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

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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. 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. 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