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In: Accounting

Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019. DR. (RM)...

Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.
DR. (RM) CR. (RM)
Account receivables 109,658
Buildings 1,372,680
Cash 1,314,264
Cost of goods sold 856,152
Equipment 504,000
Patent 60,276
Income tax expense 60,340
Inventory 551,950
Land 766,800
Maintenance and repair expenses 11,953
Office expense 14,086
Prepaid insurance 48,000
Property tax expense 1,680
Salaries and wages expenses 25,334
Sales returns and allowance 1,176
Accounts payable 36,936
Accumulated depreciation - buildings 137,268
Accumulated depreciation - equipment 252,000
Deferred tax liability 21,600
Gain on revaluation of properties 29,640
Gain on sale land 109,560
Gain on translation of foreign operations 5,880
Notes payable 194,400
Rent revenue 57,600
Retained earnings 912,720
Revaluation reserve 560,640
Translation of foreign operations reserve 263,160
Sales revenue 2,238,180
Share Capital 878,765
5,698,349 5,698,349

Additional information:
⦁   An unpaid salaries and wages as at 31 December 2019 is RM18,000.
⦁   A tenant of an office space has not yet pay a rental for December 2019 amounting RM3,000.
⦁   The company returned defect merchandise bought from supplier and was refunded RM3,500 in cash. The company use perpetual inventory system and this transaction has not yet been recorded.
⦁   The company received RM35,000 in cash from a customer on 30 December 2019 and recorded as sales revenue. However the company only managed to supply the merchandise on 3 January 2020.
⦁   Payment for a one-year insurance coverage was made on 1 July 2019.
⦁   Annual depreciation for building and equipment are based on straight line depreciation basis over a period of 50 years and 10 years respectively with no scrap value.
⦁   30% of the notes payable is due next year. The note payable interest rate is 8% per annum.

REQUIRED:
⦁   Journalise the adjusting entries on 31 December 2019.

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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