Debit Credit

( RM ) ( RM )
Supplies Expenses 5,300
Supplies 5,300
Rental Revenue 750
Unearned Rental Revenue 750
Insurance Expenses 9,000
Prepaid Insurance 9,000
Unearned Service Revenue 6,000
Service Revenue 6,000
Depreciation Expenses – Equipment 8,900
Depreciation Accumulation Expense – Equipment 8,900
Depreciation Expenses – Vehicles 6,500
Depreciation Accumulation Expense – Vehicles 6,500
Bad Debt Expenses 1,650
Account Receivable 1,650
TASK 3
QUESTION 1) A)

B)
Trial Balance as at 31 December 2022
C)

Statement of Profit or Loss for the year ended 30 December 2022

RM RM
Revenue 158,350
Service Revenue 10,050
Rental Revenue 10,350
Commision Revenue 178,750

Expense
Supplies Expenses
Insurance Expense 5,300
Depreciation Expenses – Equipment 9,000
Depreciation Expense – Vehicles 8,900
Bad Debt Expenses 6,500
Transportation Expenses 1,650
Utilities Expenses 6,700
Salaries Expenses 6,600
35,000
Net Profit (79,650)
D)

Statement of Financial Position as at 30 June 2022

RM RM RM RM
Non-Current Assets 65,000 ( 6,500 ) 58,500
Vehicles 89,000 ( 8,900 ) 80,100
Equipment 138,600

Current Assets 18,800

Account Receivable ( 1,650 )
(-) Bad Debt 17,150
Net Account Receivable 11,000
Cash 37,500
Bank 2,300
Supplies 9,000
Prepaid Insurance 76,950
215,550
Total Assets

Liabilities 13,000
Account Payable 17,000
Notes Payable 700
Unearned Service Revenue 750
Unearned Rental Revenue 31,450
Total Liabilities

Owner’s Equity
Beginning Capital 100,000
Net Profit 99,100
199,100
(-) Drawings ( 15,000 )
Ending Capital 184,100
Total Owner’s Equity And Liabilities 215,550
QUESTION 2 :

I)

Accounts Debit Credit

( RM ) ( RM )
Depreciation Expenses – Premies 6,400
Accumulated Depreciation – Premies 6,400
Depreciation Expenses – Van 4,500
Accumulated Depreciation – Van 4,500
Office Supplies Expenses 800
Office Supplies 800
Utilities Expense 700
Expenses Payable 700
Freight-In 400
Freight-Out 400
Prepaid Insurance 900
Insurance Expenses 900
II)

Perniagaan Sekmung

Statement of Comprehensive Income for the year end 30 June 2023

RM RM RM
Sales 165,800
Less : Sales Discount 900
Less : Sales Returns and Allowance 2,500
Net Sales 162,400
Less : Cost of Goods Sold 8,000
Beginning Inventories 70,000
Purchases 2,500
Less : Purchases Discounts 3,000
Less : Purchases Return and Allowance 64,500
Net Purchases 2,700
Add : Freight-IN ( 2,300 + 400 ) 67,200
Cost of Purchases ( 10,300 )
Cost of Goods Sold 75,200
Gross Profit 97,500
Add : Others Revenue
Rental Revenue 800
Less : Expenses 98,300
Office Supplies Expenses 800
Depreciation Expense – Premies 6,400
Depreciation Expense – Van 4,500
Utilities Expense ( 1,800 + 700 ) 2,500
Freight-Out 1,700
Salaries Expense 30,000
Interest Expense 600
Miscellaneous Expense 2,500
Insurance Expense ( 1,800 – 900 ) 900
( 49,900 )
Net Profit 48,400
III)

Perniagaan Sekmung

Statement of Financial Position as at 31 December 2023

RM RM RM
ASSETS
Current Assets
Account Receivable 15,000
Bank 50,000
Cash 22,000
Prepaid Insurance 900
Office Supplies 1,400
Ending Inventories 10,300
Total Current Assets 99,600
Non-Current Assets
Plant , Property and Equipment
Van 45,000
(-) Accumulated Depreciation – Van 13,500
31,500
Premies 80,000
(-) Accumulated Depreciation – Premies 19,200
60,800
Total Non-Current Assets 92,300
TOTAL ASSETS 191,900
OWNER’S EQUITY
Capital 68,800
Net Profit 48,400
117,200
(-) Drawings 4,000 113,600
TOTAL OWNER’S EQUITY 113,200
LIABILITIES
Current Liabilities
Account Payable 23,000
Utilities Expense Payable 700
Total Current Liabilities 23,700
Non-Current Liabilities
Loan 55,000
Total Non-Current Liabilities 55,000
TOTAL LIABILITIES 78,700
TOTAL OWNER’S EQUITY AND LIABILITIES 191,900