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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
General expenses 1 430
Discount allowed 3 740
Carriage outwards 1 800
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
Motor vehicles 80 000
(-) 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
Closing Stock was valued at RM 7,500.
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
Closing Stock was valued at RM 12,500.
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
Additional information:
(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
Carriage outwards 2 400
Stock 25 000
Salaries 24 000
Insurance 5 000
Water and electricity 3 300
Advertisement 6 000
Director’s remuneration 10 000
General expenses 2 000
Debtors 18 000
Creditors 15 000
Interim dividends 10 000
Bank 8 000
Cash 1 200
Goodwill 12 000
456 500 456 500
Additional information:
(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
General reserve 5 000
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:
Motor vehicles 16 000
Fittings and fixtures 3 000
Salaries 17 000
Office expenses 3 600
Water and electricity 6 400
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
Additional information:
(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:
Carriage outwards 2 500
Salaries 24 000
Insurance 3 500
Water and electricity 3 300
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
General reserve 5 000
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
General reserve 35 000
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
13-Jan Return outwards 100 11-Jan Purchases 5,840
19-Jan Bank 5,453
Discount received 287
5,840 5,840
Poly Pocket a/c
13-Jan Return outwards 370 6-Jan Purchases 2,700
31-Jan Bal c/d 2,330
2,700 2,700
Duplo a/c
13-Jan Return outwards 120 11-Jan Purchases 6,446
31-Jan Bal c/d 6,326
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
30-Jan Cash 280 31-Jan Bal c/d 280
Water & Electricity a/c
30-Jan Cash 250 31-Jan Bal c/d 250
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
31-Jan Bal c/d 4,330
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
Discount received 350
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
Less: Cost of Goods Sold (COGS)
Opening stock 11,927
Purchases 77,350
+ Carriage inwards 2,610 79,960
91,887
(-) Closing stock (2,136)
Cost of goods sold (COGS) (89,751)
GROSS PROFIT (35% X 138,078) 48,327
Add: Revenue
Interest on fixed deposit (250 + 250) 500
Discount received 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
Payables (Creditors) 16,471
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
Less: Cost of Goods Sold (COGS)
Opening stock 25,500
Purchases (245-500-200) 245,300
+ Carriage inwards 2,050 247,350
272,850
(-) Closing stock (13,350)
Cost of goods sold (COGS) (259,500)
GROSS PROFIT 116,500
Add: Revenue
Rent revenue (1800-900) 900
Discount received 1200
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
Payables (Creditors) 26,800
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
Less: Cost of Goods Sold (COGS)
Opening stock 35,400
Purchases (145,000-700) 144,300
+ Carriage inwards 4522
148,822
(-) return outwards (10,200) 138,622
174,022
(-) Closing stock (32,000)
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
Payables (Creditors) 12,950
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
Carriage outwards 5 616
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.