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    KS SDN BHD - Account Adjustments

    Uploaded by

    alia_azizi
    The document provides a trial balance and additional financial information for KS Sdn Bhd as of December 31, 2010. It requires preparing an income statement for the year ended December 31, 2010 and a balance sheet as of December 31, 2010. The income statement shows sales of RM10,000, cost of goods sold of RM1,800, other expenses of RM6,105, and net profit of RM2,195. The balance sheet lists assets of RM70,575 including fixed assets of RM40,000 for buildings and RM24,000 for motor vehicles and furniture, and current assets of RM29,620, with total equity and liabilities of RM85,145 including owner's equity of RM82,950

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd

    KS SDN BHD - Account Adjustments

    Uploaded by

    alia_azizi
    25 views6 pages
    The document provides a trial balance and additional financial information for KS Sdn Bhd as of December 31, 2010. It requires preparing an income statement for the year ended December 31, 2010 and a balance sheet as of December 31, 2010. The income statement shows sales of RM10,000, cost of goods sold of RM1,800, other expenses of RM6,105, and net profit of RM2,195. The balance sheet lists assets of RM70,575 including fixed assets of RM40,000 for buildings and RM24,000 for motor vehicles and furniture, and current assets of RM29,620, with total equity and liabilities of RM85,145 including owner's equity of RM82,950

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    KS Sdn Bhd - Account Adjustments

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    The document provides a trial balance and additional financial information for KS Sdn Bhd as of December 31, 2010. It requires preparing an income statement for the year ended December 31, 2010 and a balance sheet as of December 31, 2010. The income statement shows sales of RM10,000, cost of goods sold of RM1,800, other expenses of RM6,105, and net profit of RM2,195. The balance sheet lists assets of RM70,575 including fixed assets of RM40,000 for buildings and RM24,000 for motor vehicles and furniture, and current assets of RM29,620, with total equity and liabilities of RM85,145 including owner's equity of RM82,950

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    25 views6 pages

    KS SDN BHD - Account Adjustments

    Uploaded by

    alia_azizi
    The document provides a trial balance and additional financial information for KS Sdn Bhd as of December 31, 2010. It requires preparing an income statement for the year ended December 31, 2010 and a balance sheet as of December 31, 2010. The income statement shows sales of RM10,000, cost of goods sold of RM1,800, other expenses of RM6,105, and net profit of RM2,195. The balance sheet lists assets of RM70,575 including fixed assets of RM40,000 for buildings and RM24,000 for motor vehicles and furniture, and current assets of RM29,620, with total equity and liabilities of RM85,145 including owner's equity of RM82,950

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 6

    KS Sdn Bhd

    Mr. Kevin is a sole proprietor. The following is taken from his business' book as on 31st December 2010.

    Trial Balance as at 31st December 2010


    RM RM
    Motor vehicle 30,000
    Furniture 8,500
    Building 40,000
    Opening inventory 5,500
    Debtors 8,000
    Creditors 12,000
    Provision for Depreciation - Motor Vehicle 3,000
    Provision for Depreciation -Furniture 1,500
    Provision for Doubtful Debts 200
    Cash 15,000
    Bank 3,000
    Salary 1,200
    Returns 700 900
    Discount 500 800
    Electricity and water 350
    Rent 600
    Sales and Purchases 4,000 10,000
    Capital 82,950
    114,350 114,350

    Additional information:
    (i) Closing inventory at the cost price of RM7,000 and at the market price of RM6,800.
    (ii) The depreciation rate for motor vehicle is 10% on cost and for furniture, 5% on cost.
    (iii) The provision for doubtful debts is 3%.
    (iv) Accrued electricity and water bill is RM50.
    (v) Rent paid is RM45 per month.

    Requirement:
    Prepare Income Statement for the year ended 31 December 2010 and Balance Sheet as at 31 December 2010.
    KS Sdn Bhd
    Income Statement for the year ended 31 December 2010
    RM RM
    Sales
    Less: Returns inwards

    Less: Costs of Sales


    Opening inventory 5,500
    Purchases 4,000
    Less: Purchase return (900) 3,100
    8,600
    Less: Closing stock (6,800)
    Cost of Sales
    Gross Profit

    Add: Revenue
    Discount Received

    Less: Expenses
    Depreciation of Motor Vehicle (RM30,000 x 10%) 3,000
    Depreciation of Furniture (RM8,500 x 5%) 425
    Increase in Prov. For Doubtful Debts ((8000*3%)-200) 40
    Electricity (350+50) 400
    Salary 1,200
    Discount Allowed 500
    Rentals (RM45 x 12 months) 540
    Net Profit

    KS Sdn Bhd
    Balance Sheet as at 31 December 2010
    RM RM
    FIXED ASSETS
    Buildings 40,000
    Motor Vehicles 30,000 (6,000)
    Furniture 8,500 (1,925)
    78,500 (7,925)
    CURRENT ASSETS
    Cash 15,000
    Debtors 8,000
    (-) Prov. For Doubtful Debts (240) 7,760
    Inventory 6,800
    Prepaid Rentals (600 - 540) 60

    CURRENT LIABILITIES
    Creditors 12,000
    Bank Overdraft 3,000
    Accrued Electricity 50

    Financed by:
    OWNER'S EQUITY
    Capital 82,950
    Net Profit 2,195
    RM
    10,000
    (700)
    9,300

    (1,800)
    7,500

    800
    8,300

    6,105
    2,195

    RM

    40,000
    24,000
    6,575
    70,575

    29,620

    (15,050)
    85,145

    85,145
    85,145

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