The following information was extracted from OxRact Enterprise as at December
:
Additional information:
Inventory as at December RM
Rent contract is for years starting from December
Insurance backage covers year starting from October
Supplies as at st January RM and the supplies purchased during the
year RM
Allowance of doubtful debt is annually calculated from the accounts receivable
Depreciation is to be charged as follows: Equipment & furniture Building
Facilities amounting RM was still outstanding at the end of the year
The owner has withdrawn RM goods for his family use and no record was made.
The owner has purchased a car for the company use costing RM using his
own money and no record was made.
One of the employees was given an advance January salary of RM and the
amount was debited to wages and salaries expenses.
Required:
Prepare Accounting Worksheet at December
Prepare the Statement of Owner's Equity as at December st
Determine the effect of adjusting entries on the accounting equation.
