70.2K

Verified Solution

Link Copied!

The following is the balances for Jackson Enterprise as at 31 Dec 2021

Prepare the Statement of profit or loss and the Statement of financial position

for the year ended 31 Dec 2021

.

Debit Credit RM RM 262,500 8,580 86,100 9,540 55,600 12,800 12,300 49,600 340 1250 15,460 75,340 600 423,000 Land Cash Bank Inventory (as at 1 Jan 2021) Motor vehicles Office equipment Account receivable and Account payable Purchases & Sales Returns inwards & outwards Carriage inwards Capital Insurance expenses Rent Expenses & received Discounts Allowed & received Salaries and wages expenses Motor vehicles repairs Electricity and water bills Miscellaneous expenses Drawings Advertising Bad debts Interest on loan Allowance for doubtful debts Office Equipment- Accumulated depreciation (as at 1 Jan 2021) Motor Vehicles- Accumulated depreciation (as at 1 Jan 2021). 4,850 340 1,540 5,000 600 7,700 1,200 2,090 980 800 1,600 350 7,550 650 5,600 2,180 528,020 528,020 Additional information Carriage outward of RM500 was recorded as Carriage inwards Closing inventory as at 31 Dec 2021 was RM15,500. The following items need to be adjusted: . Rent expenses accrued RM1,000 Rent received accrued RM4,500 Salaries and wages prepaid RM1,700 Depreciation is provided as follows: Motor vehicles RM 4000 Office equipment RM 2500

Answer & Explanation Solved by verified expert

See Answer