Assignment Task
Task
For part B – financial statements: to prepare the required financial statements in the space provided. This section is worth a total of 34 marks.
For part C – accounting worksheet: to prepare an accounting worksheet for a company. This section is worth a total of 26 marks.
Part B: Financial Statements
The balances of the accounts of Adeline Trading Sdn Bhd for the month ended 31 December 2021 are as follows:
- Accounts payableRM 3,100Dividends paidRM 8,000
- Accounts receivable10,400Insurance expense2,200
- Buildings 260,000Supplies400
- Cash15,600Accrued expenses payable3,300
- Sales revenue40,600 Rent expense2,400
- Share capital261,000Salaries expense 10,000
- Retained earnings (beginning)25,900Cost of Goods Sold24,900
Required:
Prepare an income statement, and a classified statement of financial position for Adeline Trading Sdn Bhd. Show your calculation of Retained Earnings clearly.
Part C: Accounting Worksheet (26 marks)
The following business transactions are related to Baron for his first month of business operations in August 2021 2021 August 1 Commenced business operations with a RM300,000 cash injection of personal funds.
- 2 Paid monthly rent RM1,500.
- 4 Purchased office stationery RM2,000 on credit from Stationery Plus Sdn Bhd.
- 7 Purchased office equipment on credit from Supplies Bhd worth RM10,000.
- 9 Invoice Mutu for services rendered RM3,000.
- 13 Mutu paid the amount outstanding for the above invoice.
- 14 Met with prospective client and negotiated the provision of financial advice for client and family quoting RM5,000.
- 17 Paid monthly car parking permit RM220.
- 19 Withdrew cash from business amounted to RM2,000 for personal use.
- 22 Paid WWW Bhd for monthly internet use RM182
Required:
a.Fill up the accounting worksheet below for the month of August 2021 from the above information. Date August2021 Cash Accounts Receivable Office Equipment Creditor Capital Profit and loss Total b.What is the profit or loss that Baron made for the month of August 2021? What is the cash balance at the end of August 2021?
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