Question

The following list of balances is prepared by Sabri Autoworks as at 31 December 2020.

Description Amount
RM
Sundry debtors 145,000
Sundry creditors 63,000
Drawings 52,450
Opening capital 710,000
Insurance expense 6,000
Purchases return 5,000
General expenses 30,000
Sales 988,800
Salaries 150,000
Commission 3,200
Patents 75,000
Machinery 200,000
Land 100,000
Building 300,000
Opening inventory 58,600
Carriage on purchases 20,400
Carriage on sales 32,000
Fuel and power 47,300
Wages 104,800
Return inward 6,800
Cash at bank 29,500
Cash in hand 5,400
Purchases 406,750


Other information
1. Inventory on 31 December 2020 was valued at RM68,000.
2. Depreciation on machinery by 10% and amortisation of patents by 20% using straight line method.
3. Unexpired insurance at the end financial year was RM2,000.
4. Wages includes RM7,000 paid as advance to employees for upcoming festival celebration.

Required:
Prepare the following items for Sabri Autoworks.
(a) General journal entries to record all the adjustments.
(4 marks)
(b) Adjusted Trial Balance as at 31 December 2020.
(4 marks)
(c) Income Statement for the year ended 31 December 2020.
(11 marks)
(d) Statement of Financial Position as at 31 December 2020.
(12 marks)
(e) A short explanation on THREE (3) disadvantages of preparing income statement.

Answer 1

Answer:

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