5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Debit Credit RM RM Captal Drawings...

5

Chapter : Manufacturing Accounting

Extracted text: 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Debit Credit RM RM Captal Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials 15,000 2,000 90,000 3,400 6.100 18,000 800 Carriage inwards Factory wages Office salaries 18.500 16,900 10,400 Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount receved 1,200 750 2,500 3.750 950 1.400 650 1,600 Carrage outwards Plant and machinery, a cost less depreciation Car, at cost less depreciation Bank Cash in hand Account receivable and account payable 375 9,100 4,200 3,600 325 7,700 112,600 6.000 TOTAL 112.600 Additional informaton: i. Inventory at 31 Dacember 2020: a. Raw materials RM2,900 RM8,200 b. Finished goods i. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car RM1,500 RM500 ii. At 31 December 2020 insurance paid in advance was RM150 and office general expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office v. Insurance are to be apportoned: % Factory % Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.