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Homework answers / question archive / URGENT QUESTION The following is a trial balance prepared based on the balances extracted from the book of Sazzy Berhad as at 31 November 2016

URGENT QUESTION The following is a trial balance prepared based on the balances extracted from the book of Sazzy Berhad as at 31 November 2016

Accounting

URGENT QUESTION

The following is a trial balance prepared based on the balances extracted from the book of Sazzy Berhad as at 31 November 2016.

 

Debit (RM)

Credit (RM)

Inventories as at 1 December 2015

25,500

 

Purchases

200,000

 

Carriage inwards

2,010

 

Account payables

 

35,000

Rental

4,500

 

Capital

 

150,000

Motor vehicle

45,200

 

Office equipment

106,500

 

Sales

 

300,000

Rental received

 

9,500

Discount allowed

3,500

 

Discount received

 

8,500

Salaries

29,000

 

Account receivable

6,500

 

Return outwards

 

6,500

Return inwards

1,500

 

Accumulated depreciation of motor vehicle

 

3,500

Accumulated depreciation of office equipment

 

22,400

Investment in ASB

25,000

 

Electricity and water

9,500

 

Advertising expenses

9,000

 

Stationery

1,200

 

Travel expenses

10,890

 

7% Loan from CIMB Bank

 

35,000

Cash in hand

45,000

 

Cash in bank

45,600

 
 

570,400

570,400

           

Additional information :

Closing inventory as at 31 November 2016 is RM39,620.

(a)       Prepare the Statement of Comprehensive Income for the year ended 31 November 2016.                                                                              

(5 marks)

(b)       Prepare the Statement of Financial Position as at 31 November 2016.

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Sazzy Berhad    
Income statement for the year ended November 2016
  Amount RM Amount RM
Sale 300,000  
Less: Return Inward 1,500  
Net Sales 298,500  
Add: Closing Inventory 39,620  
Total 338,120 338,120
Less:Inventory opening 25,500  
Purchase                                                  200,000    
Less: Return Outward 6,500 193,500  
Carriage inwards 2,010  
Total 221,010 221,010
Gross Profit   117,110
Less: Expenses    
Rental 4,500  
Dicount Allowed 3,500  
Salaries 29,000  
Electricity & Water 9,500  
Advertising expenses 9,000  
Stationery 1,200  
Travel expenses 10,890  
Outstanding interest on Loan from CIMB Bank 2,450  
Total Expenses 70,040 70,040
    47,070
Add: Other Income    
Rental Received 9,500  
Discount Received 8,500  
Total Other income 18,000 18,000
Net Income   RM 65,070
     
Sazzy Berhad    
Balance sheet as on November, 2016    
     
Current Assets    
Cash in Hand 45,000  
Cash in Bank 45,600  
Account Receivable 6,500  
Investment in ASB 25,000  
Closing Inventory 39,620  
Total Current Assets 161,720 161,720
Non Current Asset    
Motor Vehicle                                            45,200    
Less: Accumulated Depreciation             3,500 41,700  
Office Equipment                                      106,500    
Less: Accumulated Depreciation              22,400 84,100  
Total Non Current Asset 125,800 125,800
Total Assets   RM 287,520
Liabilities & Owners Equity    
Current Liabilities    
Accounts Payable 35,000  
Total Current Liabilities 35,000 35,000
     
Long Term Liabilities    
7% Loan from CIMB Bank 35,000  
Add: Outstanding Interest on Bank Loan 2,450  
Total Long Term Liabilities 37,450 37,450
Total Liabilities   72,450
Owners Equity    
Capital 150,000  
Add: Net Income 65,070  
Total owners equity 215,070 215,070
Total liabilities and owners equity   RM 287,520