020.Statement of Financial Position as at 31 Mac 2020.Ar Jamil, a trader, completed a year's trading on 31 October 2020. The followingmalances were extracted from the business records:CreditParticularsDebitRMRMPurchases and SalesSales returns and purchases returnsLandMachinesOffice equipmentVehiclesProvision for depreciation at 1 November 2019:52,650 160,720340100,000140,00030,00075,0001,213MachinesOffice equipmentVehicles28,00016,80028,00011,500175Office expensesCash in handSelling expensesDrawingsWagesStock at 1 Nov 2019Provision for doubtful debts as at 1 Nov 2019Debtors and creditorsRepairsBad debtsJamil-Capital account as at 1 Nov 2019Cash at bank8,8206,00048,0002,5006508,60014,5002,370240251,5123,400495.495 495,495TОTALMr Jamil also provides the following information at 31 October 2020:Stock was valued at RM2,750The provision for doubtful debts should be maintained at 5% of debtors.Wages accrued amounted to RM1,500Office expenses prepaid amounted to RM342i.ii.ii.iv.РОСОSHOT ON POCO F2 PRO Notes XSolut Xb Answ XA Notes XASolut XA Tutor XgzNDkyOTcw/a/MJU1MTU2OT94NZAX/detailsMr. Jamil had taken RM1,200 worth of goods from stock for personal use duringthe year. This has not been recorded.Depreciation policies were:MachinesOffice equipmentVehiclesV.vi.20% straight line method20% straight line method30% reducing balance methodRequired:a) Statement Profit or Loss and Other Comprehensive Income for the year Ended 31October 2020.b) Statement of Financial Position as at 31 October 2020.РОСОSHOT ON POCO F2 PRO

Statement of profit and loss shows the performance of the entity during the year and financial…

atement of Financial Position as at 31 Mac Jamil, a trader, completed a year's trading on 31 October 2020. The following alances were extracted from the business records: Credit RM Debit RM 52,650 160,720 340 100,000 140,000 30,000 75,000 Particulars Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1,213 Machines Office equipment Vehicles 28,000 16,800 28,000 Office expenses Cash in hand 11,500 175 8,820 6,000 48,000 2,500 Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil- Capital account as at 1 Nov 2019 Cash at bank 650 8,600 14,500 2,370 240 251,512 3.400 495.495 495,495 TOTAL r Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. i. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

atement of Financial Position as at 31 Mac Jamil, a trader, completed a year's trading on 31 October 2020. The following alances were extracted from the business records: Credit RM Debit RM 52,650 160,720 340 100,000 140,000 30,000 75,000 Particulars Purchases and Sales Sales returns and purchases returns Land Machines Office equipment Vehicles Provision for depreciation at 1 November 2019: 1,213 Machines Office equipment Vehicles 28,000 16,800 28,000 Office expenses Cash in hand 11,500 175 8,820 6,000 48,000 2,500 Selling expenses Drawings Wages Stock at 1 Nov 2019 Provision for doubtful debts as at 1 Nov 2019 Debtors and creditors Repairs Bad debts Jamil- Capital account as at 1 Nov 2019 Cash at bank 650 8,600 14,500 2,370 240 251,512 3.400 495.495 495,495 TOTAL r Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750 ii. The provision for doubtful debts should be maintained at 5% of debtors. i. Wages accrued amounted to RM1,500 iv. Office expenses prepaid amounted to RM342

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 17E: Interest-Bearing and Non-Interest-Bearing Notes On December 11, 2019, Hooper Inc. made a credit sale...

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