sem5 akaun latihan

Faculty of

Management

UNIVERSITI TEKNOLOGI MALAYSIA

UJIAN 2 SEMESTER I

SESI 2013/2014

(TEST 2 SEMESTER I

2013/2014 SESSION)

KOD KURSUS

(COURSE CODE) : SHAC 1023

NAMA KURSUS

(COURSE) : PERAKAUNAN KEWANGAN

(FINANCIAL ACCOUNTING)

PROGRAM

(PROGRAMME) : SARJANA MUDA

(BACHELOR DEGREE)

MASA

(DURATION) : 2 JAM

(2 HOURS)

TARIKH

(DATE) : 21 NOVEMBER 2013

MARKAH

(MARKS) : 40 (CONTRIBUTING TO 20 PERCENT OF THE

OVERALL MARKS)

ARAHAN KEPADA CALON:

(INSTRUCTION TO CANDIDATES)

Jawab SEMUA soalan.

(Answer ALL questions)

KERTAS UJIAN INI TERDIRI DARIPADA 5 MUKA SURAT SAHAJA (TERMASUK

MUKA SURAT INI).

THIS TEST PAPER CONSISTS OF 5 PAGES ONLY (INCLUDING THIS PAGE).

2

1. The following information was extracted from the ledger of First Year Enterprise as at 30

September 2013:

First Year Enterprise

Trial Balance as at 30 September 2013

Debit

(RM)

Credit

(RM)

Bank 12 300

Debtors 29 080

Creditors 24 370

Stocks at 1 October 2012 29 700

Sales 155 000

Purchases 87 300

Return outwards 4 600

Return inwards 3 960

Discounts allowed 3 740

Discounts received 2 190

Carriage inwards 1 400

Carriage outwards 1 800

Office equipment 15 000

Provision for depreciation – Office equipment 4 500

Motor vehicles 80 000

Provision for depreciation – Motor vehicles 20 000

Land and buildings 150 000

Drawings 3 500

Capital 233 600

General expenses 1 430

Wages and salaries 20 000

Insurance 1 300

Advertising 1 800

Rent received 2 200

Printing and stationary 800

Water and electricity 1 600

Bad debts 1 700

Provision for doubtful debt 1 050

Telephone bill 1 100

447 510 447 510

3

Additional information:

(i) Stocks at 30 September 2013 RM26 100

(ii) Amounts owing:

Carriage inwards RM300

Wages and salaries RM2 500

Advertising RM430

(iii) Insurance expense for the period RM1 200.

(iv) Further bad debts written off RM280.

(v) Provision for doubtful debt is estimated at 5% of outstanding debtors.

(vi) Rent received in advance RM480.

(vii) Provide for discounts on debtors 2% of outstanding debtors (round to nearest figure).

(viii) The policy for the depreciation for fixed assets are as follows:

Office equipment : 10% per annum on cost.

Motor vehicle : 20% per annum on cost.

Required:

Prepare

(a) Statement of Comprehensive Income for the year ended 30 September 2013.

(b) Statement of Financial Position as at that date.

(30 marks)

4

2. The cash book and the bank statement of ABZ Sdn. Bhd. for the month of September

2013 are as follows:

Cash Book

2006 RM 2006 Cheque No. RM

June 1 Balance b/d 17 900 June 2 Purchases 1901 5 750

4 Sales 14 500 5 Insurance 1902 2 800

9 Bee Sim 7 300 8 Gian Singh 1903 14 000

10 Muthu 4 200 13 Lam Soon 1904 4 570

21 Commision 1 800 14 Maniam 1905 6 220

24 Kuan Kee 6 800 26 Furniture 1906 3 450

27 Chai Seng 5 400 27 Salaries 1907 2 600

29 Ramadhan 2 550 28 Syawal 1908 3 430

30 Maimun 3 240 30 Rates 1909 1 500

Balance b/d 19 370

63 690 63 690

Date Detail Debit Credit Balance

2006 RM RM RM

June 1 Balance 22 000

2 Cheque No. 1898 2 500 19 500

3 Cheque book 15 19 485

4 Cheque No. 1901 5 750 13 735

5 Deposit (sales) 14 800 28 535

6 Cheque No. 1902 2 800 25 735

7 Credit transfer – Raihan 540 26 275

8 Cheque No. 1899 1 600 24 675

10 Cheque No. 1903 14 000 10 675

11 Bee Sim 7 300 3 375

12 Muthu 4 200 7 575

15 Cheque No. 1904 4 750 2 825

16 Interest on fixed savings 2 850 5 675

17 Cheque No. 1905 6 220 (545)

18 Standing order – UDT 440 (985)

20 Commission 1 800 815

21 Bee Sim 7 300 8 115

22 Dividends 1 000 9 115

26 Kuan Kee 6 800 15 915

28 Cheque No. 1907 2 600 13 315

30 Bank charge 10 13 305

5

Note: Any errors of entry occurred are errors in the cash book.

Required:

(a) Update the cash book.

(b) Prepare the bank reconciliation statement as on 30 September 2013.

