Question

The following is the trial balance of DRS Trading as at 31 al balance of DRS Trading as at 31 December 2018. Credit (RM) 16,500 34,000 246,290 DRS Trading Trial Balance as at 31 December 2018 Particulars Debit (RM) Cash at bank 18,750 Account Receivable 12,840 Inventory as at 1 January 2018 26,500 Motor vehicles 45,000 Freehold premises 215,000 Account payable 10% Mortgage on freehold premises Capital on 1 January 2018 Purchases 128,900 General expenses 70,300 Carriage outwards E 21,000 Drawings 7,400 Carriage inwards 600 Sales Returns inwards 1,000 Returns outwards Discount received Discount allowed 800 548,090 250,000 700 600 548,090 Inventory on hand as at 31 December 2018 was RM30,000. REQUIRED: a. Prepare the statement of profit or loss for the year ended 31 December 2018. (13 Marks) b. Prepare the statement of financial position as at that date. (12 Marks)

1) Prepare the statement profit or loss for the year ended 31 December 2018

2)Prepare the financial position as that date.

Answer 1

- - - Statement of Progit@) dous Atc fr the year ended 31 sec 2018 - DRS Trading - Particulars Amount(s) Particulars Amount & To opening stock (01/01/2018) 26,500 By sales 250,000 To Purchases 128,900 den returns (1000) 249,000 dent returns (700) 128,200 By carriage outwards 21,000 To carriage inwards 600 By closing stock 30,000 12/18 To Good Prosit (2/2) 144,700 300,000 To General Expenses 70,300 By Gres Profit (old) 144700 To Discourt allowed 800 By Discount suceived 600 To Int on freehold 8400 premises To Net profit Celd) 70800 to Balance sheet 300,000 145,300 145,300

a non ason the date of 3rt Dec 2018 Amount (8) Inventory (²) statement of financial, position as on the daleg DRS Trading statement of financial portion December 31st 2018. Particulats Assets: Current Assets Cash at Bank 18,750 Accounts Receivable 12,840 30,000 Fixed Arseti Motor Vehicles Freehold premises other cassets Total Anets Liabilities: current liabilities Accounts payable Long term liabilities. 10-7. mortgage on freshold premises Owner's equity Capital on 1st Jan 2018#246,290 deur Drawings (7400 Netprofit Total Shareholdersequity 1360190 45,000 215,000 38,600 360190 16,500 34,000 2 38,890 70,800 Total Share Liabilities