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The following Trial balance was extracted from the Books of Mega Enterprise as at 31 December 2017. RM Capital Duty on purchases Insurance Inventory as at I January 2017 Interest on loan Account receivable and account payable Purchase and sales Land and building Return inwards and return outwards Accumulated depreciation Office equipment Accumulated depreciation - Motor vehicles 10% Loan from Hong Leong Bank Cash 10% Fixed deposit Discount allowed and discount received Carriage outwards Utilities Bank Office equipment Salary and wages Motor vehicles Drawings General expenses Commissions RM 2,300 6,000 70,000 2,500 20,450 200,000 265,550 2,300 7,400 10,000 2,500 8,200 Utilities 1,500 40,000 28,000 25,000 140,000 3,000 3.500 2,800 841,000 200,000 24,500 280,000 1,850 9,850 50,000 265,000 5,000 4,800 841,000 Additional information: 1. Inventory as at 31 December 2017 was valued at RM40,000 2. Included in the carriage outwards is carriage inwards amounting to RM1,320, 3. Depreciation for the year are to be provided as follows: Straight line method, 10% per annum Office equipment Motor vehicles Reducing balance method, 15% per annum 4. Fixed deposit was invested on 1 July 2017. The half year interest was not yet received. 5. One of the employees was given an advance salary of RM700. 6. The owner took goods worth RM2,000 and cash RM1,500 for personal use. 7. The following expenses are still outstanding as at 31 December 2017. General expenses RM600 RM250 Required: a) Prepare the Statement of profit or loss for the year ended 31 December 2017 b) Prepare the Statement of financial position as at 31 December 2017

The following Trial balance was extracted from the Books of Mega Enterprise as at 31 December 2017. RM Capital Duty on purchases Insurance Inventory as at I January 2017 Interest on loan Account receivable and account payable Purchase and sales Land and building Return inwards and return outwards Accumulated depreciation Office equipment Accumulated depreciation - Motor vehicles 10% Loan from Hong Leong Bank Cash 10% Fixed deposit Discount allowed and discount received Carriage outwards Utilities Bank Office equipment Salary and wages Motor vehicles Drawings General expenses Commissions RM 2,300 6,000 70,000 2,500 20,450 200,000 265,550 2,300 7,400 10,000 2,500 8,200 Utilities 1,500 40,000 28,000 25,000 140,000 3,000 3.500 2,800 841,000 200,000 24,500 280,000 1,850 9,850 50,000 265,000 5,000 4,800 841,000 Additional information: 1. Inventory as at 31 December 2017 was valued at RM40,000 2. Included in the carriage outwards is carriage inwards amounting to RM1,320, 3. Depreciation for the year are to be provided as follows: Straight line method, 10% per annum Office equipment Motor vehicles Reducing balance method, 15% per annum 4. Fixed deposit was invested on 1 July 2017. The half year interest was not yet received. 5. One of the employees was given an advance salary of RM700. 6. The owner took goods worth RM2,000 and cash RM1,500 for personal use. 7. The following expenses are still outstanding as at 31 December 2017. General expenses RM600 RM250 Required: a) Prepare the Statement of profit or loss for the year ended 31 December 2017 b) Prepare the Statement of financial position as at 31 December 2017

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...
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The following Trial balance was extracted from the Books of Mega Enterprise as at 31 December 2017. RM RM Capital Duty on purchases Insurance Inventory as at 1 January 2017 Interest on loan Account receivable and account payable Purchase and sales Land and building Return inwards and return outwards Accumulated depreciation - Office equipment Accumulated depreciation - Motor vehicles 10% Loan from Hong Leong Bank Cash 10% Fixed deposit Discount allowed and discount received Carriage outwards Utilities Bank Office equipment Salary and wages Motor vehicles Drawings General expenses Commissions 2.300 6,000 70,000 2,500 20,450 200,000 265,550 2,300 Office equipment Motor vehicles 7,400 10,000 2.500 8,200 1,500 40,000 28,000 25,000 140,000 3,000 3,500 2,800 841,000 Additional information: 1. Inventory as at 31 December 2017 was valued at RM40,000 200,000 24,500 280,000 1,850 9,850 50,000 265,000 5,000 4,800 841,000 2. Included in the carriage outwards is carriage inwards amounting to RM1,320, 3. Depreciation for the year are to be provided as follows: Straight line method, 10% per annum Reducing balance method, 15% per annum 4. Fixed deposit was invested on 1 July 2017. The half year interest was not yet received. 5. One of the employees was given an advance salary of RM700. 6. The owner took goods worth RM2,000 and cash RM1,500 for personal use. 7. The following expenses are still outstanding as at 31 December 2017. General RM600 expenses RM250 Utilities Required: a) Prepare the Statement of profit or loss for the year ended 31 December 2017 b) Prepare the Statement of financial position as at 31 December 2017
Transcribed Image Text:The following Trial balance was extracted from the Books of Mega Enterprise as at 31 December 2017. RM RM Capital Duty on purchases Insurance Inventory as at 1 January 2017 Interest on loan Account receivable and account payable Purchase and sales Land and building Return inwards and return outwards Accumulated depreciation - Office equipment Accumulated depreciation - Motor vehicles 10% Loan from Hong Leong Bank Cash 10% Fixed deposit Discount allowed and discount received Carriage outwards Utilities Bank Office equipment Salary and wages Motor vehicles Drawings General expenses Commissions 2.300 6,000 70,000 2,500 20,450 200,000 265,550 2,300 Office equipment Motor vehicles 7,400 10,000 2.500 8,200 1,500 40,000 28,000 25,000 140,000 3,000 3,500 2,800 841,000 Additional information: 1. Inventory as at 31 December 2017 was valued at RM40,000 200,000 24,500 280,000 1,850 9,850 50,000 265,000 5,000 4,800 841,000 2. Included in the carriage outwards is carriage inwards amounting to RM1,320, 3. Depreciation for the year are to be provided as follows: Straight line method, 10% per annum Reducing balance method, 15% per annum 4. Fixed deposit was invested on 1 July 2017. The half year interest was not yet received. 5. One of the employees was given an advance salary of RM700. 6. The owner took goods worth RM2,000 and cash RM1,500 for personal use. 7. The following expenses are still outstanding as at 31 December 2017. General RM600 expenses RM250 Utilities Required: a) Prepare the Statement of profit or loss for the year ended 31 December 2017 b) Prepare the Statement of financial position as at 31 December 2017
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