Question 3 The following are the balances extracted from the ledgers of Unity Enterprise at...
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Question 3 The following are the balances extracted from the ledgers of Unity Enterprise at 31 March 2017. Debit Credit RM RM Salaries 2,500 Commission revenues 4,000 Stationery 400 Rent revenues 3,200 During the year ended 31 March 2018 the information related to the above accounts are as follows: 1. Salaries of RM24,600 have been paid by cheque but a further RM1,700 is still owing. 2. Commission revenue received by cheque amounted to RM6,400. However RM 860 have not been received. 3. RM100 of stationery were not yet used up and RM913 cash were paid to buy stationery. 4. RM8,000 of rent revenue was received by cheque. The rent received included payment for April and May 2010 amounted to RM2,100. Required: a) Show the salaries, stationery,commission revenue and rent revenue accounts. b) Income statement extract for the year ending 31st March 2018. c) Balance sheet extract as at 31st March 2018. Based on question 3 above, suppose that the reducing balance method was used and the depreciation rate of 25% per year was given, do the same requirements as in question 3
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