Question

Alice is in a business as a retailer. She does not keep a full set of accounting records. Below are the few details of information that are available: 800 1 April 2017 31 March 2018 RM RM Land (Cost) 20,000 20,000 Motor Vehicle (Cost RM 6,000) 4,500 Inventory 7,000 8.000 Trade debtors 1,000 2,000 Prepayments - Motor vehicle expenses 400 600 - Insurance 100 200 Cash at bank 1,100 1,900 Cash in hand 200 900 Loan from Shandy 20,000 Trade Creditors 3,000 3,600 Accruals - Electricity 400 - Motor vehicle expenses 400 200 Below are the receipts and payments extract from the cash book for the year ended 31 March 2018: RECEIPTS RM Cash Sales 160,800 PAYMENTS Cash purchases 34,000 Drawings 14,000 General shop expenses 200 Telephone 200 Wages 6,000 Below are the receipts and payments extract from the bank book for the year ended 31 March 2018: RECEIPTS RM Cash Banked 105,700 Cheques from debtors 17,500 PAYMENTS Cheques to suppliers Loan repayment (including interest) Electricity Motor Vehicle Expenses Insurance Rates Telephone Drawings 94,400 20,200 800 2,000 300 600 600 3,500

Answer 1

Statement of profit or loss For the year ended 31 Mar 2018 RM 18500 160800 8000 187300 95000 34000 200 200 6000 Income Credit Sale (17500+2000-1000) Cash Sales Inventory Total Income Operating Expenses Credit Purchase (3600+94400-3000) Cash Purchases General Shop expenses Telephone Cash Payment Wages Electricity (800-400+800) Motor Vehicle Expenses (2000-400+200+400-600) Insurance (300+100-200) Rates Telephone bank payment Depreciation on motor Vehicle (25/100*6000) Interest (20200-20000) Total Operating Expenses Net Income 1200 1600 200 600 600 1500 200 141300 46000

Statement of Financial Position For the year ended 31 March 2018 3600 Assets Current Assets Cash at bank Cash in hand Trade Debtors Prepayments- Motor Vehicle Liabilities Current Liabilities 1900 Trade Creditors 900 Accruals- 2000 Electricity Motor Vehicle Expenses 800 200 600 expenses Insurance Inventory 460001 200 8000 Capital Account Net Income Cash Drawings 20000 3000 36600 Total Liabilities and Capital Non Current Assets Land Motor Vehicle (4500-1500) Total Assets -14000 36600