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Store Equipment Delivery Truck 6% per annum on cost 4% per annum on cost 2. During the year, RM8,500 worth of additional office supplies was purchased. A phy sical count of office suppliesonhandatthe end of the y earrevealed that RM6,400 worthofoffice supplies had been used during the year. 3. RR Bhd pays its factory personnel weekly wages amounting to RM10,000 for a five-day work, on Friday. Assum ing 31 December 2020, falls on Wednesday. 4. RR Bhd has rented a portion of an office build ing to multiple tenants. It has been determined that three tenants in the RM700 per month office and one tenant in the RMI,000 per month office had not paid the ir December rent as of 31 December. 5. RR Bhd borrowed RMS 1,000 from the bank signing a 10%, 6-month note on I December 2020. Principal and interest are payable to the bank on 1 June 2021. The transaction has been recorded except for accrued interest. 6. On 1 October 2020, RR Bhd purchased a general liability insurance policy for RM18,000 to provide coverage for 12 months. 7. On 1 December 2020, RR Bhd collected RM36,000 forconsultancyservices to be performed from I December 2020, through 31 May 2021. REQUIRED: (Show all your workings) (a) Prepare the adjusting entries on 31 Decembar 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for Rayyan Resources (RR) Bhd for the year ended 31 December 2020 according to MFRS 101 Presentation of Fina nc ial Statements. (c) Prepare a Statement of Financial Position for Rayyan Resources (RR) Bhd as at 31 December 2020 according to MFRS 101 Presentation of Financial State ments.

Store Equipment Delivery Truck 6% per annum on cost 4% per annum on cost 2. During the year, RM8,500 worth of additional office supplies was purchased. A phy sical count of office suppliesonhandatthe end of the y earrevealed that RM6,400 worthofoffice supplies had been used during the year. 3. RR Bhd pays its factory personnel weekly wages amounting to RM10,000 for a five-day work, on Friday. Assum ing 31 December 2020, falls on Wednesday. 4. RR Bhd has rented a portion of an office build ing to multiple tenants. It has been determined that three tenants in the RM700 per month office and one tenant in the RMI,000 per month office had not paid the ir December rent as of 31 December. 5. RR Bhd borrowed RMS 1,000 from the bank signing a 10%, 6-month note on I December 2020. Principal and interest are payable to the bank on 1 June 2021. The transaction has been recorded except for accrued interest. 6. On 1 October 2020, RR Bhd purchased a general liability insurance policy for RM18,000 to provide coverage for 12 months. 7. On 1 December 2020, RR Bhd collected RM36,000 forconsultancyservices to be performed from I December 2020, through 31 May 2021. REQUIRED: (Show all your workings) (a) Prepare the adjusting entries on 31 Decembar 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for Rayyan Resources (RR) Bhd for the year ended 31 December 2020 according to MFRS 101 Presentation of Fina nc ial Statements. (c) Prepare a Statement of Financial Position for Rayyan Resources (RR) Bhd as at 31 December 2020 according to MFRS 101 Presentation of Financial State ments.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...
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Store Equipment Delivery Truck 6% per annum on cost 4% per annum on cost 2. During the year, RM8,500 worth of additional office supplies was purchased. A phy sical count of office suppliesonhandatthe end of the yearrevealed that RM6,400 worthofoffice supplies had been used during the year. 3. RR Bhd pays its factory personnel weekly wages amounting to RM10,000 for a five-day work, on Friday. Assum ing 31 December 2020, falls on Wednesday. 4. RR Bhd has rented a portion of an office building to multiple tenants. It has been determined that three tenants in the RM700 per month office and one tenant in the RM1,000 per month office had not paid their December rent as of 31 December. 5. RR Bhd borrowed RM5 1,000 from the bank signing a 10%, 6-month note on 1 December 2020. Principal and interest are payable to the bank on 1 June 2021. The transaction has been recorded except for accrued interest. 6. On 1 October 2020,RR Bhd purchased a general liability insurance policy for RM18,000 to provide coverage for 12 months. 7. On 1 December 2020, RR Bhd collected RM36,000 forconsultancyservices to be performed from 1 December 2020, through 31 May 2021. REQUIRED: (Show all your workings) (a) Prepare the adjusting entries on 31 December 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for Rayyan Resources (RR) Bhd for the year ended 31 December 2020 according to MFRS 101 Presenta tion of Fina neial Statements. (c) Prepare a Statement of Financial Position for Rayyan Resources (RR) Bhd as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements.
