QUESTION 1 (30 MARKS) The table below is a list of account balances extracted on...
50.1K
Verified Solution
Link Copied!
Question
Accounting
QUESTION 1 (30 MARKS) The table below is a list of account balances extracted on 31" December 2020 by Puan Atiqah, a sole trader who runs a boutique, Masgold Boutique. Capital Drawings Sales Purchases Return inwards Return outwards Inventory (as at 1st January 2020) Motor vehicle Office equipment Utility bills Salaries Account Receivable Account Payable Long-term loan Long-term investment Dividend on investment Interest on loan Rental Income Cash in hand RM 70,000 2,600 220,000 140,000 550 300 25,000 31,000 40,000 4,800 7,200 14,500 4,750 12,000 22,400 2,100 4,000 1,400 18,500 The closing inventory was valued at RM8,200. 1. Prepare a Trial Balance as at 31 December 2020. (10 marks) (CLO2:PLOS:C3) 2. Prepare a Statement of Profit or Loss for the year ended 31" December 2020. (12 marks) (CLO2:PLOS:C3) 3. Prepare a Statement of Financial Position as at 31 December 2020. (8 marks) (CLO2:PLOS:C3)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
