Please answer a,b 5. Depreciation for the year ended 31 July 2021 has yet to be provided as follows:• Equipment• Machine- 10% straight line method- 20% reducing balance methodRequired:a)Prepare a Statement of Comprehensive Income for the year ended 31 July 2021.b)Prepare a Statement of Financial Position as at 31 July 2021. Bangi Cycle Ltd, a manufacturer, produced the trial balance information for the year ended31 July 2021.RM120,000RMMachine (cost)Provision for depreciation – Machine|(1 August 2020)oment (cost)43,200EqAccount receivable and Account payableCash at bankCash in handInventories (1 August 2020)Long term liabilitiesDrawingsProvision for doubtful debts (1 August 2020)CapitalPurchases and SalesReturn inwards and Return outwardsWater and electricity billsRental incomeCommission incomeRoyalty expensesInterest expensesDiscount allowedSalaryBad debtsCarriage inwardsCarriage outwards40,00026,00030,0005,0008,00017,60032,0001,20035,0002,4001,2001,70092,70081,7002,3208,5002,4002,8003,0001,2005,000400320600282,120282,120The following information needs to be taken into account in the preparation of the finalaccounts:1. Inventories as at the year-end was valued at RM12,000.2.Royalty expenses paid cover up to September 2021.3.Rental received for the amount of RM1,000 is still owed.4. Provision for doubtful debts is to be adjusted at 5%.

Statement of comprehensive income is the financial statement which shows all incomes, expenses and…

5. Depreciation for the year ended 31 July 2021 has yet to be provided as follows: - 10% straight line method Equipment • Machine - 20% reducing balance method Required: a) Prepare a Statement of Comprehensive Income for the year ended 31 July 2021. b) Prepare a Statement of Financial Position as at 31 July 2021.

5. Depreciation for the year ended 31 July 2021 has yet to be provided as follows: - 10% straight line method Equipment • Machine - 20% reducing balance method Required: a) Prepare a Statement of Comprehensive Income for the year ended 31 July 2021. b) Prepare a Statement of Financial Position as at 31 July 2021.

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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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