The trial balance of DSY Enterprise as at 31 December 2020 is as follows: Account Debit RM Cash Account receivable Inventory (1 January 2020) Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Bank loan Account payable Capital Drawings Sales Purchases Carriage inwards Discount received Salary Utility Repairs and maintenance Petrol Insurance 12,700 18,800 45,000 46,000 98,500 41,750 5,000 354,400 550 3,050 34,900 9,700 2,950 3,600 1,750 678,650 Credit RM 27,000 21,200 10,000 34,500 133,900 452,050 678,650 Additional information: 1. Depreciation for the building and equipment are RM 5,000 and RM 4,500 respectively. 2. Inventory as at 31 December 2020 is RM 44,450. 3. Interest on bank loan of RM 200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM 5,500. 5. Prepaid insurance is RM 1,000. 6. Accrued utility expenses as at 31 December is RM 2,700. 7. Five per cent of the debt is assumed uncollectible. Required: a. The Statement of Profit or Loss for the year ended 31 December 2020. b. The Statement of Financial Position as at 31" December 2020.

The trial balance of DSY Enterprise as at 31 December 2020 is as follows: Account Debit RM Cash Account receivable Inventory (1 January 2020) Land Building Accumulated depreciation - building Equipment Accumulated depreciation - equipment Bank loan Account payable Capital Drawings Sales Purchases Carriage inwards Discount received Salary Utility Repairs and maintenance Petrol Insurance 12,700 18,800 45,000 46,000 98,500 41,750 5,000 354,400 550 3,050 34,900 9,700 2,950 3,600 1,750 678,650 Credit RM 27,000 21,200 10,000 34,500 133,900 452,050 678,650 Additional information: 1. Depreciation for the building and equipment are RM 5,000 and RM 4,500 respectively. 2. Inventory as at 31 December 2020 is RM 44,450. 3. Interest on bank loan of RM 200 which is due on 31 December is not yet paid. 4. Unpaid salary for the month of December is RM 5,500. 5. Prepaid insurance is RM 1,000. 6. Accrued utility expenses as at 31 December is RM 2,700. 7. Five per cent of the debt is assumed uncollectible. Required: a. The Statement of Profit or Loss for the year ended 31 December 2020. b. The Statement of Financial Position as at 31" December 2020.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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