Homework Help is Here – Start Your Trial Now!
Business
Accounting
3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit Credit RM 52,650 160,720 340 100,000 140.000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles 1.213 30,000 75,000 Provision for depreciation at 1 November 2019: Machines 28,000 16,800 Office equipment Vehicles Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 28,000 11,500 175 8,820 6.000 48,000 2,500 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts 650 14,500 8,600 2.370 Jamil - Capital account as at 1 Nov 2019 Cash at bank 240 251.512 3,400 495.495 495,495 TOTAL Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 The provision for doubtful debts should be maintained at 5% of debtors. Wages accrued amounted to RM1,500 Office expenses prepaid amounted to RM342 ii. iii. iv. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines 20% straight line method 20% straight line method 30% reducing balance method Office equipment Vehicles Required: a) Statement Profit or Loss and Other Cor orehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020.

3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit Credit RM 52,650 160,720 340 100,000 140.000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles 1.213 30,000 75,000 Provision for depreciation at 1 November 2019: Machines 28,000 16,800 Office equipment Vehicles Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 28,000 11,500 175 8,820 6.000 48,000 2,500 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts 650 14,500 8,600 2.370 Jamil - Capital account as at 1 Nov 2019 Cash at bank 240 251.512 3,400 495.495 495,495 TOTAL Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 The provision for doubtful debts should be maintained at 5% of debtors. Wages accrued amounted to RM1,500 Office expenses prepaid amounted to RM342 ii. iii. iv. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines 20% straight line method 20% straight line method 30% reducing balance method Office equipment Vehicles Required: a) Statement Profit or Loss and Other Cor orehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
See similar textbooks
icon
Related questions
Question

Chapter : Adjusted Financial Statements

e © T 0 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit Credit RM 52,650 160,720 340 100,000 140.000 30,000 75,000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1.213 Machines Office equipment Vehicles 28,000 16,800 28,000 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil – Capital account as at 1 Nov 2019 Cash at bank 11.500 175 8,820 6.000 48,000 2,500 650 14,500 2,370 240 8,600 251.512 3,400 495,495 495.495 TOTAL Mr Jamil also provides the following information at 31 October 2020: Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. Wages accrued amounted to RM1,500 Office expenses prepaid amounted to RM342 i. ii. iv. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Cor orehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. Filters Add a caption.
Transcribed Image Text:e © T 0 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The following balances were extracted from the business records: Particulars Debit Credit RM 52,650 160,720 340 100,000 140.000 30,000 75,000 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1.213 Machines Office equipment Vehicles 28,000 16,800 28,000 Office expenses Cash in hand Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil – Capital account as at 1 Nov 2019 Cash at bank 11.500 175 8,820 6.000 48,000 2,500 650 14,500 2,370 240 8,600 251.512 3,400 495,495 495.495 TOTAL Mr Jamil also provides the following information at 31 October 2020: Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. Wages accrued amounted to RM1,500 Office expenses prepaid amounted to RM342 i. ii. iv. Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded. Depreciation policies were: V. vi. Machines Office equipment Vehicles 20% straight line method 20% straight line method 30% reducing balance method Required: a) Statement Profit or Loss and Other Cor orehensive Income for the year Ended 31 October 2020. b) Statement of Financial Position as at 31 October 2020. Filters Add a caption.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS