The following is the trial balance of Perkasa Enterprise as of 31 December 2023: DEBIT (RM) CREDIT (RM) Capital 875,800 Purchases and sales 438,000 505,200 Return inward and Return outward 1,350 1,800 Drawings 1,200 Discount allowed and discount received 1,110 1,470 Allowance for doubtful debts 1,200 Account receivable and account payable 39,600 29,640 Land 810,000 Motor vehicles 60,000 Fixtures and fittings 54,000 Accumulated depreciation: Motor vehicles Fixtures and fittings 15,600 10,800 Carriage inwards 2,400 Carriage outwards 1,500 Rental expenses 15,600 Custom duties on purchases 1,050 Salaries 15,000 Electricity and water 1,680 Advertising expense 720 Commission received 11,700 7% loan from bank 30,000 Cash in hand 31,290 Bank overdraft 2,690 Inventory as of 1 January 2023 11,400 TOTAL 1,485,900 1,485,900 Additional information to be considered: During the year, the owner took goods worth RM900 for his personal use. This was not recorded in the books above. Depreciation was provided on the straight-line method: Motor vehicle 15% per annum Fixtures and fittings 10% per annum Bad debts written off during the year were RM1,290. The allowance for doubtful debts is to be provided at the same rate of RM1,200. Accrued expenses during the year are as follows: Advertising RM1,250 Electricity and water RM60 Interest on loan for the whole year RM? Prepaid expenses during the year are as follows: Salaries RM2,100 Rental RM1,200 Carriage outwards RM420 Closing inventory as of 31 December 2023 was RM12,600. REQUIRED: You are required to prepare a statement of profit or loss for the year ended 31 December 2023 and a statement of financial position as of 31 December 2023.
The following is the trial balance of Perkasa Enterprise as of 31 December 2023: DEBIT (RM) CREDIT (RM) Capital 875,800 Purchases and sales 438,000 505,200 Return inward and Return outward 1,350 1,800 Drawings 1,200 Discount allowed and discount received 1,110 1,470 Allowance for doubtful debts 1,200 Account receivable and account payable 39,600 29,640 Land 810,000 Motor vehicles 60,000 Fixtures and fittings 54,000 Accumulated depreciation: Motor vehicles Fixtures and fittings 15,600 10,800 Carriage inwards 2,400 Carriage outwards 1,500 Rental expenses 15,600 Custom duties on purchases 1,050 Salaries 15,000 Electricity and water 1,680 Advertising expense 720 Commission received 11,700 7% loan from bank 30,000 Cash in hand 31,290 Bank overdraft 2,690 Inventory as of 1 January 2023 11,400 TOTAL 1,485,900 1,485,900 Additional information to be considered: During the year, the owner took goods worth RM900 for his personal use. This was not recorded in the books above. Depreciation was provided on the straight-line method: Motor vehicle 15% per annum Fixtures and fittings 10% per annum Bad debts written off during the year were RM1,290. The allowance for doubtful debts is to be provided at the same rate of RM1,200. Accrued expenses during the year are as follows: Advertising RM1,250 Electricity and water RM60 Interest on loan for the whole year RM? Prepaid expenses during the year are as follows: Salaries RM2,100 Rental RM1,200 Carriage outwards RM420 Closing inventory as of 31 December 2023 was RM12,600. REQUIRED: You are required to prepare a statement of profit or loss for the year ended 31 December 2023 and a statement of financial position as of 31 December 2023.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4PA: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...
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The following is the
DEBIT (RM) |
CREDIT (RM) |
|
Capital | 875,800 | |
Purchases and sales | 438,000 | 505,200 |
Return inward and Return outward | 1,350 | 1,800 |
Drawings | 1,200 | |
Discount allowed and discount received | 1,110 | 1,470 |
Allowance for doubtful debts | 1,200 | |
Account receivable and account payable | 39,600 | 29,640 |
Land | 810,000 | |
Motor vehicles | 60,000 | |
Fixtures and fittings | 54,000 | |
Motor vehicles Fixtures and fittings |
15,600 10,800 |
|
Carriage inwards | 2,400 | |
Carriage outwards | 1,500 | |
Rental expenses | 15,600 | |
Custom duties on purchases | 1,050 | |
Salaries | 15,000 | |
Electricity and water | 1,680 | |
Advertising expense | 720 | |
Commission received | 11,700 | |
7% loan from bank | 30,000 | |
Cash in hand | 31,290 | |
Bank overdraft | 2,690 | |
Inventory as of 1 January 2023 | 11,400 | |
TOTAL | 1,485,900 | 1,485,900 |
Additional information to be considered:
- During the year, the owner took goods worth RM900 for his personal use. This was not recorded in the books above.
- Depreciation was provided on the straight-line method:
Motor vehicle | 15% per annum |
Fixtures and fittings | 10% per annum |
Bad debts written off during the year were RM1,290. The allowance for doubtful debts is to be provided at the same rate of RM1,200.- Accrued expenses during the year are as follows:
Advertising | RM1,250 |
Electricity and water | RM60 |
Interest on loan for the whole year | RM? |
- Prepaid expenses during the year are as follows:
Salaries | RM2,100 |
Rental | RM1,200 |
Carriage outwards | RM420 |
- Closing inventory as of 31 December 2023 was RM12,600.
REQUIRED:
You are required to prepare a statement of profit or loss for the year ended 31 December 2023 and a
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