c.

Statement Of Profit Or Loss

STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31st DECEMBER 2022

RM RM RM

Sales 220,000
( 2,500 )
( - ) Sales Return and Allowances
( 950 )
( - ) Sales Discount
Net Sales 216,550

( - ) Cost Of Goods Sold

Beginning Inventory 24,800
Purchase 145,000
( - ) Purchase Return and Allowances ( 1,300 )
( - ) Purchase Discount ( 1,250 )
Net Purchase 142,450 142,450
Cost Of Goods Available for sale 167,250
( - ) Ending Inventory ( 18,000 )
Cost Of Goods Sold ( 149,250 )
Gross Profit 67,300
( + ) Other Revenue
Commission Revenue ( 3,300 – 700 ) 2,600
69,900
( - ) Operating Expenses
Bad Debts Expenses ( 800 + 760 ) 1,550
Salaries Expense ( 25,800 ) 25,800
Miscellaneous Expense ( 6,600 + 850 ) 7,450
Rental Expense ( 800 – 8,200 ) 7,400
Depreciation Expense - Vehicles 7,000
Depriciation Expense - Office Equipment 3,750 ( 52,950 )
Net Profit 16,950

d. Financial Position Statement

 THE STATEMENT OF FINANCIAL POSITION
AS AT 31st DECEMBER 2022

RM RM RM
Current Assets
Inventory 18,000
Cash 1,600
Accounts Receivable 42,050
Prepaid Shop Rental 800
Total Current Assets 62,450

Non- Current Assets

Vehicles 70,000
( - ) Accumulated Depreciation - Vehicles ( 21,000 ) 49,000
Office Equipments 25,000
( - ) Accumulated Depreciation – Office Equipments ( 8,750 ) 16,250
Total Non-Current Assets 65,250
Total Assets 127,700

Owner`s Equity
Beginning Capital 100,000
( + ) Net Profit 16,950
( - ) Drawings ( 4,300 ) 112,650
Ending Capital

Current Liabilities
Accounts Payable 13,500
Unearned Revenue 700
Expenses Payable 850
Total Current Liabilities 15,050

Total Liabilities and Owner`s Equity 127,700

a. Adjustment Records
GENERAL JOURNAL
 Date Account Explanation Debit ( RM ) Credit ( RM )

Dec 31 Inventories 31 December 18,000

Capital 18,000
( To record capital )

31 Commission Revenue 700

Unearned Commission 700
( To record adjustment unearned commission )

31 Prepaid ShopRental 800

Shop Rental 800
( To record prepaid rental )

31 Drawings 1,300
Cash 1,300
( To record drawings )

31 Bad Debts Expense 750

Accounts Receivable 750
( To record bad debts expense )

31 Expenses 850
Expenses Payable 850
( To record adjustment expense payable )

31 Depreciation Expense - Vehicles 7,000

Accumulated Depreciation - Vehicles 7,000
( To record depreciation expense of vehicles )

31 Depreciation Expense – Office Equipment 3,750

Accumulated Depreciation – Office Equipment 3,750
( To record depreciation expense of office
equipment )

b. Adjusted Trial Balance

Debit ( RM ) Credit ( RM
Capital ( 100,000 ) 100,000
Vehicles ( 70,000 ) 70,000
Accumulated Depreciation – Vehicles ( 14,000 + 7,000 ) 21,000
Office Equipments ( 25,000 ) 25,000
Accumulated Depreciation – Office Equipments (5000 + 3,750) 8,750
Inventories 1st January ( 24,800 ) 24,800
Cash ( 2,900 – 1,300 ) 1,600
Purchases ( 145,000 ) 145,000
Sales ( 220,000 ) 220,000
Bad Debts Expense ( 750 + 800 ) 1,550
Accounts Receivable ( 42,800 – 750 ) 42,050
Accounts Payable ( 13,500 ) 13,500
Purchases Discount ( 1,250 ) 1,250
Sales Discount ( 950 ) 950
Salaries Expense ( 25,800 ) 25,800
Sales Returns and Allowances ( 2,500 ) 2,500
Miscellaneous Expense ( 6,600 + 850 ) 7,450
Purchase Returns and Allowances ( 1,300 ) 1,300
Rental Expense ( 8,200 – 800 ) 7,400
Commission Revenue ( 3,300 – 700 ) 2,600
Drawings ( 3,000 + 1,300 ) 4,300
Unearned Revenue ( 700 ) 700
Shop Prepaid Rental ( 800 ) 800
Expenses Payable ( 850 ) 850
Depreciation Expense- Vehicles ( 7,000 ) 7,000
Depreciation Expense- Office Equipment ( 3750 ) 3,750

Total 369,950 369,950

ADJUSTED TRIAL BALANCE AS AT 31st DECEMBER 2022