Answer to Question #294669 in Accounting for Izzatieyz

Question

The following adjustments need to be considered:

1 Shop rental was KM2, 000 per month and payment was made starting from July 20x7.

2 One of the customers was declared bankrupt and unable to settle the debts. The customer still owed

RM4,000.

3 Interest on a loan from Affin Bank for the year ended 30 June 20x8 was still outstanding. The agreement

was signed on 31 January 20x8.

4 Salary for Akim, the accounts clerk, amounting to RM3,000 was still unpaid.

5 Allowance for doubttul debts is to be provided at 5% on net accounts receivable.

6 An annual depreciation is to be provided as follows:

Cabinet

10% on cost

Furniture and fittings 10% on carrying value

7 A delivery van worth RM70,000 was purchased on July 20x7. The residual value was RM10,000. Its useful

life is for 5 years.

8 The owner, Datin Rossa, withdrew cash of RM200 and took a camera worth RM5,000 for her daughter's

birthday.

9 Stock as at 30 June 20x8 was RM32,000.

Required:

Other Comprehensive Income for the vear ended 30 Tune

Answer 1

Statement of other comprehensive Income

Sales                  0  

Cost of sales                  0  

Gross Profit / (Loss)                 0  

Less : Selling and Admin Expenses

Rent Expense        24,000

Bad debts expenses           4,000

Salaries Expenses           3,000

Depreciation Expense - Delivery Van         12,000

Total Expenses        43,000

Operating Loss        43,000

NOTE : GIVEN DATA IS NOT COMPLETE TO ANSWER THE QUESTION. THE ANSWER IS PROVIDED BASED ON THE GIVEN DATA.