(10 marks)

Solutions for Test 2

SHAC 1023

1/201314

Question 1 (30 marks)

Statement of Comprehensive Income for the Year Ended 30 September 2013

RM RM RM

Sales 155 000

(-) Return inwards (3 960)

151 040

Less Cost of Goods Sold

Opening Stocks 29 700

Purchases 87 300

(-) Return outwards (4 600)

82 700

Carriage inwards (1 400 + 300) 1 700

Cost of goods ready for sale 114 100

(-) Closing stocks (26 100)

COGS 88 000

Gross profit 63 040

Add: Other revenue

Discount received 2 190

Rent received (2 200-480) 1 720

66 950

Less other expenses

Bad debt (1 700 + 280) 1 980


Discount allowed 3 740


Depreciation: OE (10% x 15 000) 1 500

Depreciation: MV (20% x 80 000) 16 000

Wages/ salaries (20 000+2 500) 22 500

Insurance (1 300-100) 1 200

Advertising (1 800 + 430) 2 230

Printing & stationery 800

Water & electricity 1 600

Prov for doubtful debt1 390

Prov for discount expense2 547

Telephone bill 1 100

(56 817)

Net profit 10 133

Workings:

1. Prov. For Doubtful Debt = 5% x (29 080 -280)

= 1 440

» increase in prov for d. debt = 1 440 - 1 050

= 390

2. Prov for Discount Expense = 2% x (29 080 – 280 – 1 440)

= 547.2

~ 547

Statement of Financial Position as at 30 September 2013

Non-current assets (Fixed assets) RM RM RM

Land and buildings 150 000


(-) Prov for dep – motor vehicle

(20000+16000)

(36 000) 44 000

Equipment 15 000

(-) Prov for dep – equipment ( 4 500 + 1

500)

(6 000) 9 000

203 000

Current assets

Stcks 26 100

Debtors 28 800

(-) Prov for d.debt 1 440

(-) Prov for discount exp 547 26 813

Bank 12 300

Prepaid insurance 100 65 313

268313

Owner’s Equity

Capital 233 600

(+) Net profit 10 133

243 733

(-) Drawings (3 500) 240 233

Current Liabilities

Creditors 24 370

Accrued expenses1 3 230

Prepaid rent rev 480 28 080

268 313

Workings:

1. Accrued expenses = 300 + 2 500 + 430

= 3 230

……………………………………………………………………………………………………....

Question 2 (10 marks)

Cash Book (Bank column)

2013 RM 2006 RM

Sep 30 Balance b/d (unadjusted) 19 370 Sep 30 Lam Soon 180

Sales 300 Cheque Book 15

Raihan 540 Bee Sim 7 300

Interest for Fixed Deposit 2 850 UDT 440

Dividend 1 000 Bank charge 10

Balance c/d (adjusted) 16 115

24 060 24 060

Bank Reconciliation Statement as at 30 September 2013

RM RM

Balance as at Cash Book (adjusted) 16 115

(+) Unpresented cheque

No. Cheque 1906 3 450

No. Cheque 1908 3 430

No. Cheque 1909 1 500 8 380

24 495

(-) Uncredited lodgement (deposit)

Chai Seng 5 400

Ramadhan 2 550

Maimun 3 240 11 190

13 305

SHAC 1023

Assignment 1

Question 1

On 1 January 20X9, Mona started a business , Sri Mekar Trading, which sells sports equipment.

She brought into the business a used car valued at Rm48,000 and cash RM200,000.

The business transactions in January 20X9 for Sri Mekar Trading were as follows:

Jan. 2 Opened a bank account with BBMB and transferred cash RM180,000 into the

bank.

Jan.3 Paid rent RM3,200 by cheque. Paid RM11,200 by cheque for the purchase of

office equipment from TC Centre.

Jan.5 Received invoices from:

Yong Sdn Bhd RM16,000 (after a trade discount of 2%).

Jaya Trading RM18,000 (after a trade discount of 3%).

Jan.6 Mona withdrew cash RM2,400 for her own use.

Jan.7 Cash sales of RM2,600 was credited into the bank.

Jan.8 Paid service maintenance on car RM280 by cash.

Jan.10 Received cash RM60 from customer for repairing sports equipment

Jan.12 Cash sales RM1,620

Jan.13 Received a credit note from Yong Sdn Bhd for goods returned to the amount of

RM1,200 (after trade discount).

Jan.14 Credit sales to Masitah RM4,800.

Jan.15 Purchased a car on credit from Sigma Motor costing RM40,000 and paid

RM3,000 by cheque for installing a radio unit in the car.

Jan.16 Mona took a table tennis set which cost RM800 for her personal use.

Jan.18 Received a cheque less 2% discount from Masitah to settle her account.

Jan.23 Paid office expenses by cash RM500.

Jan.30 Cheque received from Masitah on 18 January was returned due to insufficient

funds.

Required:

(a) Journalise the above transactions into the relevant journals. You are required to close the

journals at the end of the month. (Narrations are required.)

(b) Post the journalized transactions into the appropriate ledgers. Use T-accounts. (Closing off

accounts is not required.)

(c) Briefly describe two direct users of financial reports and their reasons for using such reports.

Question 2

The following are transactions of Seri Enterprise in the month of January 2012:

Jan Transactions

1 Start business with initial capital RM80 000 cash and shop lot RM260 000

2 Deposit RM76 000 of the cash into the bank account

3 Purchase of computer and printer RM3 500 from Setia Trading, paid by cheque.

Purchase furniture on credit RM7 780 from Ehsan Enterprise.

5 Credit purchases from Maju Mart RM5 200 and Perniagaan Noni RM4 950. Cash

purchases RM2 000.

6 Credit sales to Bestari Mart RM2 560 and Barakah Trading RM3 600. Cash sales

RM4 690

8 Purchases return to Perniagaan Noni RM50 and to Maju Mart RM70

9 Full payment by cheques to Perniagaan Noni, discount received RM50 and payment

to Maju Mart RM2 600 by cash.

10 Sales return from Barakah Trading RM80

13 Received cheque from Bestari Mart and Barakah Trading for full settlement of

accounts, after allowing discount RM50 to Bestari Mart and RM70 to Barakah

Trading.

15 Drawing of goods for personal use RM2 500

18 Credit purchases from Maju Mart RM5 450 and Cahaya Aiman RM3 700

20 Cash sales RM10 800

22 Deposit cash RM8 000 into the bank account.

24 Credit sales to Jati Enterprise RM3 970 and Aswara Enterprise RM5 490.

Cash purchases RM3 700

The owner withdrew money from the business bank account RM2 000 for personal

use.

