He Following Balances Were Extracted From The Books Of Sweetcharity Enterprise For The Year Ended 31 December 2020 Acco 1 (161.71 KiB) Viewed 42 times
He Following Balances Were Extracted From The Books Of Sweetcharity Enterprise For The Year Ended 31 December 2020 Acco 2 (126.08 KiB) Viewed 42 times
he following balances were extracted from the books of Sweetcharity Enterprise for the year ended 31 December 2020: Accounts Descriptions Debit RM Credit RM Office equipment at historical cost 56,800 Motor vehicle at historical cost 76,400 30,000 Fixtures and fittings at cost Accumulated depreciation on 1 Jan 2020: Office equipment Motor vehicles Fixture and fittings Purchases and sales 16,400 17,600 10,000 525,320 690,234 Sales returns and purchase returns 490 1,260 Discount allowed and discount received 375 508 Insurance 4,700 32,676 General expenses Salaries and wages Inventory on 1 Jan 2020 Accounts receivable and accounts payable Bank overdraft 52,480 55,290 62,460 42,191 14,280 Cash 2,542 30,000 Drawings Long-term loan at 10% p.a. repayable in 2025 Capital 40,000 97,060 TOTAL 929.533 929.533
The following information was available on 31 December 2020: i. 11. Inventory valued at cost was RM48,750. Wages outstanding amounted to RM636 will be paid next month. Part of the insurance amount stated in the above trial balance was paid in advance 111. iv. V. amounted to RM700 and was not recorded yet. Interest on long-term loans has not been paid for the year. Depreciation was to be provided: Office equipment 20% on cost Motor vehicles 20% on cost Fixtures and fittings 20% on cost vi. Accrued utilities need to be accounted for as of December 31, 2020, amounting to RM 2200. Required: a. Journalise the above adjusting entries. (5 marks) b. Prepare the statement of profit or loss for Sweetcharity Enterprise for the year ended 31 December 2020. (5 marks)
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