Question

Sunshine Computer Sales and Services

Adjusted Trial Balance as at 31^st December 2019

Account Titles	Debit (RM)	Credit (RM)
Capital		114,000.00
Motor vehicle	45,000.00
Office equipment	20,000.00
Bank	185,996.67
Petty cash	146,646.00
Sales		413,530.00
Return inwards	9,000.00
Purchases	121,000.00
Return outwards		13,000.00
Discount allowed	6,180.00
Discount received		510.00
Insurance	2,640.00
Petrol	4,000.00
Salaries	76,000.00
Stationary supplies	3,900.00
Stationery cost	1,900.00
Telephone	6,154.00
Upkeep of motor vehicle	4,000.00
Water and electricity	7,000.00
Interest income		30,000.00
Bank loan		100,000.00
Furniture	2,500.00
Account payable		5,000.00
Account receivable	50,000.00
Depreciation (furniture)	20.83
Depreciation (office equipment)	1,583.33
Depreciation of motor vehicle	2,000.00
Accumulated depreciation (furniture)		20.83
Accumulated depreciation (office equipment)		1,583.33
Accumulated depreciation (motor vehicle)		2,000.00
Prepaid insurance		240.00
Salaries payable		15,000.00
Interest expense	5,333.33
Accrued interest payable		5,000.00
Customer services		950.00
TOTAL	700,854.16	700,854.16

Prepare the financial statements which include profit&loss statement and statement of financial position.

Answer 1

Profit & Loss Statement

Particulars	Dr. Amount	Particulars	Cr. Amount
To Purchases = 121,000 Less: Return Outwards =13,000	108,000	By Sales = 413,530 Less: Return Inwards = 9,000	404,530
To Gross Profit c/d	296,530
To Discount Allowed	6,180	By Gross Profit b/d	296,530
To Insurance	2,640	By Discount Received	510
To Petrol	4,000	By interest income	30,000
		By accrued interest	5,000
To Stationery Cost	1,900	By customer services	950
To Telephone	6,154
To upkeep of motor vehicle	4,000
To water and electricity	7,000
To Depreciation (Furniture)	20.83
To Depreciation (Office equipment)	1583.33
To Depreciation (motor vehicle)	2,000
To Interest Expense	5333.33
To Salaries	76000
To Net Profit c/d	216178.51
Total	332990	Total	332990

Liabilities	Amount	Assets	Amount
Capital 114,000 Add: Net Profit = 216178.51	330,178,51	Insurance	2,640
		Stationery Supplies	3,900
Bank Loan	1,00,000	Motor Vehicle = 45,000 Less: Accumulated Dep = 2,000 Less: Depreciation = 2,000	41,000
Accounts Payable	5,000	Office Equipment = 20,000 Less: Accumulated Depreciation = 1583.33 Less: Depreciation = 1583.33	16833.34
Salaries Payable	15,000	Bank	185,996.67
		Petty cash	146,646
		Furniture = 2500 Less: Accumulated Dep = 20.83 Less: Depreciation = 20.83	2458.34
		Accounts Receivable	50,000
		Prepaid Insurance	240
Total	450178	Total	450178