Paid salary by cheque RM3 200

Paid electricity bills RM350 by cash.

Required:

(a) Record all transactions in the respective journals and accounts using the double entry system.

(b) Prepare a Trial Balance as at 31 January 2012.

Question 3

(a) The following balances are extracted from the book of Perniagaan Samarata Ent

on February 1, 2006:

Cash in hand 4250 MARA Loans 12 000

Cash in bank 8765 Mortage on Building 71 500

Stocks 8545 Creditor: Ehsan Sdn Bhd 5 350

Premises/Building 121 500 Creditor: SJER 8 125

Equipment 12 500 Creditor: Modalbanyak 2 220

Debtor: BaikBudi Sdn Bhd 7 450 Creditor: Sykt Perabut Tunas 9 500

Debtor: Sukabayar Ent 11 500 Capital ?

Drawings 1 950

During the first two weeks of February, Perniagaan Samarata Ent provided the following

transactions:

Feb 3 Paid Modalbanyak by cheque for full settlement of outstanding balance and

received a discount of RM350.

Paid RM5 000 to Sykt Perabut Tunas by cheque for the remaining balance of

previously purchased equipment.

Cash sales RM4 110.

Feb 4 Cheques received: RM3 110 from BaikBudi Sdn Bhd and RM4 350 from

Sukabayar Ent and allowed discounts of RM140 and RM350 respectively.

Sold goods for RM3 120 to MurniJaya Ent and RM1 250 to Mawarni Ent.

Feb 5 Credit purchase from Ehsan Sdn Bhd RM8 500, less trade discount of 10%.

Cash purchase from Makro Hypermarket RM3 450 by cheque.

Feb 6 Paid cash for part time wages RM800 and stationery RM250. Transferred cash to

the bank RM5 000.

Sold goods on credit to Sukabayar Ent RM1 125 and Mawarni Ent RM880.

Feb 8 Cash sales RM3 750.

Paid SJER RM2 400 by cheque and received a discount of RM160.

Received dividend by cheque RM750.

Paid Ehsan Sdn Bhd RM5 000 by cheque and received a discount of RM250.

Feb 9 Received a notice from the bank informing that the cheque from BaikBudi has

been dishonoured.

Cash purchase from Makro Hypermarket RM5 800 by cheque.

Sold goods to BaikBudi Sdn Bhd RM2 450.

Feb 10 Purchased additional equipment from Sykt Perabut Tunas for RM5 500 and paid

RM 1000 by cheque.

BaikBudi Sdn Bhd returned goods RM450.

Feb 11 BaikBudi Sdn Bhd repaid the dishonoured cheque within discount period.

Credit purchase from Modalbanyak RM2 560.

Cash sales RM3 250.

Feb 12 Received cheques: MurniJaya Ent RM500 and Mawarni Ent RM300.

Sold goods to MurniJaya Ent RM4 150.

Feb 13 Wrote cheques for personal use RM750 and utility bills RM1 950.

Transferred cash to bank RM4 000.

Feb 14 Returned goods to Modalbanyak RM560.

Required:

a. Enter the above transactions in General Journal (opening entries are not required),

Purchase Journal, Purchase Journal, Return Inward Journal and Return Outward Journal.

b. Prepare the Three-column Cash Book.

c. Post all entries in their respective accounts in the General Ledger and Creditors Ledger.

d. Close and balance off all the account and prepare a trial balance as at February 15, 2006.

1

Assignment 2

SHAC 1023

INTRODUCTION TO FINANCIAL ACCOUNTING

Assignment Question

From the following trial balances, prepare statement of Comprehensive Income for the

period ended and Statement of Financial Position as at that date.

1.

Trial Balance as at 30/9/2013

Debit Credit

Land and Building 390,000

General Expenses 3,400

Motor Vehicle 134,000

Stocks 13,600

Rent Revenue 2,800

Office Equipment 44,600

Return Outwards 1,300

Return Inwards 500

Discount Allowed 380

Discount Received 160

Drawings 700

Purchases 15,500

Sales 9,600

Cash 24,200

Bank 23,580

Debtors: Adilah 2,000

Sam Yoong 0

Safirah 1,500

Syukri 1,600

Adawiyah 1,100

P. Tze Liang 1,700

Creditors: Afiq 10,000

Alif 0

Abidah 2,600

Maisalmah 2,000

Tan Ent 1,500

Shakina 3,000

Chee Hong Ent 3,600

2

Faiznur 4,600

Capital 617,200

658,360 658,360

Closing Stock was valued at RM 16,000.

2.

Trial Balance as at 31 January 2012

RM RM

Cash 2,840

Shop lot 260,000

Capital 340,000

Bank 76,410

Salary 3,200

Electricity 350

Return outwards 120

Computer & printer 3500

Furniture 7780

Ehsan 7,780

Purchase 22,500

Maju mart 7,980

Jati enterprise 3,970

Aswara enterprise 5,490

Sales 31,110

Return inwards 80

Drawings 4,500

Cahaya aiman 3,700

Discount allowed 120

Discount received 50

390,740 390,740


3

3.

Trial Balance as at 15 Feb 2006

Debit Credit

Cash 5,310

Bank 445

Stock 8,545

Land & Building 121,500

Equipment 18,000

Mara Loan 12,000

Mortgage on building 71,500

Capital 67,765

Drawings 2,700

Debtors

Baikbudi 6,200

Sukabayar 7,925

Murnijaya 6,770

Mawarni 1,830

Creditor

Ehsan 7,750

SJER 5,565

Modal Banyak 2,000

Syarikat Perabut Tunas 9,000

Purchases 19,460

Return Outwards 450

Sales 24,085

Return Inwards 560

Discount Allowed 490

Discount Received 760

Dividend Received 750

Wages 800

Stationary 250

General Expenses 1,950

202,180 202,180


1

Assignment 4

SHAC 1023

SEMESTER 1 2014/2015

1. Yaacob Salleh started his business on selling compact discs (CDs) of local and

international artists at Xiri Wakaf Tapai Supermarket. Below are the transactions of his

business for the month of November 2012:

Nov 1 Opening stock of 450 units CDs at RM22.50 per unit.

