The following additional lnformation are available: i. Inventory 30 April 2021 at cost RM19,152 and...
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Accounting
The following additional lnformation are available: i. Inventory 30 April 2021 at cost RM19,152 and at market price RM14,500. ii. General expenses owing RM300 iii. Allowance (Provision) for Doubuful debts at the rate of 7% of trade reccivables iv. Goods costing RM500 were taken by Owner for his own use v. Provide depreciation as for fixtures and fittings at 10% per arnum and van at 20% per annum by using straight line method. Required: (a) Prepure Statement of Profit or Loss for the year ended 30 April 2022. (b) Prepare Statement of Financial Position as at 30 April 2022 . (c) Explain why financial statements are prepared and Non Current Assets are depreciated
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