Scribd Logo
Upload

Welcome to Scribd!

  • Chapter 3 Financial Statement (Without Adjustment) Exercise 1 Question

    Uploaded by

    jasongojinkai2007
    3 views1 page
    The trial balance provides account balances for ABA Company as of December 31, 2011. It lists expenses including wages, purchases, customs duties, insurance, and commissions. It also lists revenues including sales, returns, discounts received and rental income. Additional information provides the inventory valuation at year end. The student is asked to prepare an income statement for the year ended December 31, 2011 using this trial balance information.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The trial balance provides account balances for ABA Company as of December 31, 2011. It lists expenses including wages, purchases, customs duties, insurance, and commissions. It also lists revenues including sales, returns, discounts received and rental income. Additional information provides the inventory valuation at year end. The student is asked to prepare an income statement for the year ended December 31, 2011 using this trial balance information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    3 views1 page

    Chapter 3 Financial Statement (Without Adjustment) Exercise 1 Question

    Uploaded by

    jasongojinkai2007
    The trial balance provides account balances for ABA Company as of December 31, 2011. It lists expenses including wages, purchases, customs duties, insurance, and commissions. It also lists revenues including sales, returns, discounts received and rental income. Additional information provides the inventory valuation at year end. The student is asked to prepare an income statement for the year ended December 31, 2011 using this trial balance information.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Name: Class: Adm No.

    : Marks:

    Chapter 3 Financial Statements (Format Only)-Exercise 1

    The following was a Trial Balance as at 31 December 2011 of ABA Company.

    ABA Company
    Trial Balance
    As At 31 December 2011
    Debit Credit
    RM RM
    Sales 41,000
    Carriage Inwards 1,800
    Return Outwards 2,700
    Wages And Salaries 8,000
    Purchases 26,000
    Inventory, 1 January 2011 3,000
    Return Inwards 2,000
    Discounts Allowed 1,400
    Customs Duties 1,000
    Insurance Expenses 1,300
    Bad Debts 500
    Discounts Received 2,500
    Rental 1,800
    Office Furniture 4,800
    Commission Income 1,600
    Legal Fees 2,100
    Miscellaneous Expenses 1,000
    Motor Van 30,000
    Salesman Commission 1,300
    Motor Van Expenses 2,500
    Interest Expenses 500
    Capital 38,800
    Drawings 1,200
    88,400 88,400

    Additional information:
    - Inventory at 31 December 2011 was market valued at RM 4,080 and cost valued at RM 3,600.

    You are required to prepare:


    (i) Income Statement for the year ended 31 December 2011.

    [ Answer:(a) Gross Profit RM13,500 , Net Profit RM800 ]

    You might also like