Purchases: Sales:

Nov 2 250 units @ RM23.00 Nov 3 200 units

11 400 units @ RM25.00 9 250 units

16 300 units @ RM24.00 15 200 units

22 350 units @ RM25.00 23 500 units

25 400 units @ RM26.00 29 400 units

30 400 units @ RM25.50 30 480 units

The selling price is RM55.00 per unit.

Required:

(a) Determine the closing stock using First in First out (FIFO) and Weighted Average

Cost (AVCO).

(b) Calculate the gross profit using FIFO and AVCO.

(c) Describe the two advantages and disadvantages of using perpetual inventory

system to Yaacob’s business.

2

2. The trial balance of Cita Padu Enterprise as at 31 December 2012 was balanced by the

inclusion of the following debit balance:

Difference on trial balance suspense account RM12 565

Subsequent investigations revealed the following errors:

(i) Discounts received of RM1 620 in June 2012 have been posted to the debit of the

discounts allowed account.

(ii) Wages of RM14 815 paid in February 2012 have not been posted from the cash

book.

(iii) A remittance of RM4 700 received from Kelana Sdn. Bhd. in April 2012 has been

posted to the credit of Kirana Sdn. Bhd.

(iv) In March 2012, the company took advantage of an opportunity to purchase a large

quantity of stationery at a bargain price of RM10 000. No adjustment has been

made in the accounts for the fact that three-quarter, in value, of this stationery was

in stock on 31 December 2012.

(v) A payment of RM1 705 to Jauhari Enterprise in October 2012 has been posted in

the personal account as RM715.

(vi) A remittance of RM15 000 received from Juara Enterprise, a credit customer, in

June 2012 has been credited to sales.

The draft accounts for the year ended 31 December 2012 showed a net profit of

RM123 800. Cita Padu Enterprise has very few personal accounts and therefore does not

maintain any control account.

Required:

(a) Prepare the journal entries necessary to record the above errors.

(b) Prepare a suspense account showing the correction of the errors.

(c) Compute the corrected net profit for the year ended 31 December 2012 following

corrections for the above errors.

Assignment 5

SHAC 1023

Semester 1 2014/2015

1. The following is the Trial Balance of Dynasty Sdn. Bhd. as at 31 December 2012.

Dynasty Sdn. Bhd.

Trial balance as at 31 December 2012

Debit

(RM)

Credit

(RM)

Issued and paid-up share capital:

Ordinary shares (80 000 units of @ RM1.00 per share) 80 000

10% preference shares (20 000 units of @ RM1.00 per

share)

20 000

General reserves 5 000

Share premium 8 000

Retained earnings as at 1 January 2012 21 000

Freehold land 100 000

Plant and machinery at cost 40 000

Fixtures and fittings at cost 12 000

Provision for depreciation – Plant and machinery 16 000

Provision for depreciation – Fixtures and fittings 3 000

Salaries and wages 17 000

Office expenses 3 600

Electricity and water bills 6 400

Rental expenses 6 000

Postage and telephone bills 3 300

Vehicle expenses 4 800

Carriage expenses 4 500

Insurance 3 200

Director remuneration 8 000

Purchases and sales 80 000 180 000

Returns 3 800 2 600

Discounts 2 100 3 000

Bad debts 1 400

Provision for doubtful debts 500

Debtors and creditors 25 000 27 000

Stock as at 1 January 2012 20 000

Cash in hand 3 000

Cash at bank 22 000

366 100 366 100


(i) Authorised share capital:

200 000 ordinary shares @ RM1.00 per share.

50 000 10% preference shares @ RM1.00 per share.

(ii) Stock as at 31 December 2012 is RM11 500.

(iii) Provision for depreciation for the fixed assets are:

Plant and machinery: 10% on cost.

Fixtures and fittings: 25% on cost.

(iv) Electricity bills accrued is RM1 400.

(v) One third of the carriage expenses represents carriage inwards.

(vi) Wages amounting to RM2 000 is for January 2013.

(vii) Accrued office expenses is RM1 200.

(viii) Additional bad debts is RM600.

(ix) Provision for doubful debts is adjusted to RM1 000.

(x) Provision for discounts expenses is 5% net of debtors.

(xi) Accrued audit fees is RM2 000.

(xii) The directors have decided on the followings:

- Dividends to be paid are 10% to preference shares and RM0.20 to ordinary

shares accordingly.

- Transfer to general reserves is RM5 000.

(xiii) Corporate tax is 25%.

Required:

(a) Prepare the Statement of Comprehensive Income for the year ended 31 December

2012.

(b) Prepare the Statement of Financial Position as at 31 December 2012.

2. Aznur Enterprise involves in a construction business. As at 1 May 2011, the business has

three lorries and the details are as follows:

Registration number Date of purchases Cost (RM) Residual value (RM)

BFN 55 1 July 2008 75 000 15 000

WKJ 66 1 January 2010 80 000 25 000

WKL 77 1 June 2011 105 000 30 000

During the year ended 30 April 2012, a lorry with the registration number BFN 55 has

been sold on 1 March 2012 for RM25 000 cash. The lorry was immediately replaced on

the following day. A new lorry with the registration number WMA 88 has been acquired

for which the business paid RM100 000 by cheque. The residual value for the new lorry

is estimated at RM40 000. The estimated useful life for all the lorries acquired by Aznur

Enterprise is 5 years and it is the business policy to depreciate its fixed assets for each

month of ownership during the year in which the fixed assets being acquired and

disposed.

Required:

(a) Prepare the Motor Vehicle Account for the year ended 30 April 2009, 2010, 2011

and 2012.

