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    1. The document contains sample statements of comprehensive income and financial position for Premium Enterprise for the year ended 31 December 2019. 2. The income statement shows the company had net sales of RM34,300, cost of goods sold of RM43,050, and a net loss of RM11,270. 3. The balance sheet lists total assets of RM463,500 including fixed assets of RM376,800 and current assets of RM86,700. Total equity and liabilities are also RM463,500 with owner's equity of RM124,100 and long term liabilities of RM328,000. 4. The general journal contains sample accounting entries for purchases, equipment acquisition, sales,

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    1. The document contains sample statements of comprehensive income and financial position for Premium Enterprise for the year ended 31 December 2019. 2. The income statement shows the company had net sales of RM34,300, cost of goods sold of RM43,050, and a net loss of RM11,270. 3. The balance sheet lists total assets of RM463,500 including fixed assets of RM376,800 and current assets of RM86,700. Total equity and liabilities are also RM463,500 with owner's equity of RM124,100 and long term liabilities of RM328,000. 4. The general journal contains sample accounting entries for purchases, equipment acquisition, sales,

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    2 views5 pages

    Fa Templete Homework

    Uploaded by

    李斯琪
    1. The document contains sample statements of comprehensive income and financial position for Premium Enterprise for the year ended 31 December 2019. 2. The income statement shows the company had net sales of RM34,300, cost of goods sold of RM43,050, and a net loss of RM11,270. 3. The balance sheet lists total assets of RM463,500 including fixed assets of RM376,800 and current assets of RM86,700. Total equity and liabilities are also RM463,500 with owner's equity of RM124,100 and long term liabilities of RM328,000. 4. The general journal contains sample accounting entries for purchases, equipment acquisition, sales,

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Question1 (a)

    Premium Enterprise
    Statement of Comprehensive Income for the year ended 31 December
    RM
    Sales revenue
    (-) Return Inwards
    Net Sales

    Opening stock
    Purchases 47,000
    (-) Return Outwards 0
    Net purchases 47,000

    (+) Additional cost on purchases

    Cost of goods available for sales


    (-) Closing stock
    Cost of goods sold
    Gross Profit/(Loss)

    ADD: Other income


    Accured Rental
    Commission revenue

    DEDUCT: Other expenses


    Discount allowed
    Packing Expense
    Utilities
    Carriage Outwards
    Net Profit/(Loss)

    Question 2 (b)
    Premium Enterprise
    Statement of Financial Position Balance as at 31 December 2019
    RM
    Fixed Assets
    Office Equipment
    Building

    Current Assets
    Closing Inventories
    Cash and Bank
    Account receivable
    Total Assets
    Represented by
    Owner's Equity
    Capital,31 December 2019
    Net Profit

    Drawings

    Long Term Liabilities


    Mortgage Loan

    Current Liabilities
    Short Term Loan
    Account Payable

    GENERAL JOURNAL
    Date Particulars
    2/1/2020 Purchase
    cash
    3-Feb Equipment
    Creditors
    14-Feb Sales
    Cash
    20-Feb Bank
    January's service fee
    28-Feb Business bank account
    Personal account

    Question 2 (b)
    (i) Sales goods
    Sold goods RM750

    Cash
    Received cash RM750

    (ii) Purchased
    Office furniture RM3,000

    Cheque
    Cheque Rm3,000
    (iii)
    Cash
    business cash RM800

    withdraw
    Private holiday expenses RM800

    (iv)
    Purchases
    Goods RM5,000

    Bank
    account RM5,000

    (v)
    Creditor
    credit note RM1,800

    Return outwards
    damaged good returned RM1,800
    rise
    e year ended 31 December 2019
    RM RM
    35,000
    -700
    34300

    5,050

    47000
    52050
    -9,000
    43050
    -8,750

    6,000
    0
    -2750

    -820
    -500
    -7,000
    -200 -8520
    -11270

    rise
    ce as at 31 December 2019
    RM RM

    8,000
    368,800
    376,800

    9,000
    70,500
    7,200 86700
    463,500
    135,370
    -11,270
    124100
    -2000
    122100

    328,000

    2,800
    10,600
    463500

    NAL
    Debit (RM) Credit (RM)
    5
    5
    18,900
    18,900
    2,000
    2,000
    500
    500
    1,000
    1,000

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