Transcribed Image Text:Store Equipment Delivery Truck 6% per annum on cost 4% per annum on cost 2. During the year, RM8,500 worth of additional office supplies was purchased. A phy sical count of office suppliesonhandatthe end of the yearrevealed that RM6,400 worthofoffice supplies had been used during the year. 3. RR Bhd pays its factory personnel weekly wages amounting to RM10,000 for a five-day work, on Friday. Assum ing 31 December 2020, falls on Wednesday. 4. RR Bhd has rented a portion of an office building to multiple tenants. It has been determined that three tenants in the RM700 per month office and one tenant in the RM1,000 per month office had not paid their December rent as of 31 December. 5. RR Bhd borrowed RM5 1,000 from the bank signing a 10%, 6-month note on 1 December 2020. Principal and interest are payable to the bank on 1 June 2021. The transaction has been recorded except for accrued interest. 6. On 1 October 2020,RR Bhd purchased a general liability insurance policy for RM18,000 to provide coverage for 12 months. 7. On 1 December 2020, RR Bhd collected RM36,000 forconsultancyservices to be performed from 1 December 2020, through 31 May 2021. REQUIRED: (Show all your workings) (a) Prepare the adjusting entries on 31 December 2020. (You may omit the explanation) (b) Prepare a Statement of Profit or Loss and Other Comprehensive Income for Rayyan Resources (RR) Bhd for the year ended 31 December 2020 according to MFRS 101 Presenta tion of Fina neial Statements. (c) Prepare a Statement of Financial Position for Rayyan Resources (RR) Bhd as at 31 December 2020 according to MFRS 101 Presentation of Financial Statements.
QUESTION 2 (40 MARKS: 80 MINUTES) The unadjusted trial balance of Rayyan Resources (RR) Bhd based in Kuala Lumpur contained the following accounts on 31 December 2020, the end of the company's fiscal year. Debit (RM) 212,300 Credit (RM) Accounts Bank Accounts receivable Office supplies Prepaid insurance Merchandise inventory Land Building Accumulated depreciation-Building Store equipment Accumulated depreciation-Store equipment Delivery truck Accumulated depreciation- Delivery truck Goodwill Notes payable Accounts payable Uneamed revenue Ordinary share capital Capital reserves Retained earnings Rent revenue Dividends Sales 30,500 11,500 18,000 44,700 215,550 235,100 75,000 185,350 52,000 158,150 46,000 62,000 51,000 48,500 36,000 440,000 65,250 225,000 39,550 12,000 753,950 Sales returns and allowances Cost of goods sold Gain on revaluation of properties Loss on sale of land 8,800 397,400 13,700 Salary and wages expenses Advertising expenses Utilities expense Interest expense Delivery expense Repair expense Income tax expenses Total 20,400 140,000 24,400 14,000 20,000 16,700 12,100 7,000 1,845,950 1,845,950 Additional information on 31 December 2020: 1. RR Bhd has a calendar year-endaccounting period. The accounting policies related to the depreciation of the assets are as follows: NONCURRENT ASSET Building De precia tio n Rate 5% per annum on cost
Transcribed Image Text:QUESTION 2 (40 MARKS: 80 MINUTES) The unadjusted trial balance of Rayyan Resources (RR) Bhd based in Kuala Lumpur contained the following accounts on 31 December 2020, the end of the company's fiscal year. Debit (RM) 212,300 Credit (RM) Accounts Bank Accounts receivable Office supplies Prepaid insurance Merchandise inventory Land Building Accumulated depreciation-Building Store equipment Accumulated depreciation-Store equipment Delivery truck Accumulated depreciation- Delivery truck Goodwill Notes payable Accounts payable Uneamed revenue Ordinary share capital Capital reserves Retained earnings Rent revenue Dividends Sales 30,500 11,500 18,000 44,700 215,550 235,100 75,000 185,350 52,000 158,150 46,000 62,000 51,000 48,500 36,000 440,000 65,250 225,000 39,550 12,000 753,950 Sales returns and allowances Cost of goods sold Gain on revaluation of properties Loss on sale of land 8,800 397,400 13,700 Salary and wages expenses Advertising expenses Utilities expense Interest expense Delivery expense Repair expense Income tax expenses Total 20,400 140,000 24,400 14,000 20,000 16,700 12,100 7,000 1,845,950 1,845,950 Additional information on 31 December 2020: 1. RR Bhd has a calendar year-endaccounting period. The accounting policies related to the depreciation of the assets are as follows: NONCURRENT ASSET Building De precia tio n Rate 5% per annum on cost
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