Question

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:

Stock at 31 December Year 5, RM52,360.
Rates owing Rm280; office expense RM190.
Dividend of 10% proposed.
Transfer to reserve: General RM1,000, Foreign exchange RM800.
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

Expert Solution

ekkarill92 answered 1 year ago

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