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AQUASCAPE CENTRE
Trial Balance as at 31 December 2020
| Accounts Titles | Dr. (RM) | Cr. (RM) |
| Capital | | 250,000 |
| Motor vehicles | 120,000 | |
| Fixtures and fittings | 80,000 | |
| Accumulated depreciation: | | |
| Motor vehicles | | 40,000 |
| Fixtures and fittings | | 20,000 |
| Water and electricity | 10,200 | |
| Bad debts | 11,600 | |
| Inventory (1 January 2020) | 31,000 | |
| Discount received | | 4,200 |
| Purchases | 80,000 | |
| Sales | | 120,000 |
| Cash | 16,000 | |
| Bank | 48,000 | |
| Salaries | 20,200 | |
| Accounts receivable | 37,400 | |
| Accounts payable | | 21,500 |
| Drawings | 1,300 | |
| Total | 455,700 | 455,700 |
The following information is available to use in making adjusting entries:
1. Closing inventory at 31 December 2020 RM 70,000.
2. Water and electricity bill amounting to RM 500 still remained unpaid.
3. Interest revenue amounting to RM 1,400 has not yet been received.
4. Depreciation expense for motor vehicles RM 20,000 and fixtures and fittings RM 3,000.
5. The owner took out RM 3,000 cash for his personal use.
- Prepare the adjusting entries for the year ended 31 December 2020
- Prepare an adjusted trial balance as at 31 December 2020 in the APPENDIX 1. (15
- Prepare Statement of Profit or Loss for the year ended 31 December 2020.
- Prepare Statement of Financial Position as at 31 December 2020.
Answer & Explanation
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