Reference no: EM132593514
Question - The following Trial Balance was extracted from the books of Excellent Enterprise as at 30
June 2020.
Debit (RM) Credit (RM)
Purchases and Sales 175,000 282,500
Return Inwards and Return Outwards 2,500 1,650
Carriage expenses 7,250
Accounts Receivable and Accounts Payable 34,000 24,000
Fixtures and Fittings 25,500
Land and Building 250,000
Motor Vehicles 150,000
Acc. Depreciation as at 1 July 2019
- Fixtures and Fittings - Motor Vehicles
10,650 54,000
10% loan from CIB Bank 230,000
Duty on purchases 2,200
Utilities 1,500
Insurance 7,800
Salary and Wages 24,000
10% Fixed Deposit 11,000
Bad Debt 2,600
General Expenses 4,200
Cash 7,400
Bank 42,250
Inventory as at 1 July 2019 56,000
Commissions 3,500 6,200
Discount Allowed and Discount Received 2,500 3,150
Interest on loan 1,200
Drawings 4,000
Allowance for Doubtful Debts 2,250
Capital 200,000
814,400 814,400
Additional information:
1. Inventory as at 30 June 2020 was RM30,000.
2. The owner took goods worth RM1,500 and cash RM1,000 for her personal use.
3. The following expenses are still outstanding as at 30 June 2020:
General Expenses RM600
Utilities RM250
4. Included in carriage expenses is carriage inwards amounting to RM1,250.
5. One of the employees was given an advance salary of RM500 and no record has been made in the account.
6. One of the debtors owing an amount of RM560 was declared bankrupt and the amount has to be written off as bad debt.
7. Depreciation for the year are to be provided as follows:
Fixtures and Fittings 10% on Cost
Motor Vehicles 20% on Net Book Value
8. Fixed Deposit was invested on 1 January 2019. The half year interest received was not yet recorded in the book of accounts.
9. Allowance for doubtful debt is estimated at 5% of the total outstanding of account receivables.
10. During the year, the owner contributes additional RM10,000 cash.
Required -
A. Make a Statement of Profit or Loss for the year ended 30 June 2020.
B. Make a Statement of Financial Position as at 30 June 2020.