Revision Qs Question 1 The following shows the unadjusted Trial Balance of Shahanom Logistics Sdn Bhd...

Revision Qs

Question 1

The following shows the unadjusted Trial Balance of Shahanom Logistics Sdn Bhd during May 2018:

Shahanom Logistics Sdn Bhd
Unadjusted Trial Balance for month ended May 31, 2018
Account Title	Balance
	Debit (RM)	Credit (RM)
Service Revenue		69,000
Salaries Expenses	30,000
Petrol Expenses	5,000
Rent Expenses	32,000
Cash in bank	451,000
Accounts Receivable	26,000
Office Supplies	14,000
Prepaid Electricity	15,000
Motor van	400,000
Accumulated Depreciation—Motor van		5,000
Accounts Payable		8,000
Unearned Revenue		64,000
Shahanom, Capital		867,000
Shahanom, Withdrawals	40,000
Total	1,013,000	1,013,000

Additional information:

Depreciation was recorded on the motor van using the straight-line method. Assume a useful life of five years and a salvage value of RM100,000.
Prepaid Electricity for the month has expired. Electricity was prepaid at RM20,000 cash for a four months period starting April 1.
Accrued Salaries Expenses, RM20,000.
Accrued Service Revenue, RM24,000.
Office Supplies on hand, RM2,400.

Required:

Prepare an Adjusted Trial Balance as of May 31, 2018

Prepare Shahanom Logistics Sdn Bhd’s Statement of Comprehensive Income (Income Statement) and Statement of Owner’s Equity for the month ended May 31, 2018

Prepare Shahanom Logistics Sdn Bhd’s Statement of Financial Position (Balance Sheet) on May 31, 2018.

Expert Solution

ekkarill92 answered 1 year ago

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