Question

The net profit is RM25436 & for the balance sheet the total assets is RM929,136 ... not sure if these answers are right or not.. I got it from my classmate but I don’t know some of the working... pls help me

astiom iong trial balance was extracted from the books of Mawar Biru Sdn. Bhd. as at 31 necember 20x2. Credit (RM) 350,000 5,000 14,500 68,000 51,000 500,000 300,000 rchases and sales Returns Tansportation expenses 565,000 3,300 wards receivable &accounts payable 45,000 Fatures and fittings and and building Metor vehicles Acc depreciation as at 1 January 2008: Fixtures and fittings Motor vehicles 21,300 108,000 10%loan from Hong Leong Bank Duty on purchases 460,000 nsurance alary and Wages 104 Fixed deposit Bad debts General expenses 4,400 3,000 15,600 48,000 22,000 5,200 14,800 84,500 112,000 7,000 5,000 2,400 8,000 Inventory as at 1 January 20x2 12,400 6,300 R) Discount allowed & discount received nterest on loan lowance for doubtful debts 4,500 3,000 400,000 1,628,800 Allowance for discount 1,628,800 tional information: a I nventory as at 31 December 20x2 was RM60,000. the owner withdrew goods worth RM3,000 and cash RM2,000 for her personal use ng expenses are still outstanding as at 31 December 20x2 ral expenses RM1,200 RM500 Utilities d Included n transportation expenses is carriage inwards amounting to RM2,500.

Answer 1

Mawar Biru Sdn. Bhd Income Statement For the Year Ended December 31, 20x2 war Biru Sdn. Bhd Balance At December 31,20x2 Assets Sales revenue Less: Sales retum 565,000 5,000 400,100 2,500 157,400 Current assets: Cash Less: Drawings Add: Interest received Cost of goods sold Carriage inward 14,800 2,000 1,100 20,000 ross Less: Operating expenses Transportation expense (14500-2500) Utilities (3000+500) Insurance Salaries and wages (48000-1000) Bad debts (5200+2975) General expense (8400+1000) Commission expense Discount allowed (5000+1000) Interest on loan Depreciation on fixture (51000*10%) Depreciation on motor vehicle (19200*20%) Additional contribution 33,900 60,000 12,000 3,500 15,600 47,000 8,175 9,600 7,000 6,000 2,400 Inventory Accounts receivable Less: Allowance for doubtful debts (3500+2975) 67,000 6,475 4,000 Allowance for discount 56,525 10% Fixed deposit Bank Prepaid salary 22,000 84,500 1,000 257,925 Total Operating Expenses Add: Other Income: Commission income Interest received (22000*10%*6/12) Discount received Total Non-Operating Income Net income Total current assets Fixed assets: Motor vehucle Less: Accumulated depreciation Net book value Less: Depreciation Furniture & fittings Less: Accumulated depreciation (21300+5100) Land and building Total fixed assets Total assets 300,000 108,000 192,000 3,840 51,000 26,400 120,215 12,400 1,100 6,300 188,160 24,600 500,000 712,760 970,685 19,800 56,985 Calculation for Cost of Goods Sold Amount Liabilities and Owners' Equity