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COMPREHENSIVE ANSWERS CHAPTER 8
Statement of Profit or Loss for the year ended 31 December 2018 (extract) Other revenue RM Rental received 20, Expenses Water and electricity 3, Salaries and wages 20, Statement of Financial Position as at 31 December 2018 (extract) RM Current asset Prepaid rent revenue 5, Current Liabilities Accrued Water and electricity 580 Accrued Salaries and wages 6,
Statement of Profit or Loss for the year ended 31 December 2018 (extract) RM Other revenue Hibah received 3, Commission received 4, Other expenses Salaries and wages 18, Utilities 4, Postage and courier 6,
Statement of Financial Position as at 31 December 2018 (extract) RM Current asset Prepaid postage 1, Accrued hibah received 1, Current liabilities Accrued Salaries and wages 3, Prepaid commission 400
i. Dr Prepaid salesman commission RM1, Cr salesman commission RM1, ii. Dr Rent expense RM1, Cr Accrued rent expense RM1, iii. Dr Accrued interest received RM6, Cr Interest received RM6, iv. Dr Rent received RM Cr Prepaid rent expense RM
Revenues Total Commission received RM30, Expenses Total Marketing expenses RM8, Total Current Assets Accrued commission received RM9, Total Current Liabilities Accrued marketing expense RM1,
Less: Expenses Carriage outward 1, Stationeries (225+50) 275 Insurance (895-500) 395 Salaries and wages (4,490+400) 4, Motor vehicle repairs 3, Training expense (3,250-1200) Packaging expense (8,850+8,840) Logistics expense (3,850-400)
Net loss 29620
Bluetea Enterprise Statement of Financial Position as at 31 December 2018 RM RM RM Non-Current Assets Cost Accumulated depreciation Carrying value Office equipment 605 Motor vehicle Furniture and fittings Machinery Shop lot
Current Assets Cash (70-400) 70 Accounts receivable 10, Closing inventory Prepaid insurance Prepaid training expense
Owner’s Equity Capital 4, Less: : Net Loss (29,620) Drawings (1,425+400) (1,825) Ending capital (27,360) Non-Current Liabilities Long term loan from Blink Bank 232, Mortgage on premises 140,000 372, Current Liabilities Accounts payable Bank overdraft Accrued salaries and wages Accrued stationery Accrued packaging expense
