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The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Мас 2020: Particulars Debit Credit RM RM Purchases and Sales 377,000 432,000 102,000 625,000 950,000 Plant and machinery Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles 175,000 39,000 760 1,500 44,000 4,700 5,500 15,400 3,600 Discount allowed and discount received Returns inwards and returns outwards Carriage inwards Carriage outwards Custom duties 12,200 Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates 2,000 300,000 65,000 4,000 55,000 Insurance Mortgage on land and building Repairs and maintenance Commission earned 450,000 6,300 95,000 Accounts receivables 187,000 Account payable Inventory - 1 April 2019 Cash at bank 166,500 51,000 41,100 429,640 2,320,100 2,320,100 Сapital ТОTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 Depreciation for the year: Plant and machinery ii. RM25,700 RM15,300 а. b. Vehicles iii. Accrued expenses: Rent and rates RM1,000 RM4,800 a. b. Electricity and water Expenses paid in advance: Salaries and wages iv. a. RM4,500 1/0 b. Insurance RM5,000 Inventory on 31 Mac 2020 was RM42,800. V. Required: Prepare the Statement Profit or Loss and Other Comprehensive Income for the a) year ended 31 Mac 2020. Prepare the Statement of Financial Position as at 31 Mac 202o. b)

The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Мас 2020: Particulars Debit Credit RM RM Purchases and Sales 377,000 432,000 102,000 625,000 950,000 Plant and machinery Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles 175,000 39,000 760 1,500 44,000 4,700 5,500 15,400 3,600 Discount allowed and discount received Returns inwards and returns outwards Carriage inwards Carriage outwards Custom duties 12,200 Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates 2,000 300,000 65,000 4,000 55,000 Insurance Mortgage on land and building Repairs and maintenance Commission earned 450,000 6,300 95,000 Accounts receivables 187,000 Account payable Inventory - 1 April 2019 Cash at bank 166,500 51,000 41,100 429,640 2,320,100 2,320,100 Сapital ТОTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 Depreciation for the year: Plant and machinery ii. RM25,700 RM15,300 а. b. Vehicles iii. Accrued expenses: Rent and rates RM1,000 RM4,800 a. b. Electricity and water Expenses paid in advance: Salaries and wages iv. a. RM4,500 1/0 b. Insurance RM5,000 Inventory on 31 Mac 2020 was RM42,800. V. Required: Prepare the Statement Profit or Loss and Other Comprehensive Income for the a) year ended 31 Mac 2020. Prepare the Statement of Financial Position as at 31 Mac 202o. b)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Particulars Debit RM Credit RM Purchases and Sales Plant and machinery_ 377,000 432,000 102,000 625,000 950,000 Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles 175,000 39,000 1,500 44,000 4,700 5,500 15,400 3,600 Discount allowed and discount received 760 Returns inwards and returns outwards 12,200 Carriage inwards Carriage outwards Custom duties Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates 2,000 300,000 65,000 4,000 55,000 Insurance Mortgage on land and building Repairs and maintenance Commission earned 450,000 6,300 95,000 Accounts receivables 187,000 Account payable Inventory – 1 April 2019 Cash at bank 166,500 51,000 41,100 Capital 429,640 2,320,100 2,320,100 TOTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 ii. Depreciation for the year: Plant and machinery RM25,700 RM15,300 a. b. Vehicles iii. Accrued expenses: RM1,000 RM4,800 a. Rent and rates b. Electricity and water iv. Expenses paid in advance: Salaries and wages a. RM4,500 RM5,000 v. Inventory on 31 Mac 2020 was RM42,800. b. Insurance Required: a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020. b) Prepare the Statement of Financial Position as at 31 Mac 2020.
Transcribed Image Text:4. The trial balance below was extracted from the books of CiciCaca Enterprise as at 31 Mac 2020: Particulars Debit RM Credit RM Purchases and Sales Plant and machinery_ 377,000 432,000 102,000 625,000 950,000 Vehicles Land and building Accumulated depreciation: Plant and machinery Vehicles 175,000 39,000 1,500 44,000 4,700 5,500 15,400 3,600 Discount allowed and discount received 760 Returns inwards and returns outwards 12,200 Carriage inwards Carriage outwards Custom duties Drawings Provision for doubtful debts Salaries and wages Electricity and water Rent and rates 2,000 300,000 65,000 4,000 55,000 Insurance Mortgage on land and building Repairs and maintenance Commission earned 450,000 6,300 95,000 Accounts receivables 187,000 Account payable Inventory – 1 April 2019 Cash at bank 166,500 51,000 41,100 Capital 429,640 2,320,100 2,320,100 TOTAL The following additional information is to be taken into consideration: i. Increase in provision for doubtful debts to RM3,610 ii. Depreciation for the year: Plant and machinery RM25,700 RM15,300 a. b. Vehicles iii. Accrued expenses: RM1,000 RM4,800 a. Rent and rates b. Electricity and water iv. Expenses paid in advance: Salaries and wages a. RM4,500 RM5,000 v. Inventory on 31 Mac 2020 was RM42,800. b. Insurance Required: a) Prepare the Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020. b) Prepare the Statement of Financial Position as at 31 Mac 2020.
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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