The following Trial Balance was extracted from the books of ZZZ Manufacturing as at 31 December 2019.
ZZZ Manufacturing
Trial Balance as at 31 December 2019
Debit (RM) |
Credit (RM) |
|
Accounts |
||
Cash |
68,000 |
|
Beginning inventories |
24,300 |
|
Bank |
106,000 |
|
Prepaid bills |
3,000 |
|
Sales |
104,900 |
|
Purchase |
34,600 |
|
Custom duties |
890 |
|
Salaries |
13,000 |
|
Carriage inwards |
190 |
|
Heat and lighting expense |
7,500 |
|
Allowance for Doubtful Debts (AFDD) |
550 |
|
Insurance |
6,000 |
. |
Bad debts |
290 |
|
Debtors |
34,000 |
|
Machineries |
100,000 |
|
Fittings and furniture |
43,000 |
|
Accumulated depreciation- machineries |
20,000 |
|
Accumulated depreciation-fittings and furniture |
6,450 |
|
Rental accrued |
1,000 |
|
Carriage outwards |
410 |
|
Commission income |
6,500 |
|
Discount received |
5,380 |
|
Advertisement |
8,400 |
|
Creditors |
12,300 |
|
Drawings |
7,500 |
|
Loan |
100,000 |
|
Capital |
200,000 |
|
457,080 |
457,080 |
Additional information:
4. One of the employee was given an advance salary of RM1,000.
5. Bad debt of RM700 was identified to be written off.
6. Depreciation for the year are as follows:
Machineries - 10% on cost
Fittings and furniture - 15% on net book value
7. Allowance for doubtful debts is increase by RM120.
Required:
ZZZ Manufacturing | ||
Statement of comprehensive income | ||
For the year ended 31 March 2019 | ||
Particulars | Amount | Amount |
Sales | 104,900 | |
Cost of goods sold: | ||
Opening Stock | 24,300 | |
Add: Purchases | 34,600 | |
Less: Closing Stock | (32,400) | |
26,500 | ||
Gross Profit (Sales - Cost of goods sold) | 78,400 | |
Other Income: Discount received | 5,380 | |
Commission income | 6,500 | |
11,880 | ||
TOTAL INCOME | 90,280 | |
Operating expenses: | ||
Carriage Outwards | 410 | |
Salaries less advance salary (13,000 - 1,000) | 12,000 | |
Carriage Inwards | 190 | |
Advertisement (including outstanding = 8,400 + 2,200) | 10,600 | |
Heating and Lighting Expense | 7,500 | |
Insurance | 6,000 | |
Bad debts | 440 | |
Depreciation on machineries (100,000 x 10%) | 10,000 | |
Depreciation on furnitures [(43,000 - 6,450) x 15%] | 5,483 | |
Custom duties | 890 | |
TOTAL EXPENSES | 53,513 | |
Income from continuing operations before income taxes (Income - Expenses) | 36,768 | |
Less: Income taxes | - | |
Income from continuing operations | 36,768 | |
Discontinued Operations | - | |
Extra-ordinary items | - | |
Net Income | 36,768 | |
Jackie Chong Trading | ||
Statement of Financial Position | ||
As at ended 31 March 2016 | ||
Particulars | Amount | Amount |
ASSETS | ||
Current Assets: | ||
Cash at bank | 106,000 | |
Cash in hand (68,000 - 900) | 67,100 | |
Inventory | 32,400 | |
Debtors less AFDD (34,000-700) | 33,300 | |
Advance Salary | 1,000 | |
Prepaid Bills | 3,000 | |
Total Current Assets | 242,800 | |
Fixed Assets: | ||
Machineries less accumulated depreciation (100,000 - 20,000 - 10,000) | 70,000 | |
Furniture and fittings less accumulated depreciation (43,000 - 6,450 - 5,483) | 31,068 | |
Total Fixed Assets | 101,068 | |
Total Assets | 343,868 | |
LIABILITIES | ||
Current Liabilities: | ||
Creditors | 12,300 | |
Accrued Rent | 1,000 | |
Oustanding advertisement expenses | 2,200 | |
Total Current Liabilities | 15,500 | |
Non Current Liabilities | ||
Loan | 100,000 | |
Total Non-Current Liabilities | 100,000 | |
Owners Equity | ||
Capital less drawings [200,000 - (7,500+900)] | 191,600 | |
Net Income | 36,768 | |
Total Owners Equity | 228,368 | |
Total Equity and Liabilities | 343,868 |
AFDD | |
Opening balance (550-290) | 260 |
Add: Bad-debts charged | 290 |
550 | |
Add: Increase in AFDD (Bad-debts charged) | 120 |
670 | |
Less: Bad-debts written off | (700) |
Amount to be charged as bad-debts | 30 |
Total bad-debts charged (290+120+30) | 440 |
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