Reference no: EM132774961
Question - Trial Balance as at 31 December 2018
Debit Credit
Capital 10,000
Sales 11,000
Insurance expenses 1,100
Utility expenses 1,000
Discount received 400
Interest received 800
Account receivable 750
Provision for doubtful debt 350
Purchases 9750
Drawings 550
Beginning inventory 3000
Motor vehicle 8,000
Accumulated depreciation -motor vehicle 1,600
24150 24,150
Additional information:
1) Closing inventory at 31 December 2018 is RM 6,000.
2) Accrued insurance expenses is RM100.
3) Accrued discount received is RM50.
4) Prepaid utility expenses is RM200.
5) Prepaid interest received is RM300.
6) Provision for doubtful debt is to be adjusted to RM400.
7) Depreciate motor vehicle at 10% per annum using straight line method.
Required -
1. Prepare an Income Statement for the year ended 31 December 2018.
2. Prepare a Statement of financial position as at 31 December 2018.
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