Homework Answers
Solutions:
Closing entry on 31.12.2018
Close all Expenses and losses Accounts : (RM)
dec 31 Income summary account a/c dr 197000
To Depreciation Expense 12000
To Commission Expense 26000
To Insurance Expenses 9000
To Advertising Expenses 10000
To Utility Expenses 30000
Close All Revenue and Gains Account :
Dec 31 Service Revenue a/c dr 545000
Rent Revenue a/c dr 300000
To Income Summary account 845000
Transfer of Net Profit and loss to Retained Earnings
Dec 31 Income Summary a/c dr 648000
To Retained Earnings 648000
Transfer of Debit balance of Dividend account to Retained Earnings a/c
Dec 31 Retained Earnings a/c dr 60000
To Dividends a/c 60000
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