(b) Prepare the Provision for Depreciation Account for the year ended 30 April 2009,

2010, 2011 and 2012.

(c) Prepare the Disposal of Motor Vehicle Account for the year ended 30 April 2012.

(d) Encik Azfar, the owner of Aznur Enterprise has suggested that he wants to

alternate the depreciation methods for the motor vehicles every two years between

the straight-line method and the reducing balance method. Advise Encik Azfar on

this matter with a reference to an accounting principle.

Question 4: Cita Padu Enterprise

(a) Journal entries

Particulars RM RM

(i) Dr Suspense Cr Discount allowed Cr Discount Received

3 240 1 620 1 620

(ii) Dr Wages Cr Suspense

14 815 14 815

(iii) Dr Kirana Sdn. Bhd. Cr Kelana Sdn. Bhd

4 700 4 700

(iv) Dr Stationery (B/S) (3/4 * 10 000) Cr SCI

7 500 7 500

(v) Dr Jauhari Ent. Cr Suspense

990 990

(vi) Dr Sales Cr Juara Ent.

15 000 15 000

(12 marks)

(b)

Suspense Account

RM RM

Balance as per Trial Balance 12 565 (ii) Wages 14 815

(i) Discount allowed 1 620 (v) Jauhari 990

(ii) Discount received 1 620

15 805 15 805

(c) Computation of corrected net profit for the year ended 31 December 2012

RM RM

Net profit (unadjusted) 123 800

Add:

Discounts 3 240

Stationery stock 7 500

10 740

Less: 134 540

Wages 14 815

Sales 15 000

(29 815)

Corrected net profit 104 725

Note: (iii) and (v) do not affect profit.

1

1. The following is the trial balance of Syarikat Nadi Sdn. Bhd. as at 31 December 20x7:

Syarikat Nadi Sdn. Bhd.

Trial Balance as at 31 December 20x7

RM RM

Ordinary shares capital (Issued and fully paid up) 100 000

Preferred premium shares 10 000

General reserve 30 000

Retained earnings 25 000

Premises 130 000

Motor vehicles (at cost) 50 000

Provision for depreciation- Motor vehicles 20 000

8% Debenture 15 000

Purchases 145 000

Sales 240 500

Returns outwards 1 000

Return inwards 3 000

Carriage inwards 1 500


Stock 25 000

Salaries 24 000

Insurance 5 000


Advertisement 6 000

Director’s remuneration 10 000


Debtors 18 000

Creditors 15 000

Interim dividends 10 000

Bank 8 000

Cash 1 200

Goodwill 12 000

456 500 456 500


(a) Stock at 31 December 20x7 was RM32 000.

(b) Accrued expenses:

Audit fees RM 2 000

General expenses RM 500

Debenture interest RM 1 200

(c) Prepaid insurance was RM 1 500.

(d) Provision for depreciation motor vehicles was 20% at cost.

(e) Provision for tax is 28% of net profit.

(f) The board of directors proposed to transfer RM5 000 to general reserve and to

2

write off goodwill.

(g) Authorized share capital is 500 000 ordinary shares at RM1.00 per share.

Prepare:

(i) Statement of Comprehensive Income for the year ended 31 December 20x7.

(ii) Statement of Financial Position as at 31 December 20x7.

2. The following is the trial balance of Orang Kota Sdn. Bhd. as at 30 December 20x5:

Syarikat Orang Kota Sdn. Bhd.

Trial Balance as at 31 December 20x5

RM RM

80 000 ordinary shares issued and fully paid at RM1.00

per share

80 000

20 000 preferred shares at 10% issued and fully paid at

RM1.00 per share

20 000


Premium shares 8 000

Retained earnings at 1 January 20x5 21 000

Land 100 000

Motor vehicles (at cost) 40 000

Fittings and fixtures (at cost) 12 000

Provision for depreciation:


Fittings and fixtures 3 000

Salaries 17 000

Office expenses 3 600


Rental 6 000

Postage and telephone 3 300

Vehicle expenses 4 800

Carriage 4 500

Insurance 3 200

Director’s allowance 8 000

Sales and purchases 80 000 180 000

Return 3 800 2 600

Discounts 2 100 3 000

Bad debts 1 400

Provision for doubtful debts 500

Creditors and debtors 25 000 27 000

Stock as at 1 January 20x5 20 000

Cash in hand 3 000

Cash in bank 22 000

366 100 366 100

3


(a) Authorized ordinary share capital for the company was 200 000 ordinary shares at

RM1.00 per share and 50 000 10% preferred shares at RM1.00 per share.

(b) Stocks at 31 December 20x5 was RM11 500.

(c) Provision for depreciation:

Motor vehicles 10% (Straight line method)

Fittings and fixtures 25% (Reducing balance method)

(d) Accrued water and electricity expense was RM1 400.

(e) 1/3 of carriage expense was carriage inwards.

(f) Wages expenses included RM2 000 wages paid for subsequent periods.

(g) Accrued office expense was RM1 200.

(h) Additional bad debt was RM600.

(i) Provision for doubtful debt was increased to RM1 000.

(j) Provision for discount expense was 5% of net debtors.

(k) Accrued audit fee was RM2 000.

(l) The board of directors proposed the following:

A final payment for preferred share dividends of 10% and ordinary share

dividends RM0.20 per share.

A transfer of RM5 000 to general reserve.

(m) The rate for company tax was 25%.

Required:

Prepare

(a) Statement of Comprehensive Income for the year ended 31 December 20x5.

(b) Statement of Financial Position as at 31 December 20x5.

