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    Questionn 3-Dec 2018

    Uploaded by

    GIROLYDIA EDDY
    1) The document provides workings and financial statements for Lala Trading for the year ended 31 December 2018. 2) It includes calculations for closing stock, depreciation, bad debt allowance, accrued expenses, interest on loans, and rent expenses. 3) The financial statements presented are the statement of profit or loss showing a net profit of RM1,126 and the statement of financial position showing total assets of RM168,906.

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    Questionn 3-Dec 2018

    Uploaded by

    GIROLYDIA EDDY
    37 views4 pages
    1) The document provides workings and financial statements for Lala Trading for the year ended 31 December 2018. 2) It includes calculations for closing stock, depreciation, bad debt allowance, accrued expenses, interest on loans, and rent expenses. 3) The financial statements presented are the statement of profit or loss showing a net profit of RM1,126 and the statement of financial position showing total assets of RM168,906.

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    PAST YEAR QUESTION

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    Questionn 3-dec 2018

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    1) The document provides workings and financial statements for Lala Trading for the year ended 31 December 2018. 2) It includes calculations for closing stock, depreciation, bad debt allowance, accrued expenses, interest on loans, and rent expenses. 3) The financial statements presented are the statement of profit or loss showing a net profit of RM1,126 and the statement of financial position showing total assets of RM168,906.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    37 views4 pages

    Questionn 3-Dec 2018

    Uploaded by

    GIROLYDIA EDDY
    1) The document provides workings and financial statements for Lala Trading for the year ended 31 December 2018. 2) It includes calculations for closing stock, depreciation, bad debt allowance, accrued expenses, interest on loans, and rent expenses. 3) The financial statements presented are the statement of profit or loss showing a net profit of RM1,126 and the statement of financial position showing total assets of RM168,906.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Questionn 3

    WORKINGS
    1) Closing Stock = RM15,000 (RECORDED AS Cost Of Goods Sold & Current Assets)

    2) Depreciations for Furniture& Fittings = 15% x 15,000 = RM 2,250

    Dep for Office Equipment = 10% x 10,500 = RM1,050

    Dep for Motor Vehicle = 10% x (23,300-2330) = RM 2,097

    3) Bad debt allowance method:


    Dr AFDD 1000
    Cr AR 1000

    ACC RECEIVEABLE
    Bal b/d 75,370 Afdd 1,000
    Bal C/D 74,370
    75,370 75,370

    AFDD
    Acc Receive 1,000 Bal b/d 2,500
    Bal c/d 7,437 Bad debts 5,937
    8,437 8,437

    AFDD = 10% x ( 75,370-1000)


    = 7,437 (Bal c/d)
    Increase in AFDD = (1000 + 7,437) – 2500 (COMPARE)
    = 5,937
    Dr Bad Debts 5,937
    Cr AFDD 5,937

    BAD DEBTS
    S.O P/L 5,937
    Afdd 5,937
    5,937 5,937
    4) Accrued electricity and water
    Dr Expenses 500
    Cr Accrued Expenses 500 ( SOFP-CL)
    5) Interest on loan= 1/7/2018 until 31/12/2018 = 6 months
    Interest on loan= 10% x 50,000 x 6/12
    Interest on loan = 2,500

    6) Rent expenses
    Dr prepaid expenses 2000 (SOFP CA)
    Cr expenses 2000
    7) Dr Drawings 800
    Cr Cash 800

    Dr Drawing 1200
    Cr purchases 1200
    RM RM RM
    SALES 104,100
    Less: Return Inwards 1,100
    Less: Discount Allowed 500
    Net Sales 102,500

    LESS: COGS
    Opening Stock 20,570
    Add: Purchases(68,700-1200) 67,500
    Less: Return Outwards 950
    Less: Discount Received 400
    66,150
    ADD: Carriage Inwards 600
    Net Purchases 66,750
    87,320
    Less: Closing Stock 15,000
    COGS 72,320
    Gross Profit 30,180

    Add: Other Income


    Rent Received 4,000
    Commission Received 1,500
    5,500
    35,680
    Less: Other Expenses
    Dep for O.E 1,050
    Dep for f&f 2,250
    Dep for M.V 2,097
    Electricity& Water 2,270
    Salaries Expenses 5,050
    Rent expenses(3000-2000) 1,000
    Petrol 750
    Insurance 2,000
    Carriage Outwards 750
    Advertisement 8,900
    Bad debts 5,937
    Interest On loan 2,500
    34,554
    Net Profit 1,126

    Lala Trading
    STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018
    Lala Trading
    Statement of Financial Posisition
    Cost ACC DEP CV
    RM RM RM
    Non-current Assets
    Furniture& Fittings 15,000 11,250 3,750
    Office Equip 10,500 5,250 5,250
    Motor Vehicle 23,300 4,427 18,873
    27,873
    10% Fixed Deposit 25,000
    52,873

    RM RM RM
    Current Assets
    Closing Inventory 15,000
    A. Receivable(75,370-1000) 74,370
    Less: AFDD(10% x ( 75,370-1000) 7,437

    66,933
    Cash 5,700
    Bank (27,200-800) 26,400
    Prepaid Expenses 2,000
    116,033
    TOTAL ASSETS 168,906

    Owner Equity
    Capital 92,380
    Add: Net Profit 1,126
    Less:Drawings 4,100
    89,406

    Non-Current Liabilities
    10% Loan From MYBANK 50,000

    Current Liabilities
    Accrued Electricity&WATER 500
    Acc Payable 26,500
    Accrued Interest on loan 2,500
    29,500
    168,906

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