Prepare the Statement of Comprehensive Income

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Reference no: EM132793281

Problem - Below is the Trial Balance of L&G Trading as at 31 December 2019:


RM

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

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.

Reference no: EM132793281

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