4

SUGGESTED ANSWER FOR Syarikat Nadi Sdn Bhd

Syarikat Nadi Sdn Bhd

Statement of Comprehensive Income for the year ended 31 December 20x7

(RM) (RM) (RM)

Sales 240 500

(-) Return inwards 3 000

Net Sales 237 500

(-) Cost of Goods Sold:

Opening Stock 25 000

(+) Purchase 145 000

(-) Return outwards 1 000 144 000

(+) Carriage inwards 1 500

170 500

(-) Closing Stock 32 000

Cost of Goods sold 138 500

Gross Profit 99 000

(-) Expenses:


Salaries 24 000

Insurance 3 500


Advertisement 6 000

Directors allowance 10 000

General expense 2 500

Audit fee 2 000

Debenture Interests (8% x RM15,000) 1 200

Depreciation 10 000

Net profit before tax 34 000

(-) Tax (28% x RM34 000) 9 520

Net profit after tax 24 480

(+) Retained earnings c/d 25 000

Net profit for appropriation 49 480

Appropriation:

Interim dividends 10 000


Goodwill written off 12 000 27 000

Retained earnings b/d 22 480

5

Statement of Financial Position as at 31 December 20x7

RM RM

Non-Current Asset

Premises 130 000

Motor Vehicles 50 000

(-) Provision for depreciation 30 000 20 000

150 000

Current Asset

Stock 32 000

Debtors 18 000

Bank 8 000

Cash 1 200

Expenses 1 500

60 700

(-) Current Liabilities

Creditors 15 000

Accrued expenses 3 700

Tax arrears 9 520

Accrued debenture interests 28 220

Working capital 32 480

Net assets 182 480

Financed by:

Authorized share capital :

500 000 ordinary shares @ RM1 per share 500 000

Issued and fully paid-up share capital :

100 000 ordinary share capital RM1.00 per share 100 000

Reserve and surplus

Premium shares 10 000


Retained earnings 22 480

67 480

Long Term Liabilities

Debenture Interest 8% 15 000

Total equity and long-term liabilities 182 480

cash a/c

1-Jan Bal b/d 1,000 3-Jan Fixtures 215

20-Jan sales 4,850 7-Jan Equipment 375

22-Jan Drawings 100

30-Jan wages 280

27-Jan WaterElec 250

31-Jan Bank 3,630

bal c/d 1,000

5,850 5,850

shop rental a/c

2-Jan Bank 535 31-Jan bal c/d 535

capital a/c

31-Jan bal c/d 13,550 1-Jan Bal b/d 13,550

bank a/c

1-Jan Bal b/d 8,000 2-Jan Shop rental 535

9-Jan Sales 8,750 4-Jan Furniture 500

24-Jan Brainy B Nursery 4,900 16-Jan Equipment 270

31-Jan Cash 3,630 19-Jan ELC 5,453

27-Jan Little Tikes 1,750

31-Jan Drawings 500

31-Jan Bal c/d 16,272

25,280 25,280

Equipment a/c

7-Jan Cash (CCTV) 375 31-Jan bal c/d 645

16-Jan Bank (W Dispenser) 270

645 645

Roozel Furniture

31-Jan Bal c/d 1,850 4-Jan Furniture 1,850

Drawings a/c

22-Jan Purchases 200

Cash 100

31-Jan Bank 500 31-Jan Bal c/d 800

800 800

disc received a/c

31-Jan bal c/d 287 19-Jan ELC 287

Little Tikes a/c

10-Jan Return outwards 350 6-Jan Purchases 3,850

27-Jan Bank 1,750

31-Jan Bal c/d 1,750

3,850 3,850

ELC a/c


19-Jan Bank 5,453


5,840 5,840

Poly Pocket a/c



2,700 2,700

Duplo a/c



6,446 6,446

Play Dough a/c

31-Jan Bal c/d 5,750 11-Jan Purchases 5,750

Matel a/c

31-Jan Bal c/d 4,000 11-Jan Purchases 4,000

Fixtures & Fittings a/c (Lightings)

3-Jan Cash 215 31-Jan Bal c/d 215

Delivery van a/c

1-Jan Bal b/d 10,000 31-Jan Bal c/d 10,000

computer&printer a/c

31-Jan bank 3500 31-Jan bal c/d 3500

Furniture a/c

1-Jan Bal b/d 4,550 31-Jan bal c/d 6,900

4-Jan Bank 500

Roozel Furniture 1,850

6,900 6,900

Bank Addin Loan a/c

31-Jan bal c/d 10,000 1-Jan Bal b/d 10,000

Sales a/c

9-Jan Bank 8,750

20-Jan Cash 4,850

31-Jan Total

31-Jan Bal c/d 28,275 Debtors 14,675

28,275 28,275

Purchases a/c

22-Jan Drawings 200

31-Jan Total

Creditors 28,586 31-Jan Bal c/d 28,386

28,586 28,586

Return outwards a/c

31-Jan Bl c/d 940 31-Jan T creditors 940

Return inwards

31-Jan Total debtors 470 31-Jan bal c/d 470

disc allowed a/c

24-Jan Brainy B Nursery 100 31-Jan Bal c/d 100

Cleaners wages a/c


Water & Electricity a/c


Braimy B Nursery a/c

15-Jan Sales 5,300 18-Jan R inwards 300

24-Jan D Allowed 100

Bank 4,900

5,300 5,300

Lala Land a/c

15-Jan Sales 4,500 18-Jan R inwards 170


4,500 4,500

Toy Wonders a/c

15-Jan Sales 1,375 31-Jan Bal c/d 1,375

Little Caliph

15-Jan Sales 3,500 31-Jan Bal c/d 3,500

QUESTION 5

Statement of Comprehensive Income for the year ended 31 August 20x9

RM RM RM

Sales 63,120

(-) return inwards (220)

62,900

Less: Cost of Goods Sold (COGS)

Opening stock 6,830

Purchases 38,220

+ Carriage inwards 420

+ Duty on purchases 1,830

40,470

(-) Return outwards (225)

40,245

47,075

(-) Closing stock (5,200)

