BKAN1013: Basic Accounting Assignment, UUM, Malaysia The unadjusted trial balance of GIGAMA Enterprise as of 31 December 2022 is as follows
| University | Universiti Utara Malaysia (UUM) |
| Subject | BKAN1013: Basic Accounting |
QUESTION
The unadjusted trial balance of GIGAMA Enterprise as of 31 December 2022 is as follows:
The followings are information related to year-end adjustments.
- Salaries accrued on 31 December 2022 were RM5,000.
- Insurance premiums that expired during the year were RM2,240.
- Office supplies on hand on 31 December 2022 were RM1,550.
- Unbilled customers at the end of the year amounted to RM7,000.
- The motor vehicle is purchased on 1 July 2022. It is estimated that the vehicle has an expected useful life of 20 years and has an RM10,000 scrap value. The business uses a straight-line method to depreciate the asset.
REQUIRED:
- Prepare the Statement of Profit or Loss and Other Comprehensive Income of GIGAMA Enterprise for the year ended 31 December 2022.
- Prepare the Statement of Changes in Equity of GIGAMA Enterprise for the year ended 31 December 2022.
- Prepare the Statement of Financial Position of GIGAMA Enterprise as of 31 December 2022.
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