The following adjustments need to be considered as at 31 December 2020: 1. The shop rental is RM3,000.00 per month. Samsudin paid rental in advance for three
months.
2. The salary for the shop assistant amounting to RM2,100.00 was still unpaid.
3. Interest on loan from CIMD Bank for half a year was outstanding.
4. One of the customers was declared bankrupt and unable to settle the debts. The
customer still owed RM1,590.00. The allowance for doubtful debts to be provided for
the year is RM1,250.00.
5. Depreciation on a yearly basis is to be provided as follows:
oong で
Delivery van
Shop cabinet
Office equipment
20% using reducing balance method
5% using straight-line method
15% using straight-line method
15000
17500
6. Samsudin withdrew cash amounting to RM2,200.00 and took a pair of shoe amounting
to RM300.00 from the shop for her wife.
7. Inventory as at 31 December 2020 was RM39,000.00.
REQUIRED:
i
Prepare the Statement of Profit or Loss and Other Comprehensive Income for the
year ended 31 December 2020.
Hasil Belarja
[20 Marks]
ii.
Prepare the Statement of Financial Position as at 31 December 2020.
[20 Marks