equired: b) Statement of Financial Position as at 31 October 2020
- Mr Jamil, a trader, completed a year’s trading on 31 October 2020. The following balances were extracted from the business records:
|
Particulars |
Debit RM |
Credit RM |
|
Purchases and Sales |
52,650 |
160,720 |
|
Sales returns and purchases returns |
340 |
1,213 |
|
Land |
100,000 |
|
|
Machines |
140,000 |
|
|
Office equipment |
30,000 |
|
|
Vehicles |
75,000 |
|
|
Provision for Office equipment Vehicles |
28,000 16,800 28,000 |
|
|
Office expenses |
11,500 |
|
|
Cash in hand |
175 |
|
|
Selling expenses |
8,820 |
|
|
Drawings |
6,000 |
|
|
Wages |
48,000 |
|
|
Stock at 1 Nov 2019 |
2,500 |
|
|
Provision for doubtful debts as at 1 Nov 2019 |
650 |
|
|
Debtors and creditors |
14,500 |
8,600 |
|
Repairs |
2,370 |
|
|
|
240 |
|
|
Jamil – Capital account as at 1 Nov 2019 |
251,512 |
|
|
Cash at bank |
3,400 |
|
|
TOTAL |
495,495 |
495,495 |
Mr Jamil also provides the following information at 31 October 2020: i. Stock was valued at RM2,750
- The provision for doubtful debts should be maintained at 5% of debtors. iii. Wages accrued amounted to RM1,500
- Office expenses prepaid amounted to RM342
- Mr. Jamil had taken RM1,200 worth of goods from stock for personal use during the year. This has not been recorded.
- Depreciation policies were:
Machines - 20%
Office equipment - 20% straight line method
Vehicles - 30%
Required:
- b)
Statement of Financial Position as at 31 October 2020
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