QUESTION 1: As at 31 December 2021 LNE Enterprise had machines with a cost of...
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QUESTION 1: As at 31 December 2021 LNE Enterprise had machines with a cost of RM200,000 and with accumulated depreciation of RM20,000. The business had a depreciation policy of charging straight-line depreciation at the rate of 15% per annum, on a monthly basis. (i) Identifies the amount of depreciation and accumulated depreciation of machine for year 2021 and 2022. (ii) Recognize the amount into Statement of Comprehensive Income year ended 31 December 2022 & Statement of Financial Position as at 31 December 2022. " [P1 - "10" marks] " QUESTION 2: Explain the term as below by showing the double entry effect. (i) Cash basis (ii) Accruals and prepayment (iii) Bad debt and allowance for doubtful debt [P2 - 10
Additional Information: i. Inventory as at 31 December 2022, RM10,800. ii. Accrued advertising RM900. iii. Accrued rental expenses of RM120. iv. Prepaid salaries RM250. v. Depreciation rate on equipment is 15% and motor vehicles is 20% on cost. vi. Allowance for doubtful debts for year 2022 is 2% on account receivable. You are required to: a) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022. [P2 - 18 marks] b) Prepare the Statement of Financial Position as at 31 December 2022. [P2 - 12 marks] As at 31 December 2021 LNE Enterprise had machines with a cost of RM200,000 and with accumulated depreciation of RM20,000. The business had a depreciation policy of charging straight-line depreciation at the rate of 15% per annum, on a monthly basis. (i) Identifies the amount of depreciation and accumulated depreciation of machine for year 2021 and 2022. (ii) Recognize the amount into Statement of Comprehensive Income year ended 31 December 2022 \& Statement of Financial Position as at 31 December 2022. [P1 - 10 marks] QUESTION 2: Explain the term as below by showing the double entry effect. (i) Cash basis (ii) Accruals and prepayment (iii) Bad debt and allowance for doubtful debt [P2 - 10 marks] QUESTION 3: Golytin Lane Enterprise
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QUESTION 1: As at 31 December 2021 LNE Enterprise had machines with a cost of RM200,000 and with accumulated depreciation of RM20,000. The business had a depreciation policy of charging straight-line depreciation at the rate of 15% per annum, on a monthly basis. (i) Identifies the amount of depreciation and accumulated depreciation of machine for year 2021 and 2022. (ii) Recognize the amount into Statement of Comprehensive Income year ended 31 December 2022 & Statement of Financial Position as at 31 December 2022. " [P1 - "10" marks] " QUESTION 2: Explain the term as below by showing the double entry effect. (i) Cash basis (ii) Accruals and prepayment (iii) Bad debt and allowance for doubtful debt [P2 - 10