Cost of goods sold (COGS) 41,875

GROSS PROFIT 21,025

Add: Revenue

Interest received 150

Commission received 1,480

Rent revenue (1,400 – 400) 1,000


Bad debts recovered 100

24,105

Less: Expenses

Advertising 8,500

Maintenance and petrol 2,320

Salaries and wages (8,010 – 600) 7,410

Bad debts (200 + 220) 420

Carriage outwards 500

Electricity, water and telephone (1,220 + 250) 1,470

Interest expense 1,280

Rent expense 2,400

Insurance (2,000 – 600) 1,400

Discount allowed 430

Increase in provision for doubtful debt 75

Depreciation: (3,920 + 2,745 + 720) 7,385

(33,590)

NET LOSS (9,485)

Statement of Financial Position as at 31 August 20x9

RM RM RM

Non-Current Assets

Office Equipment 24,500

(-) Prov for depreciation (4,900 + 3,920) (8,820) 15,680

Delivery Van 18,300

(-) prov for depreciation (2,745 + 2.745) (5,490) 12,810

Fixtures and Fittings 7,200

(-) prov for depreciation (2,160 + 720) (2,880) 4,320

32,810

Current Assets

Other debtor: 12% loan to Aida 5,000

Accrued interest received 150

Debtors (receivables) (13,720 – 220) 13,500

(-) prov for doubtful debt (600 + 75) (675) 12,825

Closing stock 5200

Cash (3,260 + 100) 3,360

Bank 10,540

Prepaid insurance 600

37,675

70,485

Current Liabilities

Payables (Creditors) 7,265

Accrued interest expense 1,280

Prepaid rent revenue 400

Accrued electricity, water and telephone 250 9,195

Non-Current Liabilities

12% Loan from Bank Rakyat 16,000

Owner’s Equity

Capital 59.175

(-) Drawings (3,800 + 600) (4,400)

(-) Net loss (9,485) 45,290

70,485

QUESTION 6

SRI SHAH ENTERPRISE

Statement of Comprehensive Income for the year ended 31 March 20x9

RM RM RM

Sales 138,078


Opening stock 11,927

Purchases 77,350

+ Carriage inwards 2,610 79,960

91,887


Cost of goods sold (COGS) (89,751)

GROSS PROFIT (35% X 138,078) 48,327

Add: Revenue

Interest on fixed deposit (250 + 250) 500


Bad debts recovered 700

50,027

Less: Expenses

Carriage outwards (5,144-2,610) 2,534

Rent and rates (6,622 + 210 – 880) 5,952

Post & stationery 3,001

Advertising (1,330 + 200) 1,530

Salaries and wages 16,420

Bad debts (677 + 103) 780

Increase in prov for Doubtful debt 70

Depreciation (5,800 + 4,000) 9,800

Interest on loan from Mayban (3/12 x 15% x 35,000) 1,313 (41,400)

NET PROFIT 8,627

SRI SHAH ENTERPRISE

Statement of Financial Position as at 31 March 20x9

RM RM RM

Non-Current Assets

Equipment 58,000

(-) Prov for depreciation (5,800 + 5,800) (11,600) 46,400

Van 30,000

(-) prov for depreciation (0 + 4000) (4000) 26,000

72,400

Current Assets

Prepaid rates 880

Debtors (receivables) (22,120 – 103) 22,017

(-) prov for doubtful debt (130 + 70) (200) 21,817

Accrued interest revenue 250

Cash in hand 1,177

Cash at bank 5,252

10% fixed deposit in BBMB 5,000

Closing stock 2,136 36,512

108,912

Current Liabilities

Rent owing (accrued) 210


Accrued interest on loan 1,313 17,994

Non-Current Liabilities

Loan from Mayban 35,000

Owner’s Equity

Capital 55,091

(-) Drawings (7,800)

(+)Net Profit 8,627 55,918

108,912

QUESTION 7

Statement of Comprehensive Income for the year ended 31 August 20x9

RM RM RM

Sales 376,000



Purchases (245-500-200) 245,300

+ Carriage inwards 2,050 247,350

272,850


Cost of goods sold (COGS) (259,500)

GROSS PROFIT 116,500

Add: Revenue

Rent revenue (1800-900) 900


Commission received 4500

Interest received (9/12 x 8% x 5,000) 300

Bad Debts recovered 500 7,400

123,900

Less: Expenses

Depreciation (880 + 600) 1,480

Carriage outwards 2,050

Telephone 3,000

Bad debts (1800 + 330) 2,130

Salaries & Wages (72,100 – 750) 71,350

General expenses 5,400

Water & Electricity 2,600

Insurance (3400-1275) 2,125

Discount allowed 1,800

Increase in provision for doubtful debts 367 9,2302

NET profit 31,598

Statement of Financial Position as at 31 August 20x9

RM RM RM

Non-Current Assets

Premises 80,000

Motor Van 20,000

(-) provision for depreciation (4,500 + 880) (5,380) 14,620

Store equipment 6,800

(-)provision for depreciation (1800 + 600) (2,400) 4,400

99,020

Current Assets

Bank

Cash (4700 + 500) 8,800

Receivable (33000 – 330) 32,670 5,200

(-) Provision for doubtful debt (2000 + 367) (2367) 30,303

Other debtor: 8% loan to Azlan 5,000

Prepaid insurance 1,275

Accrued interest received 300

Closing stock 13,350 64,228

163,248

Current Liabilities


Prepaid rent revenue 900 27,700

Owner’s Equity

Capital 111,900

(-) Drawings (7,000+750+200) (7,950)

(+) Net profit 31,598 135,548

163,248

QUESTION 8

Statement of Comprehensive Income for the year ended 31 March 20x9

RM RM RM

Sales 253,500

(-) Return inwards (13,000)

