IA Past Year Questions for apri15 jan 16 feb 17( Answer for student).pdf - FEBRUARY 2017(Question 2 The following trial balance was extracted from the

IA Past Year Questions for apri15 jan 16 feb 17( Answer for student).pdf

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FEBRUARY 2017 (Question 2) The following trial balance was extracted from the accounting records of Ho Enterprise for the year ended 30 June 2016: Trial Balance as at 30 June 2016. Debit Credit RM RM Inventory as at 1 July 2015 25,000 Land and Building 500,000 Interest on Loan 5,000 Purchases and sales 150,000 210,000 Returns 4,200 3,500 Machinery at cost 120,000 Accumulated depreciation- machinery 36,000 Motor Vehicles- at cost 80,000 Accumulated depreciation: motor vehicles 24,000 Cash 1,200 Wages 15,000 Trade receivables and payables 88,000 75,000 Allowance for doubtful debts 4,000 Bank 10,000 Capital 650,000 Drawings 500 Long term Loan 50,000 Rent received 57,200 Salaries 75,000 Water and electricity 12,000 Discount 8,800 7,500 Motor vehicles-repair and maintenance expenses 18,000 Sundry expenses 4,500 1,117,200 1,117,200 Additional information: 1. Depreciation is to be provided at the following rates:- Machinery : 15% on cost Motor Vehicles : 10% on net book value 2. Rent received accrued as at 30 June 2016 was RM6,000. 3. Inventories as at 30 June 2016 were RM20,000. 4. Allowance for doubtful debts of 5% is to be provided on the outstanding trade receivables. 5. The owner of Ho Enterprise has taken RM300 cash for personal use. Required: (a) Prepare the statement of profit or loss of Ho Enterprise for the year ended 30 June 2016. (15 marks) (b) Prepare the statement of financial position of Ho Enterprise as at 30 June 2016 (10 marks) (Total:25 marks)
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