a. the Statement of Comprehensive Income for the year ended 31 December2020. Question 5The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.DRCRRMRMMachinery at costAccumulated depreciation as of 1 January2020- machinery60,00010,000Motor vehicles at costAccumulated depreciation as of 1January 2020- motor vehiclesFumiture & equipment at costAccumulated depreciation as of 1 January2020- furniture & equipmentLong term loan (repayable on 30November 2022)50,0008,00025,0005,00030,000Ordinary share capital9% preference share capitalTrade receivables & payables50,00030,00021,00040038,000Allowance for doubtful debtsSales & purchasesSalaries & wages190,00024,00034,500303,600BankBad debtsRetumsI.6002.1001,9501,850Discounts1.600Loan interest1,500Telephone expensesRent, rates and insuranceInventory as of 1 January 2020Retained earnings as of 1 January 20204,00016,0004,50010.000461.800461.800 7.The following additional Information are avalable:I Inventory at 31 December 2020 is valued at RM13,000.IL Rates and insurance are prepaid by RM1,500.I. Wages of RM400 is owed.Iv. The allowance for doubtful debts is fixed at 4% of trade receivable balances.Bad debts of RM500 is to be written off.V. Rent of RM400 is due but yet to be paid.vi. Long term loan interest is 10% per annum.vil. Depreciation of motor vehicles and fumiture & equipment are based on 15% perannum on cost. Machinery is depreciated at 15% per annum on reducing balancemethod.viii.The director proposed a final ordinary dividend of 10%.ix. The proposed corporate tax rate is 30%.

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Description: a. the Statement of Comprehensive Income for the year ended 31 December2020. Question 5The following Is the Trial Balance of Maple Union Berhad at 31 December 2020.DRCRRMRMMachinery at costAccumulated depreciation as of 1 January2020- machinery60,000

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a. the Statement of Comprehensive Income for the year ended 31 December 2020.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 40E: Exercise 1-40 Depreciation OBJECTIVE 0Â° Swanson Products was organized as a new business on January...

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help me Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020.JulianaTrial Balance as at 31 December 2020RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases 516,000Returns inwards 47,000Discount allowed 4,000Capital at 1st January 2020 230,000Drawings 14,000Provision for doubtful debts at 1 January 2020 23,000Salaries Expense 44,000Administration costs 38,000Bank 75,000Bad debts written off 77,000Inventory at 1 January 2020 84,0001,164,000 1,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciationon office equipment is charged at 20% per annum using the reducingbalance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The…
Question 6The following trial balance was extracted from the ledger of Juliana at 31 December2020. JulianaTrial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020 Office Equipment 8,000Receivables 198,000Payables 52,000Sales…
Question 5The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of…