Homework Answers
| Solution: | |||||
| a. Statement of Profit or Loss for the year ending 31st December 2018 | |||||
| Income: | Amount in RM | ||||
| Service Revenue | 47000 | ||||
| Commission Revenue | 10000 | ||||
| Total Income | 57000 | ||||
| Expenditure | Amount in RM | ||||
| Utilities Expense | 5000 | ||||
| Interest Expense | 3000 | ||||
| Salaries and Wages Expense | 12000 | ||||
| Depreciation | 7500 | ||||
| Advertising Expense | 18500 | ||||
| Total Expenditure | 46000 | ||||
| Profit for the year | 11000 | ||||
| b. Statement of retained earning as on 31st December 2018 | |||||
| Amount in RM | |||||
| Opening Balance (1st Jan 2018 | 18000 | ||||
| Add: Profit for the year | 11000 | ||||
| Balance | 29000 | ||||
| Less: Dividend declared | 20000 | ||||
| Balance carried forward to Balance sheet | 9000 | ||||
| c. Statement of financial position as on 31st December 2018 | |||||
| Amount in RM | |||||
| Assets | |||||
| Cash | 38000 | ||||
| Accounts Receivable | 26000 | ||||
| Office Equipment (Net of dep) | 75000 | (RM 90,000 less RM 15000) | |||
| Total Assets | 139000 | ||||
| Amount in RM | |||||
| Liabilities | |||||
| Share Capital- Ordinary | 50000 | ||||
| Accounts Payable | 23000 | ||||
| Salaries and wages payable | 24000 | ||||
| Note Payable- Long term | 30000 | ||||
| Interest Payable | 3000 | ||||
| Retained earning | 9000 | ||||
| Total Liabilities | 139000 | ||||
| d. Three main activities in accounting process | |||||
| 1. The entity has long term notes payable @ 10% pa and that remain unpaid at the end of the year and is payable in following year | |||||
| 2. The entity is into the business of providing services as main activity and also earn commission as incidental activities | |||||
| 3. The entity charges 10% depreciation on reducing balance (net balance) on office equipment | |||||
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