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    Trade Receivables Control Account

    Uploaded by

    Chen Shu Ying
    The trial balance as of June 30, 20X1 shows total debits of RM 191,030 equal to total credits. The statement of profit or loss for the year ended June 30, 20X1 shows gross profit of RM 10,340. Total income including commission and discount received further increases profit to RM 15,810. Expenses including repairs, salaries, insurance, utilities, discounts, advertising, rent and carriage reduce the profit.

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    Trade Receivables Control Account

    Uploaded by

    Chen Shu Ying
    14 views3 pages
    The trial balance as of June 30, 20X1 shows total debits of RM 191,030 equal to total credits. The statement of profit or loss for the year ended June 30, 20X1 shows gross profit of RM 10,340. Total income including commission and discount received further increases profit to RM 15,810. Expenses including repairs, salaries, insurance, utilities, discounts, advertising, rent and carriage reduce the profit.

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    rr.xlsx

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    The trial balance as of June 30, 20X1 shows total debits of RM 191,030 equal to total credits. The statement of profit or loss for the year ended June 30, 20X1 shows gross profit of RM 10,340. Total income including commission and discount received further increases profit to RM 15,810. Expenses including repairs, salaries, insurance, utilities, discounts, advertising, rent and carriage reduce the profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    14 views3 pages

    Trade Receivables Control Account

    Uploaded by

    Chen Shu Ying
    The trial balance as of June 30, 20X1 shows total debits of RM 191,030 equal to total credits. The statement of profit or loss for the year ended June 30, 20X1 shows gross profit of RM 10,340. Total income including commission and discount received further increases profit to RM 15,810. Expenses including repairs, salaries, insurance, utilities, discounts, advertising, rent and carriage reduce the profit.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 3

    Trade Receivables Control account

    April 30 Balance c/d 502,740 April 30 Bad debt 4,500


    Balance c/d 498,240
    502,740 502,740
    May 1 Balance b/d

    Bad Debts account


    April 30 Trade Receivables 502,740 April 30 4,500
    Balance c/d
    Trial Balance as at 30 June 20X1
    Debit (RM) Credit (RM)
    Inventory @ 1 July 20X0 5300
    Repairs and maintenance 900
    Salaries and wages 2,300
    Premises at cost 70,000
    Accumulated depreciation : Premises 14,000
    Motor vehicles 56,000
    Accumulated depreciation : Motor vehicles 15,540
    Insurance on goods purchased 150
    Trade receivables 3,170
    Trade payables 2,560
    Allowance for doubtful debts 290
    Commission received 3,200
    5% Long term bank loan 16,000
    Carriage inwards 660
    Purchases 41,120
    Sales 51,420
    Returns inwards 1,730
    Returns outwards 2,200
    Utilities 650
    Drawings 2,100
    Discount allowed 650
    Discount received 2,270
    Advertising 610
    Duty on imports 520
    Capital 82,350
    Bad debts 400
    Rent 1,050
    Bank overdraft 1,200
    Cash in hand 3,000
    Carriage outwards 720
    191,030 191,030
    Statement of profit or loss for the year ended 30 June 20X1
    RM RM RM
    Sales 51,420
    Returns inwards 1,730
    49,690
    Less: Cost of sales
    Opening inventory 5300
    Purchases 41,120
    Less: Returns outwards (2,200)
    38920
    Add: Duty on imports 520
    Carriage inwards 660 40100
    45,400
    Less: Closing inventory (6,050) (39,350)
    Gross profit 10,340
    Add: Income
    Commission received 3,200
    Discount received 2,270 5,470
    15,810
    Less: Expenses
    Repairs and maintenance 900
    Salaries and wages
    Insurance on goods purchased 150
    Utilities
    Discount allowed 650
    Advertising 610
    Bad debts
    Rent 1,050
    Carriage outwards

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