Reference no: EM133144470
Question - The following trial balance has been extracted from the ledgers of Yummies Sdn. Bhd. as at 31 December 2021.
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Trial balance of Yummies Sdn. Bhd as at 31 December 2021
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Accounts
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Debit (RM)
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Credit (RM)
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Sales
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123,311
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Returns
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6,341
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1,902
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Account receivables and Account payables
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11,257
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7,983
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Office equipment (Cost)
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10,000
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Accumulated depreciation- Office equipment
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1,550
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Motor vehicle (Cost)
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17,500
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Accumulated depreciation - Motor vehicle
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3,500
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Purchases
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64,726
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Inventories at 1 January 2021
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5,000
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Carriage inwards
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908
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Carriage outwards
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272
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Maintenance expenses
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1,349
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Electricity
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1,803
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Wages and salaries
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11,550
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Rent
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8,800
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Stationery and postages
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2,681
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Cash at bank
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14,797
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Discount allowed and Discount received
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5,652
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3,765
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Sales tax payable
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1,325
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Capital at 1 January 2021
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4,300
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Drawings
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1,000
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Long term loan
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16,000
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163,636
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163,636
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Additional information was obtained as at 31 December 2021:
1. The value of the inventories on hand at 31 December 2021 was RM5,700.
2. The wage of RM1,050 for December 2021 has not yet been entered into the ledgers.
3. The balance of the rent includes payment of rent for the one month of January 2022, amounting to RM1,200.
4. Following a review of account receivables at the year end, it is decided that a bad debt of RM1,207 should be written off, and a provision for doubtful debt made of 2 per cent of account receivables.
5. Office equipment is to be depreciated at 10 per cent per annum on cost, and motor vehicles are to be depreciated at 20 per cent per annum on cost.
6. Loan interest of 10 per cent per annum is to be accrued.
Required - You are required to prepare the following for Yummies Sdn. Bhd.:
1. Statement of Comprehensive Income for the year ended 31 December 2021.
2. Statement of Financial Position as at 31 December 2021 (show working capital).