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Category: Business and Industry
Date Submitted: 11/07/2012 09:04 AM
Bachelor of Commerce (Hons) Accounting
Bachelor of Business Administration (Hons) Banking & Finance
Bachelor of Finance (Hons)
Year 1 Semester 1
Faculty of Business and Finance
Department of Commerce & Accountancy
UBAF1013 Financial Accounting Framework I
Tutorial 7 - Questions
|(1) | | |
From the following trial balance of B. Morse drawn-up on conclusion of his first year in
business, draw up an income statement for the year ending 31 December 2013 and a
statement of financial position as at 31 December 2013.
Trial balance as at 31 December 2013
Dr
Cr
General expenses
305
Business rates
2,400
Motor expenses
910
Salaries
39,560
Insurance
1,240
Purchases
121,040
Sales
235,812
Car
4,300
Account Payable
11,200
Accout Receivable
21,080
Premises
53,000
Cash at bank
2,715
Cash in hand
325
Capital
23,263
Drawings
23,400
270,275
270,275
Inventory at 31 December 2013 was rm14, 486.
(Woods, F., 2012, p.89)
| | | | | | | | | | | | | | | | | | | | (2)
Chew Peng opened a bicycle shop on 1 July 2009 by contributing $20,000 cash into the business bank account & a motor vehicle worth $6,000.
You are required to:
a) Journalize the following transactions which took place during the month.
b) Prepare Income Statement for the month ended 31 July 2009.
c) Transfer the net profit or loss to the Capital...