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Question 1 The following trial balance was extracted from Perniagaan Kucar Kacir (PKK) on 31 st...

Question 1
The following trial balance was extracted from Perniagaan Kucar Kacir (PKK) on 31 st December 2013.
Debit Credit
Capital 14,500
Cash at bank 900
Cash in hand 21000
Discount allowed 560
Discount received 500
Drawings 2,500
Machine at cost 1 ,700
Fittings at cost 10,500
Electricity 900
Rent 1 ,850
Purchases 13,000
Sales 20,000
Inventory as at 1 st January 2013 1 ,800
Account payables 6,910
Account receivables 2,200
41ß10 41 910
Additional information:
Inventory as at 31 st December 2013 RM3,000. ii. Prepaid rent is RM200.
Accrued electricity is RMI 50.
Depreciation for fittings is RM500 per annum.
Machine is depreciated at 10% per annum on the original cost.
From the above information, you are required to:
a) Prepare Statements of Comprehensive Income (Income Statement) for the year ended
31 st December 2013.
b) Prepare Statements of Financial Position (Balance Sheet) as at that date.

Solutions

Expert Solution

Perniangaan Kucar Kachir
Income Statement
For the year ended 31 December 2013
Sales 20000
Less:- Cost of Goods Sold
Opening Inventory 1800
Add:- Purchases 13000
Less:- Closing Inventory 3000
Cost of Goods sold 11800
Gross Profit 8200
LESS:- Operating Expense
Electricity Expense 900
Add:- Accured Electricity 150 1050
Rent 1850
Less:- Prepaid Rent 200 1650
Depreciation:-
Fitting 500
Machine(10% of 1700) 170 670
Operating Income 4830
Less:- Non Operating Income/expense
Discount Received 500
Discount Allowed -560
Net Income 4770
Perniangaan Kucar Kachir
Balance Sheet as on 31 December 2013
Asset Amount Liabilities Amount
Machine 1700 Capital 14500
Less:- Depreciation 170 1530 Add:- Profit for the year 4770
Fitting 10500 Less:- Drawings -2500 16770
Less:- Depreciation 500 10000
Inventory 3000
Account Receivable 2200 Account Payable 6910
Cash at Bank 900 Accured Electricity 150
Cash in Hand 21000
Prepaid Rent 200
TOTAL 38830 TOTAL 23830 15000
Trial Balance
Debit Credit
1800
900 14500
21000 500
560
2500
1700
10500
900
1850 20000
13000
2200 6910
56910 41910 15000 difference

One Figure is missing in the trail balance as there is a difference of 15000 is trial balance and the same difference is in Balance SHeet please check the given details again and adjust accordinglly.

ekkarill92 answered 2 years ago
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