question archive The following is the Trial Balance extracted from the books of Albert Enterprise as of 31 December 2020: Debit Credit RM RM Travelling expenses 3,040 Carriage Inwards 156 Discount allowed Discount received General expenses 2,056 Utility expenses 2
The following is the Trial Balance extracted from the books of Albert Enterprise as of 31 December 2020: Debit Credit RM RM Travelling expenses 3,040 Carriage Inwards 156 Discount allowed Discount received General expenses 2,056 Utility expenses 2
Subject:AccountingPrice:2.84 Bought3
The following is the Trial Balance extracted from the books of Albert Enterprise as of 31 December 2020: Debit Credit RM RM Travelling expenses 3,040 Carriage Inwards 156 Discount allowed Discount received General expenses 2,056 Utility expenses 2.560 Carriage outwards Salesmen commission 5.480 Capital as of 1 January 2014 20,000 Loan from Bean 3.500 Drawings 1.750 Accounts payable 10,056 Bank Charges 585 Rent 2,000 Return Inwards Return Outwards Salaries 3.500 Printing and Stationery 640 Building 9,000 Furniture and Fittings 3,100 Provision of depreciation of Building 186 235 1000 Financial Accounting ACC 1023
7,500 8,000 2,650 86,046 Machinery Inventory as at 1 January 2020 Cash at bank Purchases Sales Bad debts Provision of doubtful debts Accounts receivable 124.450 256 1000 21,280 160,379 160,379 1. Inventory as at 31 December 2020 is valued at RM 7,550. II. Calculate 10% depreciation on Machinery using straight-line method. III. Calculate 10% depreciation on building using reducing balance method. IV. Travelling expenses prepaid RM400 V. Salary accrued RM150 Required: (a) Prepare the Statement of comprehensive Income for the year ended 31 December 2020. (12 marks) (b) Prepare the Financial Position as at 31 December 2020, (13 marks)
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