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:

BKAN1013 BASIC ACCOUNTING

The followings are information related to year-end adjustments.

  1. Salaries accrued on 31 December 2022 were RM5,000.
  2. Insurance premiums that expired during the year were RM2,240.
  3. Office supplies on hand on 31 December 2022 were RM1,550.
  4. Unbilled customers at the end of the year amounted to RM7,000.
  5. 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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