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Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has beon extracted from his ladger as et 30th April 2020: RM 83, 867 259 870 19, 840 Capilal Sales Trade Accounts payable Return outwards Allowance for doubtful debte Discount alowed Discount received 13, 407 612 2, 306 1, 750 135, 630 5. 624 4, 662 18, 440 11, 830 Purchases Return inwards Carriago outwarde Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telophone Advertising Salaries and wages Bad debts Cash in hand Cash at bank Inventory as at ist May 2019 Trade accounts receivable 25, 973 11,010 2, 410 5, 980 38, 521 2, 000 534 4, 440 15, 654 24, 500 Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 120, 740 63. 020 2020. Depreciation 12, 074 The following additional information as et 30th April 2020 is available as follows: L Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. lL Heating and lighting outstanding RM 1. 360. v. There le a propaid ratos of RM 5, 436. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. Required: a) Propare atatoment of profit or loss for the yaar ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial position as at 30th April 2020 for Kamal Bharin.

Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has beon extracted from his ladger as et 30th April 2020: RM 83, 867 259 870 19, 840 Capilal Sales Trade Accounts payable Return outwards Allowance for doubtful debte Discount alowed Discount received 13, 407 612 2, 306 1, 750 135, 630 5. 624 4, 662 18, 440 11, 830 Purchases Return inwards Carriago outwarde Drawings Carriage inwards Rent, rates and insurance Heating and lighting Postage, stationery and telophone Advertising Salaries and wages Bad debts Cash in hand Cash at bank Inventory as at ist May 2019 Trade accounts receivable 25, 973 11,010 2, 410 5, 980 38, 521 2, 000 534 4, 440 15, 654 24, 500 Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 120, 740 63. 020 2020. Depreciation 12, 074 The following additional information as et 30th April 2020 is available as follows: L Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. lL Heating and lighting outstanding RM 1. 360. v. There le a propaid ratos of RM 5, 436. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. Required: a) Propare atatoment of profit or loss for the yaar ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial position as at 30th April 2020 for Kamal Bharin.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 63E: Reporting Liabilities Morton Electronics had the following obligations: a. A legally enforceable...
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Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has been extracted from his ledger as at 30th April 2020: RM Capilal Sales Trede Accounts payable 83, 887 259, 870 19, 840 13, 407 512 Return outwards Allowance for doubtful debts Discount allowed Discount received 2, 306 1, 750 135, 680 5, 624 Purchases Return inwards Carriage outwards Drawings Carriage inwards Rent rates and insurance 4, 562 Heating and lighting Postage, stationery and telephone Advertising Salaries and wages 18, 440 11, 830 25, 973 11,010 2, 410 5, 980 38. 521 Bad debts 2, 008 534 Cash in hand 4, 440 15, 654 24, 500 120, 740 63. 020 Cash at bank Inventory as at 1st May 2019 Trade accounts receivable Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 2020. Depreciation 12, 074 The following additional informetion as et 30th April 2020 is available as follows: i Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. ii Heating and lighting outstanding RM 1. 360. Thero is a propaid ratos of RM 5, 435. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. v. Required: a) Prepare statement of profit or loss for the year ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial positon as at 30th April 2020 for Kamal Bharin. c) Describe the two (2) main reasons for a company to perform adjustment on financial statements
Transcribed Image Text:Question 2 Kamal Baharin has been trading for some years as boutique owner. The following list of balances has been extracted from his ledger as at 30th April 2020: RM Capilal Sales Trede Accounts payable 83, 887 259, 870 19, 840 13, 407 512 Return outwards Allowance for doubtful debts Discount allowed Discount received 2, 306 1, 750 135, 680 5, 624 Purchases Return inwards Carriage outwards Drawings Carriage inwards Rent rates and insurance 4, 562 Heating and lighting Postage, stationery and telephone Advertising Salaries and wages 18, 440 11, 830 25, 973 11,010 2, 410 5, 980 38. 521 Bad debts 2, 008 534 Cash in hand 4, 440 15, 654 24, 500 120, 740 63. 020 Cash at bank Inventory as at 1st May 2019 Trade accounts receivable Fixtures and fittings - at cost Provision for depreciation on fixtures and fittings - as at 30th April 2020. Depreciation 12, 074 The following additional informetion as et 30th April 2020 is available as follows: i Inventory as at 30th April 2020 was valued at RM 17, 750. i Kamal Baharin paid in advance insurances RM 1, 120. ii Heating and lighting outstanding RM 1. 360. Thero is a propaid ratos of RM 5, 435. v. The allowance for doubtful debts is to be adjusted from RM 512 to RM 735. v. Required: a) Prepare statement of profit or loss for the year ending 30th April 2020 for Kamal Baharin. b) Prepare statement of financial positon as at 30th April 2020 for Kamal Bharin. c) Describe the two (2) main reasons for a company to perform adjustment on financial statements
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