I need solution to (a) The Jumbo Enterprise operates its business in Klang Valley. The following are the trialbalance as of 31 December 2020 and other information related to Jumbo Enterprise.Debit (RM)80,000Credit (RM)EquipmentAccumulated depreciation-EquipmentMotor Vehicle16,000260,0002,370Motor Vehicle maintenanceСаpitalAccounts receivable300,00043,800Accounts payableCash45,50074,370Loan from Public Bank20,000Prepaid insuranceReturns inwards24,0005,630Returns outwards5,250484,860Purchases and SalesSuppliesTelephone and intermet chargesRent expenseSalary expenseInventory 1* January 2020Drawings190,0701,7405,43048,00090,90021,45012,4404,260Discount allowedDiscount received6,350Carriage inwards13.500877,960877,960 The following additional information is available as at 31 December 2020:i Inventory as at 31 December 2020 was valued at RM18,360.ii. Invoices representing RM1,100 of services performed in December have not beenrecorded as of 31 December 2020.i. The owner has decided to write off an additional of bad debts amounting to RM3,230.iv. Equipment is depreciated at 20% per annum using reducing balance method while motorvehicle is depreciated at 20% per annum on cost using straight line method.v. The prepaid insurance is for a 12-month policy purchased by cash on 1 April 2020. Thepolicy is effective from 1 April 2020.vi Interest on loan from Public Bank at 6% per annum has not been paid.vii A record of supplies shows RM550 of umused supplied on 31 December 2020.viii. Telephone and intemet charges outstanding amounted to RM1,450.ix. The owner took RM3,500 to pay his son's hospital bill.Required:a. Show the necessary jounal entries for the above adjustments.b. Prepare the statement of profit or loss for the year ended 31 December 2020.c. Prepare the statement of financial position as at 31 December 2020.

The journal entries are used to record the transaction.

The Jumbo Enterprise operates its business in Klang Valley. The following are the trial balance as of 31 December 2020 and other information related to Jumbo Enterprise. Debit (RM) 80,000 Credit (RM) Equipment Accumulated depreciation-Equipment 16,000 Motor Vehicle 260,000 Motor Vehicle maintenance 2,370 Capital 300,000 Accounts receivable 43,800 Accounts payable 45,500 Cash 74,370 Loan from Public Bank 20,000 40 00

The Jumbo Enterprise operates its business in Klang Valley. The following are the trial balance as of 31 December 2020 and other information related to Jumbo Enterprise. Debit (RM) 80,000 Credit (RM) Equipment Accumulated depreciation-Equipment 16,000 Motor Vehicle 260,000 Motor Vehicle maintenance 2,370 Capital 300,000 Accounts receivable 43,800 Accounts payable 45,500 Cash 74,370 Loan from Public Bank 20,000 40 00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

See similar textbooks

Similar questions

Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…
The following balances appeared in the books of Santiago Traders on 1 March 2020:Land and Buildings900 000Vehicles250 000Machinery200 000Accumulated Depreciation on Vehicles?Accumulated Depreciation on Machinery?Additional information:• A new building was purchased for cash on the 1st September 2020 for R1 000 000.• The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price of R120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. The vehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019.• Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1 December 2020• All machinery was purchased on the 30 April 2017• The depreciation policy on non-current assets are as follows:o Vehicles: 20% on cost using the straight-line method and no residual valueo Machinery: 10% per annum using the diminishing balance method and no residual value• IGNORE VAT• Santiago Traders has a…
Hello, Please assist with below accounting question, requesting note for financial statements???? Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment Information as per belowThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
Pronghorn Company’s December 31, 2020, trial balance includes the following accounts: Inventory $128,400, Buildings $216,900, Accumulated Depreciation-Equipment $26,900, Equipment $193,900, Land (held for investment) $49,000, Accumulated Depreciation-Buildings $48,100, Land $66,500, and Timberland $76,500. Prepare the property, plant, and equipment section of the balance sheet.
The following trial balance was extracted from the ledger of Juliana at 31December 2020. Juliana Trial Balance as at 31 December 2020 RM RM Land at cost 26,000 Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000 Office Equipment 33,000 Accumulated Depreciation at 1 January 2020 Office Equipment 8,000 Receivables 198,000 Payables 52,000 Sales 763,000 Purchases 516,000 Returns Inwards 47,000 Discount allowed 4,000 Capital at 1st January 2020 230,000 Drawings 14,000 Provision for doubtful debts at 1 Jauary 2020 23,000 Salaries Expense 44,000 Administration costs 38,000 Bank 75,000 Bad debts written off 77,000 Inventory at 1 January 2020 84,000 1,164,000 1,164,000 Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing…
The following information was extracted from the accounting records of DilataLtd on 30 June 2020: Land at cost (note 1). R 1 000 000Factory and office buildings at cost (note 1 and 2). ? Machinery and equipment (note 3). R3 000 000Motor vehicles (note 4). R 645 715 Accumulated depreciation: - Factory and office buildings ?- Machinery and equipment (30 June 2019). ( R1 080 000) - Motor vehicles (30 June 2019). R235 715 Additional information Dilata Ltd acquired and occupied the land on which both the factory and office buildings were erected on 1 July 2017 at an amount of R1 000 000. The land was revalued for the first time on 29 June 2020 by Mr King, an independent sworn appraiser at a fair value of R1 500 000. The factory…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
You are presented with the following trial balance of Carl Ltd at 31 October 2018.Dr CrR,000 R,000Building at cost 740Buildings, accumulated depreciation, 1 November 2018 60Plant at cost 220Plant, accumulated depreciation, 1 November 2018 110Land at cost 235Bank balance 50Revenue 1,800Purchases 1,105Discounts received 90Returns inwards 35Wages 180Energy expenses 105Trade Payables 250Trade Receivables 320Inventory at 1 November 2018 160Allowance for debtors at 1 November 2018 10Administrative expenses 80Director's remuneration 70Accumulated profit at 1 November 2018 13010% Debenture 50Dividend paid 30R1 Ordinary shares 650Share premium account 803,280 3,280Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost,…
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises $47,000, Patents $33,000, and Trademarks $10,000. Prepare the intangible assets section of the balance sheet.
The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…