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The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM Capital Drawings 131,789 227,836 30,380 Cash and bank Sales 1,472,940 Purchases 760,760 Accounts receivable 162,400 Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 Returns inwards 34,300 Returns outwards 26,040 Salaries and wages 292,600 Sundry expenses Rent (10 months) Motor vehicle expenses 2,230 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1,751,225 1,751,225

The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM Capital Drawings 131,789 227,836 30,380 Cash and bank Sales 1,472,940 Purchases 760,760 Accounts receivable 162,400 Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 Returns inwards 34,300 Returns outwards 26,040 Salaries and wages 292,600 Sundry expenses Rent (10 months) Motor vehicle expenses 2,230 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1,751,225 1,751,225

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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Additional information:

  • • Inventory as at 31 December 2021 amounted to RM79,030.
  • • Dumbo Trading is still owing rent expense for November to December 2021 which has not been amended in the book.
  • • The depreciation for fixture and fittings is charged at 25% per annum calculated at monthly basis using the straight-line depreciation method.
  • • The depreciation for motor vehicle is charged at 20% per annum calculated at monthly basis using the reducing balance method.
  • • Out of RM3,000 salary and wages, RM500 should be sundry expenses and RM2,500 should be motor vehicle expenses respectively. These have yet to be adjusted.

 

Required:

a) Prepare the Statement of Comprehensive Income for the year ended 31 December 2021.

b) Prepare the Statement of Financial Position as at 31 December 2021.

The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM Capital Drawings 131,789 227,836 Cash and bank 30,380 Sales 1,472,940 Purchases 760,760 Accounts receivable 162,400 Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 34,300 Returns inwards Returns outwards 26,040 Salaries and wages 292,600 2,230 Sundry expenses Rent (10 months) Motor vehicle expenses 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1,751,225 1,751,225
Transcribed Image Text:The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM Capital Drawings 131,789 227,836 Cash and bank 30,380 Sales 1,472,940 Purchases 760,760 Accounts receivable 162,400 Accounts payable Inventory Carriage outwards Carriage inwards 98,700 65,870 7,805 5,880 34,300 Returns inwards Returns outwards 26,040 Salaries and wages 292,600 2,230 Sundry expenses Rent (10 months) Motor vehicle expenses 47,600 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle Fixtures and fittings 20,160 6,384 Motor vehicle 100,800 Total 1,751,225 1,751,225
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