Question

In: Accounting

In-class exercise Given below is a Trial Balance of Aliba Trading on 30 June 2019. Aliba...

In-class exercise

Given below is a Trial Balance of Aliba Trading on 30 June 2019.
Aliba Trading
Trial Balance as at 30 June 2019

Debit
Credit

RM
RM

Building
60,000

Fixtures and fittings
12,000

Office equipment
10,000

Inventory (1 July 2018)
13,500

Bank

3,450

Cash
2,340

Debtors and creditors
6,300
8,500

Loans

15,000

Capital

70,000

Drawings
1,250

Purchases
51,150

Sales

72,500

Sales returns
900

Purchase returns

400

Carriage inwards
1,100

Purchase discount

680

Sales discount
400

Wages expense
8,000

Interest expense
1,500

Commission received

1,350

Insurance expense
1,880

Repairs and maintenance expense
1,560

171,880
171,880

Aliba Trading has the following additional information for the accounting period ended 30 June 2019.
Stock count revealed that inventory on 30 June 2019 is valued at RM14,300 at cost and RM16,000 at market value.
Aliba Trading declared a bonus of half-month pay to reward all permanent employees on 30 June 2019. The bonus results in a total of RM4,000 in wages, which will be paid in August 2019.
Commission received is for the period June to August 2019.
Insurance purchased is valid from 1 January to 31 December 2019.

Required:
Prepare journal entries to account for all year-end adjustments.
Prepare a Statement of Comprehensive Income for the year ended 30 June 2019 showing clearly the cost of sales.
Prepare a Balance Sheet as at 30 June 2019.

Solutions

Expert Solution

Answer is given below

ekkarill92 answered 1 year ago
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