Chapter: Receivables Accounting System 下3. The following is the trial balance of Aroro Enterprise as at 31 August 2019ParticularsDebit (RM) Credit (RM)48,400СapitalDrawingsTrade receivablesTrade payablesSales3,5009,00012.50040,400Purchases31,000Sales returns300Purchases returnsWages and salariesDiscounts allowed2505,600120Discounts received200Provision for doubtful debts300Insurance700Inventory as at 1 September 2018Utilities2,400950Rates350PremisesFixtures and fittingsMotor vanCash in hand10,0003,00020,000330Cash at bank14,800TOTAL102.050102.050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.iii. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income for the yearEnded 31 August 2019.b) Statement of Financial Position as at 31 August 2019.FiltersAdd a caption.

Statement of Profit and Loss is a part of financial statement that shows the profits earned or…

3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) 48,400 Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank ТОTAL 3,500 9,000 12,500 40,400 31.000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20.000 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 il. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. i. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Particulars Debit (RM) Credit (RM) 48,400 Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank ТОTAL 3,500 9,000 12,500 40,400 31.000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20.000 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 il. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. i. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year Ended 31 August 2019. b) Statement of Financial Position as at 31 August 2019.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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