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Question 1 : The following trial balance was extracted from the books of Ahmad Shoes...

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Accounting

Question 1 : The following trial balance was extracted from the books of Ahmad Shoes at the year ended 31/12/2010;

Debit

(RM)

Credit

(RM)

Purchases and sales

11,280

19,740

Cash at bank

1,140

Cash in hand

210

Capital as at 1/1/2010

9,900

Drawings

2,850

Office furniture

1,440

Rent

1,020

Wages and salaries

2,580

Discounts

690

360

Account receivables and account payables

4,920

2,490

Inventory as at 1/1/2010

2,970

Provision for doubtful debts as at 1/1/2010

270

Van

2,400

Maintenance expenses

450

Bad debts

810

32,760

32,760

Notes:

a. Inventory as at 31/12/2010 RM3,510

b. Wages and salaries accrued at 31/12/2010 RM90

c. Rent prepaid at 31/12/2010 RM140

d. Maintenance expenses owing at 31/12/2010 RM60

e. Increase the provision for doubtful debts by RM60

f. Provide for depreciation as follows: office furniture RM180; van RM480

Required:

Draw up the Income Statement for the year ended 31/12/2010 together with a Balance Sheet as on 31/12/2010.

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