3. The following is the trial balance of Aroro Enterprise as at 31 August 2019ParticularsDebit (RM) Credit (RM)48,400CapitalDrawings3,5009,000Trade receivablesTrade payablesSalesPurchasesSales returns12,50040,40031,000300Purchases returns250Wages and salariesDiscounts allowedDiscounts receivedProvision for doubtful debts5,600120200300Insurance700Inventory as at 1 September 2018UtilitiesRatesPremisesFixtures and fittingsMotor van2,40095035010,0003,00020,000Cash in handCash at bankTOTAL33014,800102.050102.050Additional 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 for the yearEnded 31 August 2019.b) Statement of Financial Position as at 31 August 2019.

Final accounts include the trial balance (T.B.), profit & loss (P/L) account and the balance…

3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) 48,400 | Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand |Cash at bank ТOTAL 10,000 3,000 20,000 330 14,800 102,050 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. i. 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 use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) 48,400 | Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand |Cash at bank ТOTAL 10,000 3,000 20,000 330 14,800 102,050 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. i. 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 use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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