Carriage outwardsPlant and machinery, a cost less depreciationCar, at cost less depreciation3759,1004,200BankCash in handAccount receivable and account payable3,6003257,7006,000ТOTAL112,600 112,600Additional information:i. Inventory at 31 December 2020:RM2,900a. Raw materialsb. Finished goodsii. Depreciation for the year is to be charged as follows:a. Plant and machineryRM8,200RM1,500b. CarRM500iii.At 31 December 2020 insurance paid in advance was RM150 and office generalexpenses unpaid were RM75iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 OfficeInsurance are to be apportioned: ¾ Factory ¼ Officevi. Jojo is the business sales person and her salary and expenses are to be treated asa selling expense. She has sole use of a business car.v.Required:a) Prepare statement of cost production for the year ended 31 December 2020.b) Prepare statement of comprehensive income for the year ended 31 December 2020.c) Prepare statement of financial position as at 31 December 2020. 5. Jojomat Ltd owns a small business making and selling children's toys. The followingtrial balance was extracted from her books on 31 December 2020:ParticularsDebitCreditRMRMCapitalDrawingsSales15,0002,00090,000Inventory at 1 January 2020:Raw materials3,4006,10018,000800Finished goodsPurchased of raw materialsCarriage inwardsFactory wagesOffice salaries18,50016,90010,400Jojomat : Salary and expensesGeneral expenses:FactoryOffice1,200750LightingRent2,5003,750Insurance950AdvertisingBad debts1,400650Discount received1,600

Lighting (Factory)=RM 2,500×45=RM 2,000

5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales 15,000 2,000 90,000 Inventory at 1 January 2020: Raw materials Finished goods 3,400 6,100 18,000 800 Purchased of raw materials Carriage inwards Factory wages Office salaries 18,500 16,900 10,400 Jojomat : Salary and expenses General expenses: Factory Office 1,200 750 Lighting Rent 2,500 3,750 Insurance 950 Advertising Bad debts 1,400 650 Discount received 1,600

5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales 15,000 2,000 90,000 Inventory at 1 January 2020: Raw materials Finished goods 3,400 6,100 18,000 800 Purchased of raw materials Carriage inwards Factory wages Office salaries 18,500 16,900 10,400 Jojomat : Salary and expenses General expenses: Factory Office 1,200 750 Lighting Rent 2,500 3,750 Insurance 950 Advertising Bad debts 1,400 650 Discount received 1,600

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

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 19E: Rix Company sells home appliances and provides installation and service for its customers. On April...

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