Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.
Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the rate of RM850 per month. iii. Yearly depreciation on the non current assets as below: • furniture and fittings, RM5,175 • motor vehicles, RM20,400. iv. Interest expense RM5,295 still payable by end of the year v. Estimated doubtful debt at the rate of 2% of accounts receivable Question: 1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019. 2. Prepare the Statement of Financial Position as at 31st December 2019.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 5CP
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Question
Additional information:
i. Supplies as at 31st December 2019, RM34,500.
ii. Insurance expense at the rate of RM850 per month.
iii. Yearly
• furniture and fittings, RM5,175
• motor vehicles, RM20,400.
iv. Interest expense RM5,295 still payable by end of the year
v. Estimated doubtful debt at the rate of 2% of accounts receivable
Question:
1. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31st December 2019.
2. Prepare the
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