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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Transcribed Image Text:QUESTION
The trial balance of Kedai Emas Berkilau, owned by Cik Milah, was as follows:
Kedai Emas Berkilau
Trial Balance
As At 30 April 2024
Account Title
Debit
Credit
RM
RM
Cash in Hand
248,000
Accounts Receivable
370,000
Allowance for Doubtful Debts
105,000
Inventory as at 1 April 2024
16,000
Prepaid Insurance
3,000
Furniture
100,000
Vehicle
250,000
Accumulated Depreciation-Vehicle
25,000
Accounts Payable
380,000
Unearned Sales Revenue
45,000
Cik Milah, Capital
290,000
Cik Milah, Drawings
8,000
Rent Revenue
1,000
Purchases and Sales
100,000
325,000
Purchases Return and Sales Return
2,000
1,200
Purchases Discount and Sales Discount
5,000
1,800
Salary Expenses
72,000
1,174,000 1,174,000
The following additional information has to be taken into consideration:
i. Inventory as at 30 April 2024 was RM20,000.
. Part of the building was rented out for RM200 per month. As at 30
April 2024, two months rental has yet to be received.
ii. Insurance premium of 12 months was paid on 1 April 2024.
iv. Accrued salary expense at 30 April 2024 for Sunday and Monday. The
5-day weekly payroll of RM3,000 will be paid on Thursday, 2 May 2024.
One-third of the unearned sales revenue has been earned.
Depreciation on furniture and building of the month as follows:
V.
vi.
Acquisition date
Criteria
Depreciation method
Estimated useful life
Estimated scrap value
Furniture
1 April 2024
Straight line
5 years
RM10,000
Vehicle
1 April 2023
Straight line
9 years
RM25,000
Required:
A. Journalise the above adjusting entries of Kedai Emas Berkilau at 30 April
2024. Please show your computation (if any).
B. Prepare a complete work sheet for Kedai Emas Berkilau as at 30 April
2024.
C.
Prepare financial statements for Kedai Emas Berkilau for the month
ended 30 April 2024.
SAVE
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