Answer Chapter 3 Accounting Cycle-EDIT

AA015

ACCOUNTING CYCLE CHAPTER 3

ii) Statement of Financial Position

Perniagaan Mentari

Statement of Financial Position

As at 31 December 2019

RM RM

Non Current Asset 97,000

Building 100,000 48,800
Accumulated Depreciation – Building (3,000) 145,800

Current Asset : 26,800
Bank 15,000
Inventory
Account Receivable 7,000
TOTAL ASSET

Non Current Liabilities : 100,000
Long term loan 5,000
Current liabiities :
Account Payable 78,800
(32,200)
Owner’s Equity :
Opening Capital (5,000)
Net loss
Drawings 40,800
Ending Capital 145,800
TOTAL LIABILITIES AND OWNER’S
EQUITY

QUESTION 25
i) Statement Profit or Loss

Pernigaan Solekan Uwhite
Statement Profit or Loss
for the year ended 30 Jun 2019

RM RM

Revenues

ARMA/KMKt 61

AA015

ACCOUNTING CYCLE CHAPTER 3

Service revenue 88700
Rental revenue 10200 98900

Operational expense: 2200 23300
Insurance expense 1400 75600
Advertising expense 7100
Salary expense 300
Utility expense 2300
Supply expense 6000
Depreciation expense 4000
Interest expense

Net Profit

ii) Statement of Financial Position

Pernigaan Solekan Uwhite
Statement of Financial Position

As at 30 Jun 2019

Non Current Asset RM RM RM

Building 69000 80000
14000 45000
Land
55000 135000
Machine and Equipment
Accumulated Depreciation – Machine
and Equipment

Current Asset 64000 74300
Cash 10300 254300
Account Receivable
TOTAL ASSET

ARMA/KMKt 62

AA015

ACCOUNTING CYCLE CHAPTER 3

Owner’s Equity 74100
Capital 75600
Net Profit 149700

Drawings 400
Ending Capital
149300
Liabilities
Loan 90000
Account Payable 9000
Unearned Revenue 6000 105000
TOTAL LIABILITIES AND OWNER’S
EQUITY 254300

ARMA/KMKt 63