In: Accounting
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.