting related to the contract revenue recordedin its financial statements? Why or why not? 4. As an auditor, what type of evidence would you want to examine to deter-mine whether Enron was inappropriately recording revenue from the SitheEnergies contract?5. Consider the role of the Enron employee who was responsible for applyingMTM accounting rules to electric power…
29)Revenue is properly recognized: (Hint: What is Revenue Recognition principle?) Group of answer choices At the end of the accounting period. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. Only if the transaction creates an account receivable. When the customer's order is received.
Required: 1. Calculate the exchange gain or loss to be reported in 20X7. (Do not round intermediate calculations.) 2. Calculate the accounts receivable on the 31 December 20X7 statement of financial position. 3. Calculate the sales revenue to be recorded from the transactions listed above. Thumb up if you have the correct answer! Thanks
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100