SEM113 - Principles of Accounting - Accounting and Finance Assignment Help

Assignment Task

Additional Information:

1. The closing inventory at 30 September 2017 was valued at RM31,500.

2. Included in the insurance costs above is RM9,600 which relates to the year ended 31 December 2017.

3. Telephone and internet charges are consistent at RM270 per month. The figure included in the trial balance above does not include telephone and internet charges for August and September 2017.

4. 40% of carriage relates to carriage inwards and the remainder relates to carriage outwards.

5. Additional bad debts of RM1,600 are to be written off.

6. Depreciation is to be provided as follows: Motor vehicles 10% Straight line method Equipment 15% Reducing balance method

7. When reviewing the purchase account, it was noted that RM1,200 for motor repairs had been debited to it in error.

8. The bank had advised the company that 6% of interest yet to be charged on the overdraft bank.

9. The balance of interest on loan has not been paid for the year and interest on fixed deposit has not been received for the year.

Required:

a) Prepare the statement of profit or loss for the year ended 30 September 2017.

b) Prepare the retained earnings statement for the year ended 30 September 2017.

c) Prepare the statement of financial position as at 30 September 2017.

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