Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows:   Particulars Debit RM Credit RM Delivery van expenses 1,760   Lighting and heating: Factory Office   7,220 1,490   Manufacturing wages 72,100   General expenses: Factory Office   8,100 1,940   Sales representatives : Commission 11,688   Purchase of raw materials 57,210   Rent: Factory Office   6,100 2,700   Machinery (Cost : RM40,000) 28,600   Office equipment ( RM9,000) 8,200   Office salaries 17,740   Accounts receivables 34,200   Account payables   9,400 Bank 16,142   Sales   194,800 Van (cost RM6,800) 6,200   Inventory at 31 December 2020: Raw materials Finished goods   13,260 41,300   Drawings 24,200   Capital   155,950 TOTAL 360,150 360,150     Additional information: Inventory at 31 December 2020: Raw materials RM14,510 Finished goods RM44,490 Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140   Required: Prepare statement of cost production for the year ended 31 December 2020 Prepare statement of comprehensive income for the year ended 31 December 2020 Prepare statement of financial position as at 31 December 2020.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows:

 

Particulars

Debit

RM

Credit

RM

Delivery van expenses

1,760

 

Lighting and heating: Factory

Office

 

7,220

1,490

 

Manufacturing wages

72,100

 

General expenses: Factory

Office

 

8,100

1,940

 

Sales representatives : Commission

11,688

 

Purchase of raw materials

57,210

 

Rent:

Factory Office

 

6,100

2,700

 

Machinery (Cost : RM40,000)

28,600

 

Office equipment ( RM9,000)

8,200

 

Office salaries

17,740

 

Accounts receivables

34,200

 

Account payables

 

9,400

Bank

16,142

 

Sales

 

194,800

Van (cost RM6,800)

6,200

 

Inventory at 31 December 2020: Raw materials

Finished goods

 

13,260

41,300

 

Drawings

24,200

 

Capital

 

155,950

TOTAL

360,150

360,150

 

 

Additional information:

  1. Inventory at 31 December 2020:
    1. Raw materials RM14,510
    2. Finished goods RM44,490
  2. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200
  3. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140

 

Required:

  1. Prepare statement of cost production for the year ended 31 December 2020
  2. Prepare statement of comprehensive income for the year ended 31 December 2020
  3. Prepare statement of financial position as at 31 December 2020.
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