3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The followingbalances were extracted from the business records:ParticularsDebitCreditRMRMPurchases and SalesSales returns and purchases returnsLandMachinesOffice equipmentVehiclesProvision for depreciation at 1 November 2019:52,650 160,720340100,000140,00030,00075,0001,213MachinesOffice equipmentVehicles28,00016,80028,000Office expensesCash in handSelling expensesDrawingsWagesStock at 1 Nov 2019Provision for doubtful debts as at 1 Nov 2019Debtors and creditorsRepairsBad debtsJamil – Capital account as at 1 Nov 2019Cash at bank11,5001758,8206,00048,0002,5006508,60014,5002,370240251,512ТOTAL3,400495,495 495,495Mr Jamil also provides the following information at 31 October 2020:i. Stock was valued at RM2,750ii. The provision for doubtful debts should be maintained at 5% of debtors.ii. Wages accrued amounted to RM1,500iv.Office expenses prepaid amounted to RM342 Mr. Jamil had taken RM1,200 worth of goods from stock for personal use duringthe year. This has not been recorded.vi. Depreciation policies were:V.Machines20% straight line method20% straight line method30% reducing balance methodOffice equipmentVehiclesRequired:a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31October 2020.b) Statement of Financial Position as at 31 October 2020.

Name: 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020.
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Description: 3. Mr Jamil, a trader, completed a year's trading on 31 October 2020. The followingbalances were extracted from the business records:ParticularsDebitCreditRMRMPurchases and SalesSales returns and purchases returnsLandMachinesOffice equipmentVehicles

The statement in which all the incomes and expenses are recorded is called statement of Profit and…

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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 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 52,650 160,720 340 100,000 140,000 30,000 75,000 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 11,500 175 8,820 6,000 48,000 2,500 650 14,500 2,370 8,600 240 Jamil – Capital account as at 1 Nov 2019 Cash at bank 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 ii. The provision for doubtful debts should be maintained at 5% of debtors. ii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

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 RM Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 52,650 160,720 340 100,000 140,000 30,000 75,000 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 11,500 175 8,820 6,000 48,000 2,500 650 14,500 2,370 8,600 240 Jamil – Capital account as at 1 Nov 2019 Cash at bank 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 ii. The provision for doubtful debts should be maintained at 5% of debtors. ii. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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