Answer All Questions Question 1 Gloria A Sole Trader Extracted The Following Trial Balance From His Books At The End O 1 (102.44 KiB) Viewed 60 times
Answer All Questions Question 1 Gloria A Sole Trader Extracted The Following Trial Balance From His Books At The End O 2 (24.17 KiB) Viewed 60 times
ANSWER ALL QUESTIONS. Question 1 Gloria, a sole trader extracted the following trial balance from his books at the end of business on 31 March 2022 Dr Cr (RM) (RM) Purchases and sales 22,860 41,970 Stock 5,160 Capital 7,200 Bank Overdraft 4,350 Cash 90 Discounts 1,440 930 Return Inwards 810 Return Outwards 570 Carriage Outwards 2,160 Rent and Insurance 1,740 Provision for bad and doubtful debts 660 Fixtures and fitting 1,200 Delivery van 2,100 Debtors and creditors 11,910 6,060 Drawings 2,880 Wages and salaries 8,940 General office expenses 450 61,740 61,740 Additional information: (a) Closing stock is RM4290. (b) Wages and salaries accrued RM210; Office expenses owing RM20. (c) Rent prepaid is RM180. (d) Increase the provision for bad and doubtful debt by RM150 to RM810. (e) Provide for depreciation as follows: Fixtures and Fittings RM120; Delivery Van RM300.
REQUIRED: (a) Prepare an income statement for the year ended 31 March 2022. (30 Marks) (b) A balance sheet as that date 31 March 2022 (40 Marks)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!