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This is BBM205/05 Business Accounting I subject Question 2 Below is the...

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Accounting

This is BBM205/05 Business Accounting I subject

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Question 2 Below is the Trial Balance of L&G Trading as at 31 December 2019: RM RM 300,000 30,000 12,500 285,000 885,500 525,000 3,150 1,550 Capital Computer & Software Office Equipment Motor Vehicles Sales Purchases Sales Returns Purchases Returns Carriage Inwards Fire Insurance Rental Water & Electricity Salaries Sundry Expenses Printing & Stationery Telephone Charges Opening Stocks Incentive Discount Received Cash in Hand Cash at Bank Trade Receivables Trade Payables 1,450 2,640 72,000 24,650 108,000 750 880 3,430 42,350 5,700 650 2,550 19,620 74,500 1,214,170 26,470 1,214,170 Additional information: i. Stocks on 31 December 2019 was RM45,360. ii. Fixed assets are to be depreciated at 20% on cost. iii. Electricity charges payable as at 31 December 2019 was RM1,250. iv. Provision for doubtful debts is set at 2%. Required: a. Prepare the Statement of Comprehensive Income for the year ended 31 December 2019. (12 marks) b. Prepare the Statement of Financial Position as at 31 December 2019. (8 marks)

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