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Prepare statement of profit or loss for month ended january

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Reference no: EM132965877

Lazarda opened a business consultation office specifically on digital marketing, Lazarda Business Consultation (LBC) on 1 January 2019. The business operations include prepare business proposal, consultation documents, proposal on digital marketing plan, provide advertising services and other business consultation related activities.

During the first month of operations, the business completed the following transactions.

January 2019.

1 Lazarda contributed RM62,000 cash into the business. The business gives capital to Lazarda

2 Purchased from Fortune Resources, the office supplies RM500 by cash and furniture RM2,000 on account.

4 Performed consultation services to A.J. Enterprise. LBC charged RM1,600 for the services provided. A.J Enterprise paid RM600 by cash and the remaining balance will be paid on 25 January 2019.

7 Purchased a building with value RM270,000 and land at value RM229,000. The business paid RM49,900 by cash, and signed a notes payable to the bank for the remaining balance. (Notes payable is an agreement to pay to the fund provider/bank at specified time period)

11 Prepared a consultation documents to Khalis Agency on account, RM3,000.

Performed a marketing and advertising consultation to IQ Brilliant and received RM2,150 cash

15 Paid Fortune Resources RM800, by cash

17 Received bill for utilities RM1,200. The bill will be paid next month (on 3 February)

25 Received RM500 from A.J. Enterprise

28 Paid the following expenses.

Staff salaries RM2,500

Advertising RM750

Internet and telecommunication bill RM550

31 Lazarda brought in her personal computer as capital to TBC. The value of the computer, RM2,500.

Requirement:

Assume that you appointed as Junior Accountant at LBC,

Problem a) Journalize the transactions

Problem b) Post the transactions to t-account and balance off (close) the accounts.

Problem c) Prepare Trial Balance as at 31 January 2019.

Problem d) Prepare a Statement of Profit or Loss for the month ended 31 January 2019, Statement of Owner's Equity for the month ended 31 January 2019 and Statement of Financial Position as at 31 January 2019. (Note: Assume no adjustments for the month)

Problem e) By referring to financial statements prepared in Question 1(d) above, propose TWO(2) ways to Lazarda on how to improve the business performance.

Reference no: EM132965877

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