1.Jorasmi EnterpriseTrial Balance as at 31 December 2020ParticularsDebitCreditRMRMInventory of raw materials 1 Jan 2020Inventory of finished goods 1 Jan 2020Work in progress 1 Jan 2020Wages (direct RM180,000, factory indirect RM145,000)RoyaltiesCarriage inwards (on raw materials)21,00038,90013,500325,0007,0003,500370,000230,00012,00031,0007,50013,70044,00030,00011,50012,0004,20013,4002,3004,8005,900Purchases of raw materialsProductive machinery (cost RM280,000)Administration computers (cost RM20,000)General factory expensesLightingFactory powerAdministration salariesSales representative salariesCommission on salesRentInsuranceGeneral administration expensesBank chargesDiscount allowedCarriage outwardsSalesAccount receivable and accounts payable1,000,00064,000142,30016,8001,50060,000BankCashDrawingsCapital as at 1 Jan 2020357,8001,421,800 1,421,800ТОTAL Additional information:i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; workin progress RM15,000ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6iii. Depreciation on productive machinery and administration computers at 10% perannum on costRequired:a) Prepare statement of cost production for the year ended 31 December 2020.b) Prepare statement of comprehensive income for the year ended 31 December 2020.c) Prepare statement of financial position as at 31 December 2020.

Lighting (Factory)=7,500×56=RM 6,250

Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 21,000 38,900 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed 4,800 5,900 Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 Bank 16,800 1,500 60,000 Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 ТОTAL

Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 21,000 38,900 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed 4,800 5,900 Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 Bank 16,800 1,500 60,000 Cash Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 ТОTAL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales…
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
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