Financial Statements

Question 1 Cahaya Trading drew up the following trial balance as at 30 June 2006. You are required to draft the income statement for the year ended 30 June 2006 and a balance sheet as at that date. Inventory as at 30 June 2006 was RM20,400. Trial Balance as at 30 June 2006 Particulars Administrative expenses Selling and distribution expenses Miscellaneous expense Carriage inwards Purchase and sales Non-current assets Inventory on 1 July 2005 Account receivable and payable Bank overdraft Cash in hand Drawings Capital Debit (RM) 7,377 2,400 2,970 215 94,795 10,100 23,900 12,720 295 8,420 163,192 22,922 163,192 Credit (RM)

130,000 9,370 900

Financial Statements

Financial Statements

Question 2 From the following trial balance of Reenawares Trading, prepare the income statement for the year ended 30 September 2006, and a balance sheet as at that date. Trial Balance as at 30 September 2006 Debit (RM) Inventory on 1 October 2005 2,368 Carriage outwards 200 Carriage inwards 310 Returns inwards and outwards 248 Purchases 10,874 Sales Salaries and wages 3,862 Advertisement 211 Rent 304 Insurance 78 Repairs on motor vehicle 164 Office expenses 216 Travel expenses 166 General expenses 314 Premises 35,555 Fixtures and fittings 2,800 Trade receivables and payables 3,896 Fixed deposit at BIMB 8,000 Cash in hand 482 Cash at bank 1,210 Drawings 1,200 Capital Loan from MBF Finance Discount allowed and received 45 Interest received 72,503 Particulars Inventory as at 30 September 2006 was RM2,900. Credit (RM)

322 19,600

1,231

36,000 15,000 200 150 72,503

Financial Statements

Question 3 The following is the list of balances obtained from Perniagaan Tani as at 31 December 2006: Particulars Sales Inventory as at 1 January 2006 Purchases Inventory as at 31 December 2006 Return inwards Carriage inwards Rent expense Duty on purchase Wages and salaries Telephone and electricity Insurance Carriage outwards Motor expense Stationeries Discount allowed Bad debts Interest on loan Return outwards Discount received Commission received Land and building Motor vehicles Accumulated depreciation-motor vehicle Accounts receivable Cash in hand Cash at bank Drawings Capital Office furniture Accumulated depreciation-office furniture Accounts payable 10-year Loan from bank RM 400,000 30,000 200,000 40,000 15,500 4,000 2,500 1,000 3,000 600 900 2,000 700 300 700 500 300 18,000 600 400 91,400 25,000 5,400 50,000 1,930 85,000 2,000 50,000 15,000 7,000 44,930 6,000