5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitRMCreditRMOffice equipmentMotor vehiclesFurnitureAccumulated depreciation as at 1 January 2020:Office equipment12,2509,1503,6002,4501,3731,0603,63229,608Motor vehiclesFurnitureAccount receivables and account payablesСaptal6% loan to RaraPurchases and salesDiscount6,8602,50019,110 31,560215175AdvertisingCash in handProvision for doubtful debts4,2501,6303007408,000700Commission received6% loan from Afina Bank (taken from 1 May 2020)RentDrawingsMaintenance and petrolStaffs wagesInsuranceCash at bankCarriage inwardsCarriage outwardsTelephone and electricityDuties on purchasesReturnsInventory as at 1 January 20201,2001,9001,2604,0051,0005.2702102506109151103.41579.710 79.710112TOTAL The following adjustment are to be taken into account:a. Inventory as at 31 December 2020 was valued at RM2,600b. The interest on the loan taken from Afina bank was not recorded in the accounts.c. Prepaid RM300 of the insurance premiumsd. Prepaid RM125 of the telephone and electricity bills.e. Depreciation was provided using the rates as follows:i. Office equipmentii. Motor vehiclesiii. Furniture20% p.a on carrying value15% p.a on cost10% p.a on costf. Bad debts of RM110 to be written offg. The provision for doubtful debts was to be adjusted to 2.5% of the remainingaccount receivablesh. Fasuha had drawn RM150 cash from the business to spend on his son's birthday.Required:a) Prepare the Statement Profit or Loss and Other Comprehensive Income for theyear ended 31 December 2020.b) Prepare the Statement of Financial Position as at 31 December 2020

Name: 5. The following trial balance was extracted from the books of Fasuha
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Description: 5. The following trial balance was extracted from the books of Fasuha Trading as at 31December 2020.ParticularsDebitRMCreditRMOffice equipmentMotor vehiclesFurnitureAccumulated depreciation as at 1 January 2020:Office equipment12,2509,1503,6002,4501

Statement of profit and loss and other comprehensive income is prepared to determine the financial…

Business

Accounting

5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM 12,250 9,150 3,600 Credit RM Office equipment Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment 2,450 1,373 1,060 3,632 29,608 Motor vehicles Furniture Account receivables and account payables Capital 6% loan to Rara 6,860 2,500 19,110 31,560 215 Purchases and sales Discount 175 Advertising Cash in hand Provision for doubtful debts 4,250 1,630 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 740 8,000 700 Rent 1,200 1,900 1,260 4,005 1,000 5.270 210 250 610 915 110 3.415 29.710 79 710 Drawings Maintenance and petrol Staffs wages insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at1 January 2020 112 TOTAL

5. The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Particulars Debit RM 12,250 9,150 3,600 Credit RM Office equipment Motor vehicles Furniture Accumulated depreciation as at 1 January 2020: Office equipment 2,450 1,373 1,060 3,632 29,608 Motor vehicles Furniture Account receivables and account payables Capital 6% loan to Rara 6,860 2,500 19,110 31,560 215 Purchases and sales Discount 175 Advertising Cash in hand Provision for doubtful debts 4,250 1,630 300 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 740 8,000 700 Rent 1,200 1,900 1,260 4,005 1,000 5.270 210 250 610 915 110 3.415 29.710 79 710 Drawings Maintenance and petrol Staffs wages insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns Inventory as at1 January 2020 112 TOTAL

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 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
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