Reference no: EM132628448

Question 1) Jay Repair Shop started the year with total assets of RM260,000 and total liabilities of RM90,000. During the year, the business recorded RM200,000 in repair service revenues, RM130,000 in expenses and Jay withdrew RM25,000 for personal use. The net profit reported by the company for the year was ______________. (Show your workings to obtain marks)

Question 2) At 1 September, Bazz Enterprise reported owner's equity of RM12,000. During September, the owner made additional investments of RM10,000 and the company suffered from a net loss of RM5,000. If owner's equity at 30 September totals RM15,000, what amount of owner drawings were made during the month? (Show your workings to obtain marks)

Question 3) On 1 April 2020, Rimba Resources reported an Accounts Payable balance of RM8,800. During April, the company recorded a total of RM5,100 on the debit side of its Accounts Payable account and a total of RM7,400 on the credit side. What is the Accounts Payable balance at the end of April? (Show your workings to obtain marks)