1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit RM Credit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503.520 21,000 35,000 650 Vehicles Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 1,340 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680.550 680.550 18.950 TOTAL Additional information as at 31 January 2020: No. Particulars 1 Stock valued at ii. Insurance prepaid il. Goods taken from stock for own use iv. Wages due v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles straight line method 30% 25% Equipment. reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit RM Credit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503.520 21,000 35,000 650 Vehicles Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 1,340 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680.550 680.550 18.950 TOTAL Additional information as at 31 January 2020: No. Particulars 1 Stock valued at ii. Insurance prepaid il. Goods taken from stock for own use iv. Wages due v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles straight line method 30% 25% Equipment. reducing balance method Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define components of net income.
Define net income.
السؤال 17 ?On a certain long term debt, principal and interest is due for payment. This will be recorded under which one of the following type of expenditure Debt service expenditure O Capital outlay expenditure.b O Revenue expenditure CO Operating expenditure.d O
How is accrued interest calculated?
Differentiate using an example company’s primary revenue and secondary revenue, company’s primary expenses and secondary expenses
What is the current year's accounts payable balance?
Outline revenue recognition criteria under modified accrual accounting
A prior period adjustment relates to the income of pastaccounting periods. Explain how such an item is shown inthe financial statements.
The alternative treatment in reporting Subscription Receivable is a. deduction to Current Assets b. addition to Current Assets c. deduction to Current Liabilities d. addition to Current Liabilities
Answer the last 2 please
The following are classified as current liabilities on the balance sheet: Inventory, Short-term Debt, and Deferred Revenue. Short-term Debt, Accounts Payable, and Deferred Revenue. Sales Taxes Payable, Current Operating Lease Liabilities, and Common Stock. Short-term Debt, Income Taxes Payable, and Land.