Doralin Sdn Bhd has been in business for several years but did not keep acomplete set of books. Mrs Shuhadah, the owner has approached you toassist her in preparing the financial statements for the year ended 31December 2019. The following is the trial balance extracted from the booksof Doralin Sdn Bhd:Doralin Sdn BhdTrial Balance as at 31s December 2019Credit(S)800AccountDebit(S)6602,5004,400Return Inward and OutwardCarriage outwardDrawings1,700Allowance for doubtful debtsBad debtsInsurance2,3002,2001,5002,4001,000Carriage inwardCommission receivedDiscount allowedDiscount receivedMotor expensesHousehold expensesSalariesUtilities1,2001,1601,60011,0003,1801,20023,000Interest on loanAccounts receivableAccounts payableBankLoan from CIMBInventory (Ist January 2019)PurchasesSales22,50028,00030,0008,25059,000124,260MachineryMotor VehiclesAccumulated depreciation:MachineryMotor VehiclesCapitalTotal65,00048,00019,2009,60052,290263,950263,950|| Through your investigation, you also discovered the following information:a. Inventory as at 31st December 2019 was $11,200.b. You discovered that there is one invoice of $400 which was overdue for more than ayear. Mrs. Shuhadah decided to write this off as he considered this as uncollectible.c. Depreciation for the year is to be provided as below:• Machinery $4,580• Motor Vehicles $4,800d. Household expenses represent expenses for the owner's personal life, which she didn'tknow she supposed to be separate from business expenses.e. Allowance for doubtful debt was to be adjusted to 10% of credit sales $25,000.f. Insurance expenses were paid by the company for the period of April 2019 to March2020.g. The business has the following outstanding expenses at the end of the year:• Carriage inwards $560• Salaries $700h. As an effort that you make to help Mr. Jason preparing the financial statement, you arecharging accounting fees to the company amounted $2,000. And this expense has not yetbeen recorded until at the year end.Required:1) Prepare Income Statement for the year ended 31st December 2019.2) Prepare Statement of Financial Position as at 31st December 2019.||

An income statement is one of three important financial statements used to show how a company did…

Doralin Sdn Bhd has been in business for several years but did not keep a complete set of books. Mrs Shuhadah, the owner has approached you to assist her in preparing the financial statements for the year ended 31 December 2019. The following is the trial balance extracted from the books of Doralin Sdn Bhd: Doralin Sdn Bhd Trial Balance as at 31s December 2019 Debit Account Credit (S) 660 (S) 800 Retun Inward and Outward Carriage outward Drawinge 2,500 4 400

Doralin Sdn Bhd has been in business for several years but did not keep a complete set of books. Mrs Shuhadah, the owner has approached you to assist her in preparing the financial statements for the year ended 31 December 2019. The following is the trial balance extracted from the books of Doralin Sdn Bhd: Doralin Sdn Bhd Trial Balance as at 31s December 2019 Debit Account Credit (S) 660 (S) 800 Retun Inward and Outward Carriage outward Drawinge 2,500 4 400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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