Reference no: EM132480718
Maju Jaya Trading extracted the following balances from the business ledgers as at 31 August 20X1:
dr cr
Furniture & Fittings 50000
Office Equipment 40000
Accumulated depreciation: office equipment 8000
Motor Vehicles 70000
Accumulated depreciation: motor vehicles 25200
Drawings 19100
Capital 140000
Loan 25000
Inventory as at 1 September 20X0 29300
Purchases and Sales 89100
Returns 3800
Carriage 4500
Wages and salaries 36000
Discounts 2300 1300
Rent 4800
Interest 1800
Insurance 3600
Utilities 5000
Bad debts 1900
Trade receivables and payables 46600 31300
Allowance for doubtful debts 1500
Bank 11000
Cash 30000
total 41700 41700
Additional information:
1. Closing inventory was valued at cost RM26,300 but the market value was RM29,900
2. A quarter of the wages and salaries was paid to warehouse employees One third of the carriage expenses was to deliver goods to warehouse
3. Received utilities bill RM450 for August 20X1, but no payment has been made
4. Insurance premium was paid for the year ended 31 December 20X1
5. Received rent for the six months ended 30 September 20X1
6. An additional amount due from Encik Nagendran RM1,600 is to be written off as bad debts. Allowance for doubtful debts is to be increased to RM2,250.
7. Depreciation is to be provided as follows:
Furniture & fittings : 20% per annum at cost
Office equipment : 20% per annum using straight-line method
Motor vehicles : 20% per annum using reducing-balance method
8. A sales returns of RM500 was correctly entered into trade receivables control account but wrongly debited to discount allowed account.
Required:
Question (a) Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1.
Question (b) Prepare the Statement of Financial Position as at that date.
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