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Problem - Below is the Trial Balance of L&G Trading as at 31 December 2019:
RM
Capital
300,000
Computer & Software
30,000
Office Equipment
12,500
Motor Vehicles
285,000
Sales
885,500
Purchases
525,000
Sales Returns
3,150
Purchases Returns
1,550
Carriage Inwards
1,450
Fire Insurance
2,640
Rental
72,000
Water & Electricity
24,650
Salaries
108,000
Sundry Expenses
750
Printing & Stationery
880
Telephone Charges
3,430
Opening Stocks
42,350
Incentive
5,700
Discount Received
650
Cash in Hand
2,550
Cash at Bank
19,620
Trade Receivables
74,500
Trade Payables
26,470
1,214,170
Additional information -
i. Stocks on 31 December 2019 was RM45,360.
ii. Fixed assets are to be depreciated at 20% on cost.
iii. Electricity charges payable as at 31 December 2019 was RM1,250.
iv. Provision for doubtful debts is set at 2%.
Required -
a. Prepare the Statement of Comprehensive Income for the year ended 31 December 2019.
b. Prepare the Statement of Financial Position as at 31 December 2019.
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