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The following balances have been extracted from the books of Alpha Berhad as of 31 December 2016. Currency in AED. Land and Building Furniture and Fixtures Motor Vehicles Accumulated Depreciation: Motor Vehicles Debit (RM) 1,000,00 O 600,000 800,000 Credit (RM) 5% Loan from CIMB 216,800 750,000 10% Fixed deposit at MAYBANK 100,000 Bank 120,000 Cash 50.000 Account payable 78,000 Inventories, 1 Jan 80,000 Account receivable 95.000 Dividend 180,000 Common stock/Share capital 1.500.000 Duty on purchase Carriage inwards Returns Purchases and sales Discounts Salaries expenses Repair and maintenance expenses Commissions 40,000 12,000 4,500 460,000 7,000 $70,000 15,000 250,000 17,000 Insurance expenses Utilities Rental received General expenses Retained earnings, 1 Jan 80,500 16,000 26,000 24,000 36,000 40,000 21,800 480.000 3,984,80 O 3,984,800 Additional information: 1. Closing inventories as of 31 December 2016 was valued at AED120,000. Interest on loan has been accrued for the year ended. The loan was taken on 1 March 2016. 2. 3. Depreciation was to be provided: 4. Furniture and Fixtures AED2,500 per month. Motor Vehicles 10% on reducing balance method. Fixed deposit was invested on 1 July 2016. Interest on fixed deposit was still accrued for 2016. 5. Utilities outstanding amounted to AED1,300 and insurance prepaid was AED500.6. The company collected a receivable from customer, AED15,200, however the bookkeeper recorded it at AED12,500. This transaction has not been adjusted in the books of Alpha Berhad Required: 1. Prepare the statement of profit or loss for the year ended 31 December 2016. 2. Prepare the retained earnings statement for the year ended 31 December 2016. 3. Prepare the statement of financial position as of 31 December 2016.

The following balances have been extracted from the books of Alpha Berhad as of 31 December 2016. Currency in AED. Land and Building Furniture and Fixtures Motor Vehicles Accumulated Depreciation: Motor Vehicles Debit (RM) 1,000,00 O 600,000 800,000 Credit (RM) 5% Loan from CIMB 216,800 750,000 10% Fixed deposit at MAYBANK 100,000 Bank 120,000 Cash 50.000 Account payable 78,000 Inventories, 1 Jan 80,000 Account receivable 95.000 Dividend 180,000 Common stock/Share capital 1.500.000 Duty on purchase Carriage inwards Returns Purchases and sales Discounts Salaries expenses Repair and maintenance expenses Commissions 40,000 12,000 4,500 460,000 7,000 $70,000 15,000 250,000 17,000 Insurance expenses Utilities Rental received General expenses Retained earnings, 1 Jan 80,500 16,000 26,000 24,000 36,000 40,000 21,800 480.000 3,984,80 O 3,984,800 Additional information: 1. Closing inventories as of 31 December 2016 was valued at AED120,000. Interest on loan has been accrued for the year ended. The loan was taken on 1 March 2016. 2. 3. Depreciation was to be provided: 4. Furniture and Fixtures AED2,500 per month. Motor Vehicles 10% on reducing balance method. Fixed deposit was invested on 1 July 2016. Interest on fixed deposit was still accrued for 2016. 5. Utilities outstanding amounted to AED1,300 and insurance prepaid was AED500.6. The company collected a receivable from customer, AED15,200, however the bookkeeper recorded it at AED12,500. This transaction has not been adjusted in the books of Alpha Berhad Required: 1. Prepare the statement of profit or loss for the year ended 31 December 2016. 2. Prepare the retained earnings statement for the year ended 31 December 2016. 3. Prepare the statement of financial position as of 31 December 2016.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
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Publisher:Jay Rich, Jeff Jones
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Question 1: Income Statement & Balance Sheet The following balances have been extracted from the books of Alpha Berhad as of 31 December 2016. Currency in AED. Land and Building Furniture and Fixtures Motor Vehicles Accumulated Depreciation: Motor Vehicles 5% Loan from CIMB 10% Fixed deposit at MAYBANK Bank Cash Account payable Inventories, 1 Jan Account receivable Dividend Debit (RM) 1,000,00 600,000 800,000 Credit (RM) 216,800 750,000 100,000 120,000 50,000 78,000 80,000 180,000 Common stock/Share capital 95,000 1,500,000 Duty on purchase Carriage inwards Returns Purchases and sales Discounts Salaries expenses Repair and maintenance expenses Commissions Insurance expenses Utilities Rental received General expenses Retained earnings, 1 Jan Additional information: 40.000 12,000 4,500 460,000 7,000 $70,000 17,000 15,000 250,000 80.500 16,000 26,000 24,000 36,000 40,000 21,800 480,000 3,984,80 3,984,800 1. Closing inventories as of 31 December 2016 was valued at AED120,000. Interest on loan has been accrued for the year ended. The loan was taken on 1 March 2. 2016. 3. Depreciation was to be provided: Furniture and Fixtures AED2,500 per month. Motor Vehicles 10% on reducing balance method. 4. Fixed deposit was invested on 1 July 2016. Interest on fixed deposit was still accrued for 2016. 5. Utilities outstanding amounted to AED 1,300 and insurance prepaid was AED500.6. The company collected a receivable from customer, AED15,200, however the bookkeeper recorded it at AED12,500. This transaction has not been adjusted in the books of Alpha Berhad Required: 1. Prepare the statement of profit or loss for the year ended 31 December 2016. 2. Prepare the retained earnings statement for the year ended 31 December 2016. 3. Prepare the statement of financial position as of 31 December 2016.
Transcribed Image Text:Question 1: Income Statement & Balance Sheet The following balances have been extracted from the books of Alpha Berhad as of 31 December 2016. Currency in AED. Land and Building Furniture and Fixtures Motor Vehicles Accumulated Depreciation: Motor Vehicles 5% Loan from CIMB 10% Fixed deposit at MAYBANK Bank Cash Account payable Inventories, 1 Jan Account receivable Dividend Debit (RM) 1,000,00 600,000 800,000 Credit (RM) 216,800 750,000 100,000 120,000 50,000 78,000 80,000 180,000 Common stock/Share capital 95,000 1,500,000 Duty on purchase Carriage inwards Returns Purchases and sales Discounts Salaries expenses Repair and maintenance expenses Commissions Insurance expenses Utilities Rental received General expenses Retained earnings, 1 Jan Additional information: 40.000 12,000 4,500 460,000 7,000 $70,000 17,000 15,000 250,000 80.500 16,000 26,000 24,000 36,000 40,000 21,800 480,000 3,984,80 3,984,800 1. Closing inventories as of 31 December 2016 was valued at AED120,000. Interest on loan has been accrued for the year ended. The loan was taken on 1 March 2. 2016. 3. Depreciation was to be provided: Furniture and Fixtures AED2,500 per month. Motor Vehicles 10% on reducing balance method. 4. Fixed deposit was invested on 1 July 2016. Interest on fixed deposit was still accrued for 2016. 5. Utilities outstanding amounted to AED 1,300 and insurance prepaid was AED500.6. The company collected a receivable from customer, AED15,200, however the bookkeeper recorded it at AED12,500. This transaction has not been adjusted in the books of Alpha Berhad Required: 1. Prepare the statement of profit or loss for the year ended 31 December 2016. 2. Prepare the retained earnings statement for the year ended 31 December 2016. 3. Prepare the statement of financial position as of 31 December 2016.
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