INCOMPLETE RECORDS

1. Taylor has not kept proper bookkeeping records, but he has kept certain information about
his business as follows :

31 December 2022:
Assets : Van RM1,000; Fixtures RM700; Inventory RM850; Accounts Receivables RM950;
Bank RM1,100; Cash RM100;
Liabilities : Accounts Payables RM200; Loan from Jordan RM600

31 December 2023:
Assets : Van(after depreciation) RM800; Fixtures(after depreciation) RM630; Inventory
RM990; Accounts Payables RM1,240; Bank RM1,700; Cash RM200
Liabilities : Accounts Payables RM300; Loan from Jordan RM400; Drawings RM900

Calculate net profit for the year.

2. Kaka operates a beauty saloon and her business uses the single entry method of recording
transactions. The following information is provided as at 31st March 2023.

Items 1st April 2022 31st March 2023

(RM) (RM)

Premises 60,000 55,000

Furniture and fittings 43,800 35,600

Equipment 26,200 22,700

Creditors 12,300 14,840

Inventory 12,400 17,000

Bank 8,000 10,200

Loan 24,000 43,000

Additional information:
Kaka withdrew RM6,300 cash on 1 December 2022, and she contributed RM4,200 cash to
the business on 31st January 2023.

Required:
Prepare the statement of financial position as at 31st March 2023.
3. On 1 January 2023, Kimi started her business with a capital of RM45,000. The following
information was extracted from her books on 31 December 2023.

Item RM

Inventory 26,780

Accounts receivable 15,000

Accounts payable 4,650

Bank 10,600

Equipment 5,500

Accrued rent revenue 2,100

Additional information:
(i) Kimi withdrew cash of RM1,500 for personal use and RM150 a month to pay for
family insurance.
(ii) He deposited RM3,000 into her business’ bank account in the middle of the year.
(iii) Kimi had decided that her store equipment was to be depreciated at 10% and a
doubtful debt allocation at 5% on debtors will be established.

Required:

(a) Calculate Kimi’s capital on 31st December 2023

(b) Prepare the statement of comprehensive income for the year ended 31st December
2023.
(c) Prepare the Statement of Financial Position for Assets only as at 31st December 2023.