Answer to Question #310980 in Accounting for nanat

Question

Additional information as at 31 December 2021:

1. Closing inventories is RM12,500.
2. Wages and salaries accrued amount to RM700.
3. Rent prepaid amounts to RM300.
4. Bank loan interest of 10 per cent per annum is outstanding.
5. Provision for doubtful debt for account receivables of 2 per cent is to be made.
6. Depreciation is to be charged at 2 per cent of cost on the premises and 10 per cent of cost on the plant.

You are required to prepare the following for G-Mart Sdn. Bhd.:

1. The journals for adjusting entries of additional information ii, iii, iv and v. (8 marks)
2. Statement of Comprehensive Income for the year ended 31 December 2021. (10 marks)
3. Statement of Financial Position as at 31 December 2021. (12 marks)

Answer 1

The answer to your question is provided in the image: