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Homework answers / question archive / 1) Following is the balance of the account for Mr Jack as at 31 Dec 2020  :                                                                                                            $ Inventory  1 January 2020 8 250 Accounts Receivable 22 000 Accounts Payable 10 470 Bank 28 000 Land & Building 56 000 Vehicle 48 000 Rental Income 29 600 Carriage Inwards 1 600 Carriage Outwards 2 400 Postage 1 300 Return Inwards 460 Return Outwards 700 Purchase 30 000 Sales 93 300 Advertising 4 400 Utilities 1 160 Discount Received 1 600 Insurance 720 Discount Allowed 1 020 Commission Received 4 600 Stationery 300 Interest Payable 1 260 Loan 18 000 Drawing 6 400 Salary 10 000 Capital 65 000     You are required to prepare : Statement of Profit or Loss  for the year end 31 December 2020

1) Following is the balance of the account for Mr Jack as at 31 Dec 2020  :                                                                                                            $ Inventory  1 January 2020 8 250 Accounts Receivable 22 000 Accounts Payable 10 470 Bank 28 000 Land & Building 56 000 Vehicle 48 000 Rental Income 29 600 Carriage Inwards 1 600 Carriage Outwards 2 400 Postage 1 300 Return Inwards 460 Return Outwards 700 Purchase 30 000 Sales 93 300 Advertising 4 400 Utilities 1 160 Discount Received 1 600 Insurance 720 Discount Allowed 1 020 Commission Received 4 600 Stationery 300 Interest Payable 1 260 Loan 18 000 Drawing 6 400 Salary 10 000 Capital 65 000     You are required to prepare : Statement of Profit or Loss  for the year end 31 December 2020

Accounting

1) Following is the balance of the account for Mr Jack as at 31 Dec 2020  :

                                                                                                           $

Inventory  1 January 2020

8 250

Accounts Receivable

22 000

Accounts Payable

10 470

Bank

28 000

Land & Building

56 000

Vehicle

48 000

Rental Income

29 600

Carriage Inwards

1 600

Carriage Outwards

2 400

Postage

1 300

Return Inwards

460

Return Outwards

700

Purchase

30 000

Sales

93 300

Advertising

4 400

Utilities

1 160

Discount Received

1 600

Insurance

720

Discount Allowed

1 020

Commission Received

4 600

Stationery

300

Interest Payable

1 260

Loan

18 000

Drawing

6 400

Salary

10 000

Capital

65 000

 

 

You are required to prepare :

  1. Statement of Profit or Loss  for the year end 31 December 2020.
  2. Statement of Financial Position as at 31 December 2020.

 

Additional Information :

    1. Inventory  at 31 December 2020 being valued at $ 11 000.

 

 

 

  1. Following is the trial balance owned by Azizah Sundry Shop at 30 Jun 2020.

 

 

Debit

 

Credit

 

$

 

$

Capital at 1 July 2019

 

 

37 312

Inventory at 1 July 2019

8 756

 

 

Sales

 

 

38 053

Purchase

28 378

 

 

Purchase Return

 

 

286

Sales Return

140

 

 

Discount Received

 

 

365

Building

35 000

 

 

Carriage Inwards

320

 

 

Fittings

3 560

 

 

Salary

2 200

 

 

Utilities

720

 

 

Discount Received

 

 

5 250

Insurance

140

 

 

Advertisement

350

 

 

Bank

2 750

 

 

Accounts Receivable

2 640

 

 

Accounts Payable

 

 

3 688

 

84 954

 

84 954

 

 

You are required to prepare :

  1. Statement of Profit or Loss for the year end 30 June 2020.
  2. Statement of Financial Position as at 30 June 2020.

 

Additional Information :

    1. Inventory  at 31 December 2020 being valued at $ 9000.

 

 

 

For the following transactions of Hale, a sole trader business,

  1. Prepare the ledger accounts
  2. Balance and close the accounts
  3. Prepare the Trial Balance
  4. Prepare the Financial Statements: P/L and SOFP

 

2021

 

July   1

Opened business with RM8 000 in bank.

2

Purchased stationery RM30 by cheque.

3

Purchased goods on credit RM900 from Wei Siong.

4

Sold the goods on cash amounting RM180.

5

Paid insurance on cash amounting RM40.

7

Purchased office equipment amounting to RM500 on credit from Radha.

8

Paid maintenance fee amounting RM50 by cheque.

10

Sold goods on credit RM320 to Fakri.

11

Returned goods purchased RM70 to Wei Siong.

14

Paid wages in cash amounting RM70

17

Paid rental amounting RM100 by cheque.

Owner withdrew cheque from business RM200 for personal use

20

Received cheque from Fakri RM200.

21

Paid Radha in cheque RM500.

23

Purchased stationery from Tree Hill amounting RM80 on credit.

25

Sold goods on credit to Chun Fei RM230.

Chun Fei returned goods to the business RM30

28

Received rental on cash amounting to RM 100.

31

Paid Tree Hill amounting RM80 in cheque.

Owner put in additional cash into the business RM1,000

 

At the end of the period:

Inventory at the end of the month amounted to RM700

 

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