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QUESTION The trial balance of Kedai Emas Berkilau, owned by Cik Milah, was as follows: Kedai Emas Berkilau Trial Balance As At 30 April 2024 Account Title Debit Credit RM RM Cash in Hand 248,000 Accounts Receivable 370,000 Allowance for Doubtful Debts 105,000 Inventory as at 1 April 2024 16,000 Prepaid Insurance 3,000 Furniture 100,000 Vehicle 250,000 Accumulated Depreciation-Vehicle 25,000 Accounts Payable 380,000 Unearned Sales Revenue 45,000 Cik Milah, Capital 290,000 Cik Milah, Drawings 8,000 Rent Revenue 1,000 Purchases and Sales 100,000 325,000 Purchases Return and Sales Return 2,000 1,200 Purchases Discount and Sales Discount 5,000 1,800 Salary Expenses 72,000 1,174,000 1,174,000 The following additional information has to be taken into consideration: i. Inventory as at 30 April 2024 was RM20,000. . Part of the building was rented out for RM200 per month. As at 30 April 2024, two months rental has yet to be received. ii. Insurance premium of 12 months was paid on 1 April 2024. iv. Accrued salary expense at 30 April 2024 for Sunday and Monday. The 5-day weekly payroll of RM3,000 will be paid on Thursday, 2 May 2024. One-third of the unearned sales revenue has been earned. Depreciation on furniture and building of the month as follows: V. vi. Acquisition date Criteria Depreciation method Estimated useful life Estimated scrap value Furniture 1 April 2024 Straight line 5 years RM10,000 Vehicle 1 April 2023 Straight line 9 years RM25,000 Required: A. Journalise the above adjusting entries of Kedai Emas Berkilau at 30 April 2024. Please show your computation (if any). B. Prepare a complete work sheet for Kedai Emas Berkilau as at 30 April 2024. C. Prepare financial statements for Kedai Emas Berkilau for the month ended 30 April 2024.

QUESTION The trial balance of Kedai Emas Berkilau, owned by Cik Milah, was as follows: Kedai Emas Berkilau Trial Balance As At 30 April 2024 Account Title Debit Credit RM RM Cash in Hand 248,000 Accounts Receivable 370,000 Allowance for Doubtful Debts 105,000 Inventory as at 1 April 2024 16,000 Prepaid Insurance 3,000 Furniture 100,000 Vehicle 250,000 Accumulated Depreciation-Vehicle 25,000 Accounts Payable 380,000 Unearned Sales Revenue 45,000 Cik Milah, Capital 290,000 Cik Milah, Drawings 8,000 Rent Revenue 1,000 Purchases and Sales 100,000 325,000 Purchases Return and Sales Return 2,000 1,200 Purchases Discount and Sales Discount 5,000 1,800 Salary Expenses 72,000 1,174,000 1,174,000 The following additional information has to be taken into consideration: i. Inventory as at 30 April 2024 was RM20,000. . Part of the building was rented out for RM200 per month. As at 30 April 2024, two months rental has yet to be received. ii. Insurance premium of 12 months was paid on 1 April 2024. iv. Accrued salary expense at 30 April 2024 for Sunday and Monday. The 5-day weekly payroll of RM3,000 will be paid on Thursday, 2 May 2024. One-third of the unearned sales revenue has been earned. Depreciation on furniture and building of the month as follows: V. vi. Acquisition date Criteria Depreciation method Estimated useful life Estimated scrap value Furniture 1 April 2024 Straight line 5 years RM10,000 Vehicle 1 April 2023 Straight line 9 years RM25,000 Required: A. Journalise the above adjusting entries of Kedai Emas Berkilau at 30 April 2024. Please show your computation (if any). B. Prepare a complete work sheet for Kedai Emas Berkilau as at 30 April 2024. C. Prepare financial statements for Kedai Emas Berkilau for the month ended 30 April 2024.

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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...
