The following is the trial balance of Perkasa Enterprise as of 31 December 2023: DEBIT (RM) CREDIT (RM) Capital 875,800 Purchases and sales 438,000 505,200 Return inward and Return outward 1,350 1,800 Drawings 1,200 Discount allowed and discount received 1,110 1,470 Allowance for doubtful debts 1,200 Account receivable and account payable 39,600 29,640 Land 810,000 Motor vehicles 60,000 Fixtures and fittings 54,000 Accumulated depreciation: Motor vehicles Fixtures and fittings 15,600 10,800 Carriage inwards 2,400 Carriage outwards 1,500 Rental expenses 15,600 Custom duties on purchases 1,050 Salaries 15,000 Electricity and water 1,680 Advertising expense 720 Commission received 11,700 7% loan from bank 30,000 Cash in hand 31,290 Bank overdraft 2,690 Inventory as of 1 January 2023 11,400 TOTAL 1,485,900 1,485,900 Additional information to be considered: During the year, the owner took goods worth RM900 for his personal use. This was not recorded in the books above. Depreciation was provided on the straight-line method: Motor vehicle 15% per annum Fixtures and fittings 10% per annum Bad debts written off during the year were RM1,290. The allowance for doubtful debts is to be provided at the same rate of RM1,200. Accrued expenses during the year are as follows: Advertising RM1,250 Electricity and water RM60 Interest on loan for the whole year RM? Prepaid expenses during the year are as follows: Salaries RM2,100 Rental RM1,200 Carriage outwards RM420 Closing inventory as of 31 December 2023 was RM12,600. REQUIRED: You are required to prepare a statement of profit or loss for the year ended 31 December 2023 and a statement of financial position as of 31 December 2023.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

The following is the trial balance of Perkasa Enterprise as of 31 December 2023:

	DEBIT (RM)	CREDIT (RM)
Capital		875,800
Purchases and sales	438,000	505,200
Return inward and Return outward	1,350	1,800
Drawings	1,200
Discount allowed and discount received	1,110	1,470
Allowance for doubtful debts		1,200
Account receivable and account payable	39,600	29,640
Land	810,000
Motor vehicles	60,000
Fixtures and fittings	54,000
Accumulated depreciation: Motor vehicles Fixtures and fittings		15,600 10,800
Carriage inwards	2,400
Carriage outwards	1,500
Rental expenses	15,600
Custom duties on purchases	1,050
Salaries	15,000
Electricity and water	1,680
Advertising expense	720
Commission received		11,700
7% loan from bank		30,000
Cash in hand	31,290
Bank overdraft		2,690
Inventory as of 1 January 2023	11,400
TOTAL	1,485,900	1,485,900

Additional information to be considered:

During the year, the owner took goods worth RM900 for his personal use. This was not recorded in the books above.
Depreciation was provided on the straight-line method:

Motor vehicle	15% per annum
Fixtures and fittings	10% per annum

Bad debts written off during the year were RM1,290. The allowance for doubtful debts is to be provided at the same rate of RM1,200.
Accrued expenses during the year are as follows:

Advertising	RM1,250
Electricity and water	RM60
Interest on loan for the whole year	RM?

Prepaid expenses during the year are as follows:

Salaries	RM2,100
Rental	RM1,200
Carriage outwards	RM420

Closing inventory as of 31 December 2023 was RM12,600.

REQUIRED:

You are required to prepare a statement of profit or loss for the year ended 31 December 2023 and a statement of financial position as of 31 December 2023.

Expert Solution

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions