The following is the trial balance of Tom Holland as at 31 January 2022:DebitCreditRMRMDrawingsСаpitalInventory at 1 Feb 202125,000300,00080,000Sales and Purchases476,000278,00058,000Trade receivableTrade payable47,000Discount9,200Cash at bank175,000Motor vehicles140,400Commission received20,000Office equipment87,000Bank loan52,000Returns outwards500Salaries and wagesCarriage inwards46,6001,300Rental13,400904,700904,700Additional information:1. The inventory at at 31 January 2022 was valued at RM55,000.2. The bank loan are payable in 1 January 2025.3. 10% of the salaries are paid for wages.Required:Prepare the following statement for Tom Holland:(a) Statement of profit or loss for the year ended 31 January 2022(b) Statement of financial position as at 31 January 2022

Financial statements are the summaries showing assets & liabilities, equities and cash flows,…

The following is the trial balance of Tom Holland as at 31 January 2022: Debit Credit RM RM Drawings Capital Inventory at 1 Feb 2021 Sales and Purchases 25,000 300,000 80,000 278,000 58,000 476,000 Trade receivable Trade payable 47,000 Discount 9,200 Cash at bank 175,000 Motor vehicles 140,400 Commission received 20,000 Office equipment 87,000 Bank loan 52,000 Returns outwards Salaries and wages Carriage inwards Rental 500 46,600 1,300 13,400 904,700 904,700 Additional information: 1. The inventory at at 31 January 2022 was valued at RM55,000. 2. The bank loan are payable in 1 January 2025. 3. 10% of the salaries are paid for wages. Required: Prepare the following statement for Tom Holland: (a) Statement of profit or loss for the year ended 31 January 2022 (b) Statement of financial position as at 31 January 2022

The following is the trial balance of Tom Holland as at 31 January 2022: Debit Credit RM RM Drawings Capital Inventory at 1 Feb 2021 Sales and Purchases 25,000 300,000 80,000 278,000 58,000 476,000 Trade receivable Trade payable 47,000 Discount 9,200 Cash at bank 175,000 Motor vehicles 140,400 Commission received 20,000 Office equipment 87,000 Bank loan 52,000 Returns outwards Salaries and wages Carriage inwards Rental 500 46,600 1,300 13,400 904,700 904,700 Additional information: 1. The inventory at at 31 January 2022 was valued at RM55,000. 2. The bank loan are payable in 1 January 2025. 3. 10% of the salaries are paid for wages. Required: Prepare the following statement for Tom Holland: (a) Statement of profit or loss for the year ended 31 January 2022 (b) Statement of financial position as at 31 January 2022

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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