Question

You are assigned to prepare the income statement for the year ended 31 March 2020 and...

You are assigned to prepare the income statement for the year ended 31 March 2020 and the balance sheet as at 31 March 2020 based on the following information:
Accounts   RM
Cash   31,000
Accounts Receivable   76,000
Supplies   9,500
Office Equipment   12,000
Accumulated Depreciation   3,600
Accounts Payable   24,000
Salaries Payable   16,000
Capital   71,220
Drawings   13,000
Service Revenue   95,400
Interest Income   11,500
Salaries Expense   39,700
Supplies Expense   4,200
Depreciation Expense   1,200
Rental Expense   35,000
Miscellaneous Expense   120


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Income Statement

Balance Sheet

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