workbook accounting

Question 6
Below is the trial balance of Jauhariku Enterprise as at 31st December 2018.

Capital Debit Credit
Land 60,000
Vehicle (at cost) 150,000 37,500
Accumulated depreciation – vehicle 90,000 70,500
Long term loan 321,500
Sales 128,750 2,250
Purchases 5,250
Return inwards 25,500
Return outwards 1,500
Carriage inwards 4,500 52,500
Carriage outwards 42,000 569,750
Inventories on 1st January 2016 39,000
Salary 9,000
Insurance 6,450
Electricity 7,500
Advertisement 18,000
Vehicle maintenance expeses 4,500
General expenses 31,500
Debtors
Creditors 26,000
Bank 1,300
Cash 4,500
Bad debt
Commission received 569,750

Additional information :

i. Inventory on 31st December 2018 at cost of RM 45,000
ii. An accrued general expenses is RM 3000
iii. Bad debt amounting to RM 2,400 is to be written off
iv. Prepaid insurance worth RM2,250
v. Depreciation charge on vehicle is 20% on cost

Prepare :

Statement of Comprehensive Income for the year ended 31st December 2018

Statement of Financial Position as at 31st December 2018

Page 51 of 54

Question 7

Federic Enterprise is a business that involved with hair care products. The following
information from the business on 30th June 2016.

Motor vehicle Debit (RM) Credit (RM)
Office equipment 7,500
Furniture 5,800 2,100
Cash in hand 3,400 580
Cash at bank 2,100 170
Stock as 1st July 2015 1,875
Accumulated depreciation – motor 3,875 172
vehicle 2,754
465
Office 529 1,294
equipment 317 455
Furniture 265 41,149
Miscellaneous expenses 4,950 136
Bad debt 437
Rental 322 20,429
Discount 69,239
Debtor and creditor 28,569
Freight outwards 694
Freight inwards 128
Commission 867
Provision for doubtful debt 2,957
Sales and purchases
Insurance 4,189
Return 69,239
Utilities
Salary
Capital
Drawing

Additional information :

1. Stock as at 30th June 2016 RM 4,158
2. Bad debt to be write off id RM150
3. Provision for doubtful debt is 5% on net debtor
4. Accrued commission of RM245 was identified
5. Bad debt recovered by cheque was recorded at RM150
6. Prepaid insurance RM105
7. Accrued expenses :

a. Rental RM33
b. Utilities RM93
8. Depreciation
a. Straight line method (20% per annum) for motor vehicle
b. reducing balance method (10% per annum) for furniture and fixtures and fittings.

Page 52 of 54

Question 8

The following trial balance is taken from the books of sole trader Adam Enterprise on 31st
December 2018.

Adam Enterprise
Trial balance as at 31st December 2018

Particulars Debit Credit

(RM) (RM)

Capital 64,700

Drawing 13,500

Premises 83,500

Fixtures (at cost) 8,000

Provision for depreciation - fixtures 2,400

Debtors and creditors 10,500 6,800

Stock at 1 January 2018 9,120

Carriage inward 520

Carriage outward 1,390

Purchase and sale 66,290 125,000

Insurance on purchases 1,320

Return 780 510

Discount 220 130

Salary 7,490

Sundry expenses 3,540

Insurance 3,980

Bad debt 1,220

Provision for doubtful debt 1,200

Commission received 4,390

Telephone charge 450

Rent received 3,900

Bank 2,900

Cash 110

211,930 211,930

Page 53 of 54

Additional information :
1. Stock as at 31 December 2018 worth RM 12,500.
2. Accrued sundry expenses RM 390, and accrued telephone charge RM140.
3. Prepaid insurance RM650.
4. Accrued commission received RM 1,250.
5. Bad debt written-off is RM500.
6. The provision for doubtful debt is 10% on net debtors
7. Depreciation for fixtures is 10% per annum on cost
You are required to :
a. Calculate net income for Adam Enterprise by preparing the Statement of Comprehensive
Income for the year ended 31 December 2018.
b. Prepare Statement of Financial Position as at 31 December 2018.

Page 54 of 54