60.1K
Verified Solution
Link Copied!
The following trial balance was extracted from the books of Megah Sdn. Bhd. on 31 December 2019:
Debit (RM)
Credit (RM)
Capital
50,000
Drawings
16,000
Loan
40,000
Bank
47,000
Debtors
20,400
Creditors
18,400
Stock 1January 2019
46,000
Van
18,000
Equipment
10,000
Sales
260,000
Purchases
184,000
Returns inwards
900
Returns outwards
500
Carriage inwards
400
Carriage outwards
600
Discounts allowed
200
Discounts received
600
Commission received
300
Electricity
1,200
Rent
2,400
Bad debts
800
Wages
20,000
Insurance
900
Telephone charges
1,000
TOTAL
369,800
369,800
Additional information:
Stock at 31 December 2019 was RM10,500.
Required:
(a)Prepare the following financial statements for the year ended 31 December 2019 for Megah Sdn. Bhd.
i.Statement of Comprehensive Income (Income statement)
ii.Statement of Financial Position (Balance Sheet)
Answer & Explanation
Solved by verified expert
