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Business · Accounting
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Exercise 24- sole proprietor. The following information was obtained from the book of his Mr. Hazran is a business on 31 December 2010. Worksheet as at 31 December 2010 Trial Balance Adjustment Adjusted Trial Balance Account (RM) (RM) 30,000 8,500 40,000 5,500 Motor Vehicle Furniture Building Inventory (I January 2010 Account receivables 8,000 Account payables 12,000 3,000 Accumulated depreciation-Motor Vehicles Accumulated depreciation-Furniture 1,500 Provision for doubtfui 200 debts Cash Bank Salary Sales return and Purchase return Discount Electricity and water Rent Sales and purchase 15,000 3,000 1,200 700 900 500 350 600 800 4,000 Capital Total Additional information: 82,950 114,350 114,350 a) Ending inventory as at 31 December 2010 is RM6,800. b) The depreciation rate for motor vehicle is 10% on cost and for furniture is 5% on cost. c) The provision for doubtful debts is 3%. d Accrued electricity and water bill is RM50. e) Rent paid is RM45 per month. Required: 1. Use a worksheet to adjust the account balances. (10 marks) Pr fepare an income statement for the year ended 31 December 2010 and a balance sheet as at date. (20 marks)

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