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In: Accounting

3.         The following is the trial balance of Silk Store Sdn. Bhd. as at 31 December...

3.         The following is the trial balance of Silk Store Sdn. Bhd. as at 31 December Year 5.

                                                                                                Dr                                 Cr

                                                                                                RM                               RM

            Bank                                                                             6,723

            Debtors                                                                        18,910

            Creditors                                                                                                           12,304

            Stock as at 31 December Year 4                                    40,360

            Buildings at cost                                                            100,000

            Equipment at cost                                                         45,000

            Profit and loss account as at 31 December Year 4                                               15,286

            General reserve                                                                                                8,000

            Foreign exchange reserve                                                                                 4,200

            Authorised and issued share capital                                                                   100,000

            Purchases                                                                    72,360

            Sales                                                                                                                135,486

            Carriage inwards                                                           1,570

            Carriage outwards                                                         1,390

            Salaries                                                                        18,310

            Rates and occupancy expenses                                     4,235

            Office expenses                                                            3,022

            Sundry expenses                                                          1,896

            Provision for depreciation at 31.12.Year 4:

                        Buildings                                                                                               32,000

                        Equipment                                                                                            16,000

            Directors remuneration                                                  9,500

                                                                                                -----------                        -----------

                                                                                                323,276                        323,276

                                                                                                           

            Additional information:

  1. Stock at 31 December Year 5, RM52,360.
  2. Rates owing Rm280; office expense RM190.
  3. Dividend of 10% proposed.
  4. Transfer to reserve: General RM1,000, Foreign exchange RM800.
  5. Depreciation on cost: Buildings 5%; Equipment 20%.

REQUIRED:

A trading, profit and loss account for the year ended 31 December Year for Silk Store and a balance sheet as at that date.

Q) find the Income statement and statement of financial position

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