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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.
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.
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 |