240,500



Purchases (145,000-700) 144,300

+ Carriage inwards 4522

148,822

(-) return outwards (10,200) 138,622

174,022


Cost of goods sold (COGS) 142,022

GROSS PROFIT 98,478

Add: Revenue

Discount received 5,250

103,728

Less: Expenses

Salaries (36,000 + 500) 36,500

Carriage outwards 2,700

General expenses (6,400-1400) 5,000

Insurance (2,400-800) 1,600

Repair on van 2,850

Discount allowed 2,875

Water & electricity 3,000

Interest expense (1,500 + 1,500) 3,000

Depreciation (18,900 + 1,940) 20,840 (78,365)

Net profit 25,363

Statement of Financial Position as at 31 March 20x9

RM RM RM

Non-Current Assets

Delivery van 94,500

(-) provision for depreciation (28,750 + 18,900) (47,650) 46,850

Fixtures & fittings 19,400

(-)provision for depreciation (7,000 + 1,940) (8,940) 10,460

57,310

Current Assets

Closing stock 32,000

Receivables 20,500

(-) provision for doubtful debt (325)

(-) provision for discount allowed (255) 19,920

Cash at bank 37,230

Fixed deposit 10,000

Prepaid insurance 800 99,950

157,260

Current Liabilities


Accrued interest (owing) 1,500 14,450

Non-current liability

Loan from mayban finance 24,000

Owner’s Equity

Capital 98,547

(-) Drawings (3,500+700+1,400-500) (5,100)

(+) Net profit 25363 118,810

157,260

1

Solution for Test II SHAC 1203

Semester 1 2014/2015

Question 1 SOCI = Statement of Comprehensive Income @ Income Statement SOFP = Statement of Financial Position

Item Particulars Debit (RM) Credit (RM)

(i) Closing stock (SOFP) 30 810

SOCI 30 810

(ii) Prepaid shop rental 6 000

Shop rental 6 000

(iii) Salary and wages 3 840

Accrued salary and wages 3 840

(iv) Commission received 1 050

Prepaid commission received 1 050

(v) Accrued interest received 384

Interest received 384

(vi) Bad debts 2 400

Debtors 2 400

(vii) SOCI (Increase in PDD) 1 116

Provision for Doubtful Debt 1 116

(viii) Depreciation (43 000+ 11 375+ 6 500) 60 875

Prof for Depreciation (MV) 43 000

Prof for Depreciation (F&F) 11 375

Prof for Depreciation (Eq) 6 500

2

Budi Bakti Enterprises

Statement of Comprehensive Income for the year ended 30 September 2014

RM RM RM

Sales 596 862

- Return inwards 4 080

592 782

Less: Cost of Goods Sold

Opening stock 28 350

Purchases 221 616

- Return outwards 6 000

215 616

+ Carriage inwards 4 980

+ Duty on purchases 8 958 229 554

Cost of goods available for sales 257 904

- Closing stock 30 810

Cost of goods sold 227 094

Gross profit 365 688

Add: Other Income

Interest received (987 + 384) v 1 371

Commission received (12 150 – 1 050) iv 11 100 12 471

378 159

Less: Operating expenses

Salary and wages (110 700 + 3 840) iii 114 540

Insurance 4 185

Electricity. telephone and water 37 950

Motor vehicle expenses 14 538


Discount allowed 3 270

Shop rental (78 000 - 6 000) ii 72 000

Bad debt (4 500 + 2 400) vi 6 900

Depreciation (43 000 + 11 375 + 6 500) 60 875

Provision for doubtful debts [(85 080 - 2 400)x5%] – 3 018 vii 1 116

Total operating expenses 320 990

Net profit 57 169

3

Budi Bakti Enterprise

Statement of Financial Position as at 30 September 2014

RM RM RM

Non-Current Assets

Motor vehicle 215 000

- Provision for depreciation (86 000 + 43 000) viii 129 000 86 000

Furniture and fittings 91 000

- Provision for depreciation (22 750 + 11 375) viii 34 125 56 875

Shop equipment 52 000

- Provision for depreciation (13 000 + 6 500 ) viii 19 500 32 500

175 375

Current Assets

Stock 30 810

Debtors (85 080 – 2 400) vi 82 680

- Provision for doubtful debts (82 680 x 5%) vii 4 134 78 546

Accrued interest received (v) 384

Prepaid shop rental (ii) 6 000

Cash at bank 188 444

304 184

Less: Current Liabilities

Creditors 62 460

Accrued salary and wages (iii) 3 840

Prepaid commission received (iv) 1 050

67 350

Working Capital (CA-CL) 236 834

412 209

Financed By:

Equity

Capital 284 540

+ Net profit 57 169

341 709

- Drawing 49 500

292 209

Non-Current Liabilities 120 000

Long-term loan 412 209

OR

TOTAL ASSESTS = 175 375 + 304 184 = 479 559

TOTAL LIABILITIES + EQUITIES = 67 350 + 120 000 + 292 209 = 479 559

4

Question 2

(a) Updated Cash Book Balance

Cash Book (Bank column)

RM RM Balance b/d (unadjusted) 1 310.40 6/10 Bank charges 12.80 25/10 Bank Giro Credit 21.47 10/10 427519 19.47 Error* 9.90 17/10 Standing instruction 32.52 Balance c/d (updated) 1 276.98

1 341.77 1 341.77

(b)

Endau Enterprise

Bank reconciliation Statement as at 31 October 2014

RM RM Balance as per cash book (updated) 1 276.98 Add: Unpresented cheque: 236131 (Rent) 30.00 236134 (Wages) 52.27

82.27

1 359.25 Less: Uncredited lodgement: Sales 192.80

Balance as per Bank Statement 1 166.45

(c) Item that requires further investigation is purchases with cheque number issued as 236130. It was

recorded as RM77.87 in the Bank Statement but was recorded as RM87.77 in the owners’s record. It

could be due to error in the books of the owner or vice versa.

sem5 akaun latihan

Education