Homework Answers
| a. Adjusting Journal entries before preparation of Balance sheet as at 31 December 2016 | ||||
| Particulars | Debit | Credit | ||
| (RM) | (RM) | |||
| Ram Materials- Inventory(Under current assets) | 35000 | |||
| Closing Inventory of Raw materials(under Income's side) | 35000 | |||
| Supplies(Under current assets) | 15000 | |||
| Supplies(under Income's side) | 15000 | |||
| Insurance(under expenses) | 10000 | |||
| Prepaid insurance | 2000 | |||
| Prepaid Insurance | 12000 | |||
| Rent(expenses) | 8000 | |||
| Prepaid Rent | 12000 | |||
| Prepaid Rent | 20000 | |||
| Purchases | 8000 | |||
| Accounts Payable | 8000 | |||
| Accounts Receivable | 15000 | |||
| Sales | 15000 | |||
| Interest | 500 | |||
| Interest Payable(under current liabilities) | 500 | |||
| Doubtful debts | 430 | |||
| Provision for doubtful debts | 430 | |||
| b. Financial statements of Perniagaan Cremeria: | ||||
| i. Profit or loss for the year ended 31 December 2016 | ||||
| Revenue: | ||||
| Sales | 1213700 | |||
| Closing Inventory | 35000 | |||
| Closing supplies | 15000 | |||
| Expenses: | ||||
| Opening Inventory | 2000 | |||
| Depreciation | 24000 | |||
| Carriage outwards | 5000 | |||
| Discount allowed | 22000 | |||
| Purchases | 808000 | |||
| Carriage inwards | 6000 | |||
| Rent | 8000 | |||
| Doubtful debts | 1730 | |||
| Salaries | 120000 | |||
| Supplies | 50000 | |||
| Bad bebts | 5200 | |||
| Insurance | 10000 | |||
| Interest | 5500 | |||
| General expenses | 56300 | |||
| 1123730 | 1263700 | |||
| Profit | 139970 | |||
| ii)Statement of financial position as on 31 December 2016 | ||||
| Liabilities | ||||
| Capital | 380000 | |||
| Less: Drawings | 25000 | |||
| 355000 | ||||
| Long term loan from Bank Karishi | 50000 | |||
| Accounts Payable | 26000 | |||
| Provision for doubtful debts | 1730 | |||
| Interest expenses Payable | 500 | |||
| Profit before tax | 139970 | |||
| 573200 | ||||
| Assets | ||||
| Fixed assets: | ||||
| Fixtures | 40000 | |||
| Less: Depreciation | 4000 | |||
| 36000 | ||||
| Land | 250000 | |||
| Building | 100000 | |||
| Less: Depreciation | 20000 | |||
| 80000 | ||||
| Bank | 30000 | |||
| Accounts Receivable | 86500 | |||
| Inventory | 35000 | |||
| Closing supplies | 15000 | |||
| Prepaid Rent | 12000 | |||
| Cash | 2000 | |||
| Prepaid Insurance | 2000 | |||
| 548500 | ||||
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