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Problems 1

Accounting

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Problems 1. The financial year of Salleh Enterprise ended on 31 December 20X2. Show the ledger accounts for the following items including the balance transferred to the necessary part of the financial statements. (a) Rent expenses: Paid RM700 in 20x2; owed RM30 as at 31 December 20X2. (b) Insurance expenses: Paid RM500 in 20X2; prepaid as at 31 December 20X2 was RM40. (c) Commission received: Received RM650 in 20X2; amount accrued as at 31 December 20X2 was RM100. (d) Rent received: Received RM400 in 20X2; amount received in advance as at 31 December 20X2 was RM100.
3. The following trial balance is that of PTL Trading as at 31 March 20x3. Debit (RM) 22,860 5,100 Credit (RM) 41,000 Particulars Purchases and sales Inventory on 1 April 20x2 Capital Bank overdraft Cash 8,170 4,300 140 930 1,440 790 570 2,180 450 Discount allowed and received Returns inwards and outwards Carriage outwards Office expenses Fixtures and fittings Delivery van Accounts receivable and accounts payable Rent and insurance Drawings Wages and salaries 6,720 1,210 2,000 11,900 1,790 2,850 8,980 61,690 61,690 Additional information as at 31 March 20x3: (a) Inventory on 31 March 20x3 was RM4,250. (b) Wages and salaries accrued as at 31 March 20X3 was RM210; outstanding office expenses was RM30. (c) Rent and insurance prepaid was RM150. Required: Prepare the statement of profit or loss for the year ended 31 March 20x3 and a statement of financial position as at that date.