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QUESTION The trial balance of Kedai Emas Berkilau, owned by Cik Milah, was as follows: Kedai Emas Berkilau Trial Balance As At 30 April 2024 Account Title Debit Credit RM RM Cash in Hand 248,000 Accounts Receivable 370,000 Allowance for Doubtful Debts 105,000 Inventory as at 1 April 2024 16,000 Prepaid Insurance 3,000 Furniture 100,000 Vehicle 250,000 Accumulated Depreciation-Vehicle 25,000 Accounts Payable 380,000 Unearned Sales Revenue 45,000 Cik Milah, Capital 290,000 Cik Milah, Drawings 8,000 Rent Revenue 1,000 Purchases and Sales 100,000 325,000 Purchases Return and Sales Return 2,000 1,200 Purchases Discount and Sales Discount 5,000 1,800 Salary Expenses 72,000 1,174,000 1,174,000 The following additional information has to be taken into consideration: i. Inventory as at 30 April 2024 was RM20,000. . Part of the building was rented out for RM200 per month. As at 30 April 2024, two months rental has yet to be received. ii. Insurance premium of 12 months was paid on 1 April 2024. iv. Accrued salary expense at 30 April 2024 for Sunday and Monday. The 5-day weekly payroll of RM3,000 will be paid on Thursday, 2 May 2024. One-third of the unearned sales revenue has been earned. Depreciation on furniture and building of the month as follows: V. vi. Acquisition date Criteria Depreciation method Estimated useful life Estimated scrap value Furniture 1 April 2024 Straight line 5 years RM10,000 Vehicle 1 April 2023 Straight line 9 years RM25,000 Required: A. Journalise the above adjusting entries of Kedai Emas Berkilau at 30 April 2024. Please show your computation (if any). B. Prepare a complete work sheet for Kedai Emas Berkilau as at 30 April 2024. C. Prepare financial statements for Kedai Emas Berkilau for the month ended 30 April 2024.
Transcribed Image Text:QUESTION The trial balance of Kedai Emas Berkilau, owned by Cik Milah, was as follows: Kedai Emas Berkilau Trial Balance As At 30 April 2024 Account Title Debit Credit RM RM Cash in Hand 248,000 Accounts Receivable 370,000 Allowance for Doubtful Debts 105,000 Inventory as at 1 April 2024 16,000 Prepaid Insurance 3,000 Furniture 100,000 Vehicle 250,000 Accumulated Depreciation-Vehicle 25,000 Accounts Payable 380,000 Unearned Sales Revenue 45,000 Cik Milah, Capital 290,000 Cik Milah, Drawings 8,000 Rent Revenue 1,000 Purchases and Sales 100,000 325,000 Purchases Return and Sales Return 2,000 1,200 Purchases Discount and Sales Discount 5,000 1,800 Salary Expenses 72,000 1,174,000 1,174,000 The following additional information has to be taken into consideration: i. Inventory as at 30 April 2024 was RM20,000. . Part of the building was rented out for RM200 per month. As at 30 April 2024, two months rental has yet to be received. ii. Insurance premium of 12 months was paid on 1 April 2024. iv. Accrued salary expense at 30 April 2024 for Sunday and Monday. The 5-day weekly payroll of RM3,000 will be paid on Thursday, 2 May 2024. One-third of the unearned sales revenue has been earned. Depreciation on furniture and building of the month as follows: V. vi. Acquisition date Criteria Depreciation method Estimated useful life Estimated scrap value Furniture 1 April 2024 Straight line 5 years RM10,000 Vehicle 1 April 2023 Straight line 9 years RM25,000 Required: A. Journalise the above adjusting entries of Kedai Emas Berkilau at 30 April 2024. Please show your computation (if any). B. Prepare a complete work sheet for Kedai Emas Berkilau as at 30 April 2024. C. Prepare financial statements for Kedai Emas Berkilau for the month ended 30 April 2024.
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