Q.
The following trial balance was extracted from the books of Abacus Enterprise on 30 June, 2021.
| Abacus Enterprise
Trial Balance as at 30 June, 2021 |
||
| Debit (RM) | Credit (RM) | |
| Capital 01 July 2020 | 76,000 | |
| Purchase and Sale | 140,000 | 176,000 |
| Office Expenses | 3,500 | |
| Fittings and Fixtures | 5,800 | |
| Cash | 5,500 | |
| Inventory as at 01 Jul 2020 | 86,800 | |
| Furniture | 33,800 | |
| Loan Interest Paid | 2,580 | |
| Commission Received | 3,800 | |
| Bank | 36,790 | |
| Drawings | 1,800 | |
| Insurance | 4,400 | |
| Bad debts | 1,300 | |
| Loan | 28,000 | |
| Rental paid | 3,800 | |
| Cleaning expenses | 500 | |
Additional information:
Inventory on 30 Jun, 2021 was worth RM56,200 at market price and RM40,000 at cost.
Prepare:
(a) Trading and profit loss account for the year ended 30 June, 2021.
(b) Balance Sheet as at 30 June, 2021.
(M2022-1 Q4, 20 marks)