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Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable   Question: 1. Prepare an adjusted trial balance as at 31st December 2019. 2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019.

Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable   Question: 1. Prepare an adjusted trial balance as at 31st December 2019. 2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1CPP: Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle...
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Additional information:
i. Supplies as at 31st December 2019, RM34,500.
ii. Insurance expense at the rate of RM850 per month.
iii. Yearly depreciation on the non current assets as below:
• furniture and fittings, RM5,175
• motor vehicles, RM20,400.
iv. Interest expense RM5,295 still payable by end of the year
v. Estimated doubtful debt at the rate of 2% of accounts receivable

 

Question:

1. Prepare an adjusted trial balance as at 31st December 2019.

2. Prepare the Statement of Changes in Equity for the year ended 31st December 2019.

Metro Business Consultancies (MBC) was established in Kuala Lumpur on 1 January 2019. The business offers management, marketing and finance consultancies for small medium enterprises. Jesicca was appointed to handle about business accounting related matters. At the end of the first- year operations, MBC required to accurately report revenues earned and expenses incurred during that time period. MBC had the following unadjusted trial balance Metro Business Consultancies Unadjusted Trial Balance as at 31s“ December 2019 Account Name Debit Credit (RM) 89,400 105,832 13,600 155,500 103,500 (RM) Cash Accounts Receivable Prepaid Insurance Supplies Furniture and fittings (Purchased on 1/1/2019) |Motor Vehicles (Purchased on 1/1/2019) Purchase | Accounts Payable Service Revenue | Capital Long Term Loan Unearned Service Revenue Stationeries and Printing Expense Salaries Expense Utilities Expense Advertising Expense Rent Expense 204,000 113,000 95,209 228,300 350,000 130,000 10,000 636 108,000 3,600 5,441 24,000 813,509 813,509
Transcribed Image Text:Metro Business Consultancies (MBC) was established in Kuala Lumpur on 1 January 2019. The business offers management, marketing and finance consultancies for small medium enterprises. Jesicca was appointed to handle about business accounting related matters. At the end of the first- year operations, MBC required to accurately report revenues earned and expenses incurred during that time period. MBC had the following unadjusted trial balance Metro Business Consultancies Unadjusted Trial Balance as at 31s“ December 2019 Account Name Debit Credit (RM) 89,400 105,832 13,600 155,500 103,500 (RM) Cash Accounts Receivable Prepaid Insurance Supplies Furniture and fittings (Purchased on 1/1/2019) |Motor Vehicles (Purchased on 1/1/2019) Purchase | Accounts Payable Service Revenue | Capital Long Term Loan Unearned Service Revenue Stationeries and Printing Expense Salaries Expense Utilities Expense Advertising Expense Rent Expense 204,000 113,000 95,209 228,300 350,000 130,000 10,000 636 108,000 3,600 5,441 24,000 813,509 813,509
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