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The following balances were extracted from the ledger of CTSha Trading as at 31 October     DEBIT (RM) CREDIT (RM) Insurance 12,000   Water and electricity 4,800   Wages and salaries 16,000   Rental income   9,900 Interest income   6,000 Prepaid insurance as at 1 Nov 2018 1,500   Accrued wages and salaries as at 1 Nov 2018   2,000 Accrued rental income as at 1 Nov 2018 1,800     The following adjustment were to be made on 31 October 2019: RM1,800 of wages and salaries was notpaid Prepaid insurance amounted to RM1,000 RM500 of the interest income was notreceived RM900 of the rent income was for November2019 Water and electricity bills for RM800 were not paid   Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income (extracts) for the year ended 31 October2019 Prepare Statement of Financial Position (extracts) as at 31 October2019

The following balances were extracted from the ledger of CTSha Trading as at 31 October     DEBIT (RM) CREDIT (RM) Insurance 12,000   Water and electricity 4,800   Wages and salaries 16,000   Rental income   9,900 Interest income   6,000 Prepaid insurance as at 1 Nov 2018 1,500   Accrued wages and salaries as at 1 Nov 2018   2,000 Accrued rental income as at 1 Nov 2018 1,800     The following adjustment were to be made on 31 October 2019: RM1,800 of wages and salaries was notpaid Prepaid insurance amounted to RM1,000 RM500 of the interest income was notreceived RM900 of the rent income was for November2019 Water and electricity bills for RM800 were not paid   Required: Prepare the Statement of Profit or Loss and Other Comprehensive Income (extracts) for the year ended 31 October2019 Prepare Statement of Financial Position (extracts) as at 31 October2019

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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  1. The following balances were extracted from the ledger of CTSha Trading as at 31 October

 

 

DEBIT (RM)

CREDIT (RM)

Insurance

12,000

 

Water and electricity

4,800

 

Wages and salaries

16,000

 

Rental income

 

9,900

Interest income

 

6,000

Prepaid insurance as at 1 Nov 2018

1,500

 

Accrued wages and salaries as at 1 Nov 2018

 

2,000

Accrued rental income as at 1 Nov 2018

1,800

 

 

The following adjustment were to be made on 31 October 2019:

  1. RM1,800 of wages and salaries was notpaid
  2. Prepaid insurance amounted to RM1,000
  3. RM500 of the interest income was notreceived
  4. RM900 of the rent income was for November2019
  5. Water and electricity bills for RM800 were not paid

 

Required:

  1. Prepare the Statement of Profit or Loss and Other Comprehensive Income (extracts) for the year ended 31 October2019
  2. Prepare Statement of Financial Position (extracts) as at 31 October2019

 

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