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prepare statement profit or loss for the year ended 31 august 2021 prepare...

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Accounting

imageprepare statement profit or loss for the year ended 31 august 2021
prepare statement of financial position as at 31 august 2021
The following adjustments need to be considered: 1. Inventories as at 31 August 2021 was valued at RM5,200. 2. The owner had taken RM600 cash for repairing of her house. 3. The interest on loan from Bank Rakyat had not been taken into account. 4. Rent received RM400 is for September 2021. 5. RM600 of the insurance was prepaid. 6. RM250 of the electricity, water and telephone has not been paid for the current year. 7. Additional bad debts of RM220 are to be written off. 8. The provision for doubtful debts is to be adjusted to 5% of outstanding account receivables. 9. Depreciation is to be provided as follows: - Office equipment - 25% straight line method. - Delivery van - 20% reducing balance method. - Fixtures and fittings have 5 years of useful life after which the scrap value is RM500. Required: a) Prepare Statement of Profit and Loss for the year ended 31 August 2021. b) Prepare a Statement of Financial Position as at 31 August 2021

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