How to prepare a statement comprehensive income and statement of financial position The following balances were extracted from Alicia's accounts at 31 December 2022. Debit Credit Accounts Capital at 1 January 2022 Cash drawing Plant and machinery at 1 January 2022 Motor vehicle at 1 January 2022 Accumulated depreciation for plant and machinery Accumulated depreciation for motor vehicle Stock at 1 January 2022 Purchases Sales Accounts receivable Accounts payable Wages and salarles Motor vehicle expenses General expenses Insurance Cash at bank and hand Provision for doubtful debts Additional information: RM 3,325 140,000 20,000 28,550 61,000 30,163 18,000 4,900 4,736 2,290 20,990 333,954 RM 32,000 14,000 4,000 250,000 28,716 5,238 333,954 1. Stock as at 31 December 2022 was RM15,735. 2. Included in cash drawing is a total of RM500 paid by Alicia for business's electricity expenses. 3. Unexpired insurance amounting RM290. 4. Accrued wag and salaries amounting to RM290. 5. There was an unpaid account of RM410 for general expenses. 6. Provision to be made for depreciable at the following rates: Plant and machinery 10% per annum Motor vehicles 20% per annum 1. The provision for doubtful debts is to be reduced to RM4,178. Required: Prepare the statement of comprehensive income and statement of financial position as at 31 December 2022
How to prepare a statement comprehensive income and statement of financial position The following balances were extracted from Alicia's accounts at 31 December 2022. Debit Credit Accounts Capital at 1 January 2022 Cash drawing Plant and machinery at 1 January 2022 Motor vehicle at 1 January 2022 Accumulated depreciation for plant and machinery Accumulated depreciation for motor vehicle Stock at 1 January 2022 Purchases Sales Accounts receivable Accounts payable Wages and salarles Motor vehicle expenses General expenses Insurance Cash at bank and hand Provision for doubtful debts Additional information: RM 3,325 140,000 20,000 28,550 61,000 30,163 18,000 4,900 4,736 2,290 20,990 333,954 RM 32,000 14,000 4,000 250,000 28,716 5,238 333,954 1. Stock as at 31 December 2022 was RM15,735. 2. Included in cash drawing is a total of RM500 paid by Alicia for business's electricity expenses. 3. Unexpired insurance amounting RM290. 4. Accrued wag and salaries amounting to RM290. 5. There was an unpaid account of RM410 for general expenses. 6. Provision to be made for depreciable at the following rates: Plant and machinery 10% per annum Motor vehicles 20% per annum 1. The provision for doubtful debts is to be reduced to RM4,178. Required: Prepare the statement of comprehensive income and statement of financial position as at 31 December 2022
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.33E
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Transcribed Image Text:How to prepare a statement comprehensive income and statement of financial position
The following balances were extracted from Alicia's accounts at 31 December 2022.
Debit
Accounts
Capital at 1 January 2022
Cash drawing
Plant and machinery at 1 January 2022
Motor vehicle at 1 January 2022
Accumulated depreciation for plant and machinery
Accumulated depreciation for motor vehicle
Stock at 1 January 2022
Purchases
Sales
Accounts receivable
Accounts payable
Wages and salarles
Motor vehicle expenses
General expenses
Insurance
Cash at bank and hand
Provision for doubtful debts
RM
3,325
140,000
20,000
28,550
61,000
30,163
18,000
4,900
4,736
2,290
20,990
Credit
RM
32,000
14,000
4,000
250,000
28,716
5,238
333,954 333,954
Additional information:
1. Stock as at 31 December 2022 was RM15,735.
2. Included in cash drawing is a total of RM500 paid by Alicia for business's electricity expenses.
3. Unexpired insurance amounting RM290.
4. Accrued wages and salaries amounting to RM290.
5. There was an unpaid account of RM410 for general expenses.
6. Provision to be made for depreciable at the following rates:
Plant and machinery 10% per annum
Motor vehicles 20% per annum
1. The provision for doubtful debts is to be reduced to RM4,178.
Required:
Prepare the statement of comprehensive income and statement of financial position as at 31 December 2022
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