Income Statement and Balance Sheet of Mama Mia S/B Q4

Q.
The following trial balance was extracted from the account books of Mama Mia Sdn Bhd as the close business ended on 31 December 2014.

Inventory at 31 December 2014 was valued at RM12,800 (market price) and RM15,100 (cost price) respectively.

Prepare:

(i) Trading, Profit and Loss Account (Income Statement) for the year ended 31 December 2014. (10 marks)

(ii) Balance Sheet as at 31 December 2014. (10 marks)

(20 marks, 2015 Q4)

A.

Ref: