P&L and Balance Sheet Q4

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)

Leave a Reply