The following is the trial balance of the business on 30 June 2019.
Trial Balance as at 30 June 2019
Debit (RM) | Credit (RM) | |
Premise | 244,600 | |
Motor Vehicle | 112,000 | |
Furniture & Fittings | 60,000 | |
Office Equipment | 3,800 | |
Bank | 27,360 | |
Cash | 4,140 | |
Trade Receivables | 22,250 | |
Trade Payables | 25,243 | |
Fixed Deposit 6% | 20,000 | |
Stationeries | 1,438 | |
Salary | 22,600 | |
Bad Debt | 1,000 | |
Utilities Expenses | 5,460 | |
Insurance Expenses | 8,000 | |
Carriage Inward | 2,465 | |
Commission | 3,450 | |
Purchases | 338,343 | |
Sales | 645,989 | |
Inventory as at 1 July 2018 | 18,340 | |
Capital | 120,000 | |
Loan 4% | 36,000 | |
Interest on Loan | 2,880 | |
Discount | 2,550 | 4,556 |
Provision for doubtful debt | 428 | |
Return | 200 | |
Accumulated depreciation: Motor Vehicle | 40,600 | |
Accumulated depreciation: Furniture & Fittings | 20,000 | |
Accumulated depreciation: Office Equipment | 760 | |
897,226 | 897,226 |
Additional information:
Inventory value at 30 June 2019
Cost Value | Market Value |
RM16,882 | RM28,155 |
Insurance of RM1,600 was paid for the month of July and August 2019.?
Water and electricity bill of RM450 for June 2019 is still outstanding.
Provision of doubtful debt remained at 4% per annum.?
Borrowing of RM72,000 was made on 1 January 2016 for a payback period of 6 years. Interest charged was 4% per annum on borrowed amount.??
(How to do this question↑↑, I hope you can help me! )
Depreciation policy for non-current assets are as follow:
Asset | Rate | Method |
Motor Vehicle | 15% | Reducing Balance Method |
Furniture & Fittings | 10% | Straight Line Method |
Office Equipment | 10% | Straight Line Method |
Notes:
-A portion of the furniture & fittings amounting to RM20,000 was purchased on 1 January 2019
-Office Equipment was sold at RM2,000 and the cheque received on 30 June 2019 was yet to be recorded in the book.
The following document was yet to be recorded in any books.
Nisa Stationaries Store Pasir Puteh 01-007-008-0123 | ||||
Item | Quantity | Price/unit | Total Amount | |
Envelop | 1 box | RM12 | RM12 | |
29-06-2019 13:54:32
| Total | RM12 | ||
Cash | RM20 | |||
Change | RM8 | |||
Thank You |
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Borrowing of RM72,000 was made on 1 January 2016 for a payback period of 6 years. Interest charged was 4% per annum on borrowed amount.??
Trial Balance as at 30 June 2019 Debit (RM) Credit (RM) Premise 244,600 Motor Vehicle 112,000 Furniture & Fittings 60,000 Office Equipment 3,800 Bank 27,360 Cash 4,140 Trade Receivables 22,250 Trade Payables 25,243 Fixed Deposit 6% 20,000 Stationeries 1,438 Salary 22,600 Bad Debt 1,000 Utilities Expenses 5,460 Insurance Expenses 8,000 Carriage Inward 2,465 Commission 3,450 Purchases 338,343 Sales 645,989 Inventory as at 1 July 2018 18,340 Capital 120,000 Loan 4% 36,000 Interest on Loan 2,880 Discount...
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