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CONFIDENTIAL

QUESTION 1 (26 MARKS)

AAD1023/Jan-May 2011

Below is the trial balance of Gemilang Trading as at 31 st December 2010

 

Dr

Cr

RM

RM

Accounts receivable and accounts payable

Machinery

24,000

17,300

Bank overdraft

12,500

Cash in hand

3,100

Opening inventory

11,500

Sales

548,000

Purchases

210,000

Return inwards

4,800

Return outwards

3,700

Carriage inwards

5,200

Import duty on purchases

3,400

Utility expense

10,300

Telephone expense

3,000

Interest on overdraft

500

Discounts

5,800

8,400

Machinery

82,000

Furniture and fittings

15,000

Motor vehicle

32,000

Provision for depreciation :

24,600

Furniture and fittings

4,500

Motor vehicle

14,400

Patent and Trademark

10,000

Investment

40,000

Fixed deposit

100,000

Capital, 1st January 2010

60,700

Miscellaneous expenses

6,800

Marketing and distribution

12,000

Employee insurance

6,300

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CONFIDENTIAL

AAD1023/Jan-May 2011

Wages Salaries and allowances Repair on machinery Staff medical expense Office expense Profit from sale of machinery Dividend on investment Interest on fixed deposit

8,200

78,000

4,100

16,200

14,200

 

1,200

5,100

6,000

 

706,400

706,400

Additional information

i) Inventory as at 31 st December 2010 totalling RM12,300

ii) Depreciation for the year are as follows :

Machinery Furniture and fittings Motor vehicle

8,200

1,500

4,800

RM

iii) Bad debt expenses totalling RM2,700 is to be written off. Provision for doubtful debt is to be provided at 5% of those entitled for.

iv) RM600 for utilities expense is

v) Employee insurance paid to insurance company totalling RM500 per month.

vi) RM 2,100 of dividend on investment earned will be received in January 2011

vii) Interest on fixed deposit received in advance amounting to RM500.

owing.

From the above information, you are required to prepare the following , after adjustments

a) Income Statement for the year ended 30 th June 2010

b) Statement of Financial Position (Balance sheet ) as at the same date.

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CONFIDENTIAL

QUESTION 2 ( 11 MARKS)

AAD1023/Jan-May 2011

An-Nur Enterprise provides credit to its customers. The business closes its accounts on 31 st December every

year. The following are details of its accounts receivables for year ended :

Year ended

Account receivables balance (after bad debts have been written off)

Bad debts written off

Allowance for doubtful debts at year end

31

st December 2008

20,000

1,240

2,200

31

st December 2009

24,500

1,360

1,720

31

st December 2010

26,000

1,300

1,900

From the above information,

December 2010.

prepare

the following for the year ended 31 st December 2009 and 31 st

a) Allowance for doubtful debts account.

(3 marks)

b) Extract of Income statement showing the amount of doubtful debts and bad debts.

(4 marks)

c) Extract of Balance sheet .

(4 marks)

QUESTION 3 (17 MARKS)

Extended Sdn Bhd. started business on 1 st January 2008. The business purchased a machine (machine A) on 1 st

February 2008 costing RM130,000. It was expected the machine to produce up to a maximum of 5,000,000

units of output. Its estimated scrap value is RM20,000.

Actual production of the machine for the following years were :

Year end

Total production (in units)

31

st December 2008

1,420,000

31

st December 2009

1,800,000

On 1 st October 2010, the machine was sold to Selamat Sdn Bhd at RM40,000. The proceeds from sale of this

machine was received on 15 th October 2010. Total production of this old machine before it was sold was

500,000 units. The old machine was replaced with a new one (machine B). Details of the new machine were :

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CONFIDENTIAL

AAD1023/Jan-May 2011

Cost

RM210,000

Estimated scrap value

RM 50,000

Total expected output

8,000,000 units

Output from October December 2010

300,000 units

Extended Sdn Bhd uses number of units produced method to calculate the total depreciation .

Required :

From the above information :

a) calculate the depreciation rate per unit of output and total depreciation for the year ended 2008, 2009 and

2010.

(4 marks)

For the year ended 31 st December 2008,2009 and 2010 , prepare

b) the provision for depreciation account of the machine

(6 marks)

c) The disposal of machine account

(4 marks)

d) extract of the Balance sheet showing the net book value of the machine as at the above dates.

(3 marks)

QUESTION 4 (28 MARKS)

A) Gaddafi , owner of a bookstore has not kept a proper records based on double entry system as he has little knowledge of bookkeeping procedures. However, his new Accounts assistant has found the the following information despite limited accounting records of his business .

1 st January 2010

31 st December 2010

Stock

16,000

23,400

Bank

5,400

10,900

Computer

4,000

4,000

Office Furniture

15,000

20,000

Accounts receivable

12,350

14,350

Accounts payable

13,500

10,500

Accrued phone bills

200

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CONFIDENTIAL

During the year, he recorded the following information

Cash receipts

RM

Sales

22,900

Additional capital

10,000

Total cash received accounts

41,000

receivable

RM

Cash payments Sales Assistant’s wages

3,000

Office expenses

4,200

Purchased of goods

16,000

Telephone bills

1,400

Payments to suppliers

37,000

Insurance

1,800

Purchase of office furniture

5,000

Additional Information

AAD1023/Jan-May 2011

1. Computer is to be depreciated at 20% per year and office equipment at 15% per year on straight line method.

2. Accrued telephone bills and accrued insurance amounted to RM 350 and RM500 respectively.

Required

i) Calculate the total sales for the year

(3 marks)

ii) Calculate the total purchases for the year

(3 marks)

iii) Prepare the Income statement for the year ended 31 st December 2010 .

(8 marks)

B) The trial balance of

Al-Ihsan

Enterprise as at 30 th September 2010

failed to agree. The credits exceed

debits by RM 6,300. On 15 th October 2010, the following errors were discovered

i) Sales totalling RM4,500 was wrongly recorded in the sales account as RM3,500.

ii) There was no entry made to the purchases account for cash purchase totalling RM500

iii) No records was made in the account receivable for return inwards of RM800

iv) Bad debt totalling RM1,200 was not credited to the account receivable . Correct entry was made to the bad debt account.

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CONFIDENTIAL

AAD1023/Jan-May 2011

v) Payment RM700 for office maintenance was not recorded in the bank account.

vi) Purchase of office equipment of RM4,800 from Mahal Trader on credit was correctly entered in the office equipment account but totally omitted in Mahal Trader account.

vii) Drawings by the owner of RM1,700 was only credited to the bank account.

Required : Prepare the journal entries and the Suspense account to correct the above errors.

(11 marks)

C) Name three types of errors that do not effect trial balance

(3 marks)

QUESTION 5 (18 MARKS)

Go and Win Sdn Bhd purchased a motor vehicle from Victory Finance Bhd on hire purchase basis on 1 st March 2008 . The cash price of the motor vehicle is RM 90,000 and RM18,000 was paid as deposit. The

balance of the debt was settled on monthly instalment of RM900 for 8 years. The first instalment was paid on

1 st April 2008. Interest on hire purchase was charged evenly over the agreement period. Go and Win Sdn Bhd financial year end is on 31 st December.

Required :

a) Calculate the total hire purchase price

(3marks)

b) Calculate the total hire purchase interest

(2marks)

c) Prepare the Hire purchase creditor’s account and Hire purchase interest account for the year ended 31 st

December 2008,2009 and 2010.

(11marks)

d) List two reasons why buyer /seller terminate the hire purchase agreement earlier than the initial agreement

period.

END OF QUESTION PAPERS

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(2 marks)