BA TMA2 - Question 1(a)Statement of Comprehensive Income for the year ended 30 June 2012 Sales Minus Cost of Sales Opening inventory Purchases Carriage

BA TMA2 - Question 1(a)Statement of Comprehensive Income...

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Question 1 (a)Statement of Comprehensive Income for the year ended 30 June 2012 RM RM RM Sales 50,450 Minus Cost of Sales Opening inventory 11,000 Purchases 34,600 Carriage inwards 480 Closing Inventory (7,400) (33,680) 11,770 Wages (6,000 + 100) 6,100 Rates 600 Discount Allowed 700 Rent 2,000 Insurance ( 160 – 60) 100 Stationery 100 Commissions paid 260 Interest expense ( 240 + 80) 320 General expenses 120 Depreciation (Office Equipment) 380 Doubtful Debts provision (0.06 x 6800)-200 208 (10,888) Net Profit 882 (b)Statement of Financial Position as at 30 June 2012. Fixed Assets Land and Buildings 26,400 Office Equipment 4,000 - Accumulated Depreciation (380) 3,620 30,020 Current Assets Accounts Receivable 6,800 Provision for Doubtful Debts (0.06 x 6800) (408) 6,392 Closing Inventory 7,400 Prepaid Insurance 60 13,852 Current Liabilities Accrued wages 100 Accounts Payables 3,200 Interest expenses unpaid for 3 months 80 Bank Overdraft 600 (3,980) 9,872 39,892 Capital-start 37,010 Net Profit 882 Capital-end 37,892 Mortgage 2,000 39,892
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Question 2 The step of dissolution of a partnership in relation to the realisation of the assets and liabilities of the partnership as follow: Step 1: The balances on all the asset and liabilities, except the bank balances, are transferred to the realisation account. For the asset account, debit the realisation and credit asset account. Creditor account is transferred to the realisation account by debiting ‘creditors account’ and crediting ‘realisation account’.
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  • Winter '16
  • Winnie Wong
  • Comprehensive income, Generally Accepted Accounting Principles, Sean, ‘bank account

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