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CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 1 July 2020 2021 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? Premises Equipment at net book value Inventories Accounts receivable Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 450 440 270 410 PAYMENTS Accounts Accounts receivable Sales 56,880 13,600 payable Purchases 34,690 9,200 6,320 3,640 510 Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.

CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 1 July 2020 2021 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? Premises Equipment at net book value Inventories Accounts receivable Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 450 440 270 410 PAYMENTS Accounts Accounts receivable Sales 56,880 13,600 payable Purchases 34,690 9,200 6,320 3,640 510 Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....
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CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 2021 1 July 2020 Premises Equipment at net book value Inventories Accounts receivable 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? 450 Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 440 270 410 PAYMENTS Accounts payable Purchases Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense Accounts receivable Sales 56,880 13,600 34,690 9,200 6,320 3,640 510 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.
Transcribed Image Text:CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he requires your assistance to determine business's profitability and financial position. Following are the information gathered: Business's assets and liabilities 30 June 2021 1 July 2020 Premises Equipment at net book value Inventories Accounts receivable 65,00065,000 8,400 11,200 11,450 13,500 12,900 13,400 7,800 9,450 8,800 ??? 450 Accounts payable Cash at bank Prepaid insurance Accrued utility expense ii.Following were the receipts and payments during the year ended 2021: RECEIPTS 440 270 410 PAYMENTS Accounts payable Purchases Salaries Insurance General expense Utility expense Drawings Equipment acquired Repairs expense Accounts receivable Sales 56,880 13,600 34,690 9,200 6,320 3,640 510 2,560 11,230 3,600 4,600 CLUELESS, the owner, withdrew goods worth RM620 for personal use and this transaction has not been recorded yet Bad debts of RM640 was written off. Total discount received was RM1,120 and total discount allowed was RM1,380 Total sales return was RM330 and purchases return was RM280. You are required to prepare: a. Profit or loss statement for the year ended 30 June 2021. b. Statement of financial position as at 30 June 2021.
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