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QUESTION I Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RM1. The following trial balance was extracted from the books of the company on 31 December 2021, after the preparation of the trading account: Dr Cr RM RM Ordinary share capital, fully paid Land and buildings at cost Sundry debtors Furniture & fittings at cost 400,000 340,000 76,600 160,000 7,600 Prepayment Sundry Creditors Inventory at 31 December 2020 50,000 84,000 Bank 24,000 Trading account: gross profit Office salaries and expenses Provision for depreciation on furniture & fittings Share premium account Advertising and selling expenses 196,100 50,000 64,000 40,000 10,000 Irrecoverable receivables 500 Allowance for irrecoverable receivables 1,200 Retained earnings Directors' fees 24,000 22,600 775.300 775,300 Additional information: 1. The allowance for irrecoverable receivables is to be adjusted to RM1,400. 2. Depreciation is to be provided in respect of furniture and fittings at 10% per annum on cost. 3. RM50,000 is to be transferred from profit and loss to general reserve. 4. The company proposed a dividend on share capital at 10%. You are required to: (a) Prepare a statement of profit and loss for the year ended 31 December 2021 and a statement of financial position as at that date.

QUESTION I Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RM1. The following trial balance was extracted from the books of the company on 31 December 2021, after the preparation of the trading account: Dr Cr RM RM Ordinary share capital, fully paid Land and buildings at cost Sundry debtors Furniture & fittings at cost 400,000 340,000 76,600 160,000 7,600 Prepayment Sundry Creditors Inventory at 31 December 2020 50,000 84,000 Bank 24,000 Trading account: gross profit Office salaries and expenses Provision for depreciation on furniture & fittings Share premium account Advertising and selling expenses 196,100 50,000 64,000 40,000 10,000 Irrecoverable receivables 500 Allowance for irrecoverable receivables 1,200 Retained earnings Directors' fees 24,000 22,600 775.300 775,300 Additional information: 1. The allowance for irrecoverable receivables is to be adjusted to RM1,400. 2. Depreciation is to be provided in respect of furniture and fittings at 10% per annum on cost. 3. RM50,000 is to be transferred from profit and loss to general reserve. 4. The company proposed a dividend on share capital at 10%. You are required to: (a) Prepare a statement of profit and loss for the year ended 31 December 2021 and a statement of financial position as at that date.

Intermediate Accounting: Reporting And Analysis
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
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 17E
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i need only profit and loss statement, Please do it fast
QUESTION 1 Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RM1. The following trial balance was extracted from the books of the company on 31 December 2021, after the preparation of the trading account: Dr Cr RM RM 400,000 Ordinary share capital, fully paid Land and buildings at cost Sundry debtors Furniture & fittings at cost Prepayment Sundry Creditors Inventory at 31 December 2020 340,000 76,600 160,000 7,600 50,000 84,000 Bank 24,000 Trading account: gross profit Office salaries and expenses Provision for depreciation on furniture & fittings Share premium account Advertising and selling expenses Irrecoverable receivables 196,100 50,000 64,000 40,000 10,000 500 Allowance for irrecoverable receivables 1,200 Retained earnings Directors' fees 24,000 22,600 775,300 775,300 Additional information: 1. The allowance for irrecoverable receivables is to be adjusted to RM1,400. 2. Depreciation is to be provided in respect of furniture and fittings at 10% per annum on cost. 3. RM50,000 is to be transferred from profit and loss to general reserve. 4. The company proposed a dividend on share capital at 10%. You are required to: (a) Prepare a statement of profit and loss for the year ended 31 December 2021 and a statement of financial position as at that date.
Transcribed Image Text:QUESTION 1 Sam Bhd. is registered with an authorised capital of 600,000 ordinary shares of RM1. The following trial balance was extracted from the books of the company on 31 December 2021, after the preparation of the trading account: Dr Cr RM RM 400,000 Ordinary share capital, fully paid Land and buildings at cost Sundry debtors Furniture & fittings at cost Prepayment Sundry Creditors Inventory at 31 December 2020 340,000 76,600 160,000 7,600 50,000 84,000 Bank 24,000 Trading account: gross profit Office salaries and expenses Provision for depreciation on furniture & fittings Share premium account Advertising and selling expenses Irrecoverable receivables 196,100 50,000 64,000 40,000 10,000 500 Allowance for irrecoverable receivables 1,200 Retained earnings Directors' fees 24,000 22,600 775,300 775,300 Additional information: 1. The allowance for irrecoverable receivables is to be adjusted to RM1,400. 2. Depreciation is to be provided in respect of furniture and fittings at 10% per annum on cost. 3. RM50,000 is to be transferred from profit and loss to general reserve. 4. The company proposed a dividend on share capital at 10%. You are required to: (a) Prepare a statement of profit and loss for the year ended 31 December 2021 and a statement of financial position as at that date.
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