Reference no: EM133013043
Question - Encik Abu is the owner of a book store, selling a wide variety of books and other stationeries. The business registered under the name of Kedai Buku Ceria Enterprise, located in Subang Jaya. The following is a summarized accounts receivable and the rate of allowance for irrecoverable receivables of his business since year 2016. The financial year ends at 31st December each year.
Year Accounts Receivable (RM) Allowance for Irrecoverable Receivables
2016 410,000 4%
2017 390,000 4%
2018 400,000 4%
2019 520,000 4%
2020 370,000 3%
Required -
(a) Prepare the Receivables Expense Account for the year 2017, 2018, 2019 and 2020?
(b) Prepare the Allowance for Irrecoverable Receivables Account for the year 2017, 2018, 2019 and 2020?
(c) Prepare the extract Statement of Profit or Loss for the year ended 2017, 2018, 2019 and 2020?
(d) Prepare the extract Statement of Financial Position as at 31st December 2017, 2018, 2019 and 2020?
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