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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

SECTION A OBJECTIVES (25 MARKS)

Instruction: This section consists of TWENTY FIVE (25) objective questions. Answer ALL questions .

1. Which of the following is the INCORRECT information about special wakaf? [CLO 1]

A. Special wakaf is the submission of wakaf property.

B. The use of special wakaf has been specifically mentioned by the owners.

C. The government can use special wakaf to build social infrastructure.

D. The property of special wakaf cannot be used.

2. Bai Bithaman Ajil is also known as

A. profit sharing

B. gift

C. deferred Payment Sale

D. rent

[CLO 1]

3. Leasing an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the rights to use an asset for an agreed period of time.

What is the term used in Islamic perspective?

A. Bai Bithaman Ajil

B. Al Ijarah

C. Hibah

D. Mudarabah

[CLO 1]

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PA301: FINANCIAL ACCOUNTING 2

4. The method normally used in Malaysia in calculation on zakat business property is [CLO 1]

A. working capital

B. growing capital

C. expenditure capital

D. additional capital

5. Razak is one of the owners of retail stores. He has been doing business for 2 years and has owned shares of 40% of its business. The following information is obtained:

the current assets is RM400,000 and the investment liquidity is RM100,000. There is no liability in his business. How much zakat should he pay on property business? [CLO 1]

A.

RM3, 000

 

B.

RM 5, 000

C.

RM 7, 500

D.

RM12, 500

6. give

To

something

in

permanent

ownership

to

another

person

without

any

consideration in exchange is a concept of

A. Hibah

B. Zakat

C. Mudarabah

D. Murabahah

[CLO 1]

7. Mariyam runs a business. She owned 100% shares in this business. She has fulfilled the entire requirement for paying zakat on business property. Here is the information gathered from her Balance Sheet: current assets is RM 14,800, Investment Liquidity is RM 10,000 and Current Liability is RM 2, 400. How much should she pay for the

zakat on property business?

A. RM 310

B. RM 560

C. RM 620

D. RM 680

[CLO 1]

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

8. When buyers purchase a vehicle under a hire purchase agreement, the account that

must be debited and credited is

A. Debit Profit and Loss Account, Credit Hire Purchase Interest Account

B. Debit Hire purchase Debtor`s Account, Credit Vehicle Account

C. Debit Vehicle Account, Credit Hire Purchase Vendor`s Account

D. Debit Hire purchase Vendor`s Account, Credit Vehicle Account

[CLO 2]

9. Which of the following account DOES NOT EXIST in a buyer’s book? [CLO 2]

A. Asset Account

B. Hire Purchase Interest Suspense Account

C. Hire Purchase Creditor Account

D. Hire Purchase Sales Account

10. Hire Purchase calculation consists of a few methods. Which method should be

used to calculate the interest per installment by using the number of installment

as the denominator?

A. Basic Method

B. Reducing Balance Method

C. Straight Line Method

D. Sum of Digit Method

[CLO 2]

11. In a condition whereby goods are damaged due to an accident, the insurance company will pay compensation as an indemnity for the loss of goods. At

buyer’s book, journal entry for insurance claim is

A. Dr Creditors account, Cr. Bank

B. Dr Bank, Cr. Asset disposal

C. Dr Creditors account, Cr. Asset disposal

D. record in seller’s book.

[CLO 2]

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

12. A royalty agreement will normally contain clauses dealing with the following

EXCEPT

A. Minimum rent

B. Royalty per unit per output

C. Right to recoup short-workings

D. Consignor

[CLO 2]

13. Choose the correct accounting entry to record the short workings written off? [CLO 2]

A. Debit Short Workings account, Credit Grantor account

B. Debit Grantor account, Credit Short Workings account

C. Debit Royalty Payable account, Credit Grantor account

D. Debit Operating account, Credit Royalty Payable account

14. Syarikat Zaman needs to pay a royalty to Pak Anuar as a land lord of tin ash at the end of the year. Royalty is charged at RM15 per kilogram. Syarikat Zaman is successfully produced 300 kg in March, 250 kg in September and 405 kg in November. How much should Syarikat Zaman pay to Pak Anuar? [CLO 2]

A. RM 3, 750

B. RM 4, 500

C. RM 6, 075

D. RM14, 325

15. Alia and Kasih entered into a joint venture sharing profit and loss equally. Alia purchased goods for RM 20,000 and Kasih sold the goods for RM 25,000 and paid transport of RM 500. Calculate the value of profit shared by Alia and Kasih. [CLO 2]

A. RM 5,500

B. RM 4,500

C. RM 2,750

D. RM 2,250

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

16. The meaning of the Joint venture account is

[CLO 2]

A. a business combination that is permanently carried out one at a time of economic activity objectives is achieved.

B. a business combination that is temporarily carried out one at a time of economic activity objective is achieved.

C. a combination of regular exercises of some economic activity carried out one at a time to achieve activity objectives.

D. a combination of regular exercise temporarily carried out several at a time to achieved economic activity objectives.

17. The person who sold the goods on behalf of the consignor is called

A. seller

B. consignment

C. consignee

D. middle man

[CLO 3]

18. There are three main accounts used to record consignment transaction in the

consignor’s book. They are

[CLO 3]

A. the consignment account, goods sent on consignment account and consignee account

B. the consignment account, Bank or creditor account and consignee account

C. the goods sent on consignment, Consignment account and Commission account

D. the goods sent on consignment, Bank or creditors account and consignment account

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

19. Bill of exchange is one type of negotiable instrument. It must contain:

[CLO 3]

i. The name of the person who is to pay

ii. A statement of the time of payment

iii.The name of the person to whom or to whose order payment is to be made

iv. A statement of the place where payment is to be made

A. i, ii and iii

B. ii, iii and iv

C. i, ii, iii and iv

D. i and iv

20. If the architect`s valuation of work is RM16,000 and the cost of work certified is RM7,000, the apparent profit is RM9,000. If the contractee has made a retention of

10% on the architect`s valuation of work, calculate the profit.

A. RM3,800

B. RM5,400

C. RM5,800

D. RM4,500

[CLO 3]

21. The example of direct expenses is

[CLO 3]

A. office salaries

B. telephone charges

C. machine repairs

D. plant

22. The Head Office current account will always have a representing capital of the branch.

balance

[CLO 4]

A. credit

B. debit

C. zero

D. negative

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

23.

the Branch.

accounts are used to provide the ‘link’ between the Head Office and [CLO 4]

A. Purchase

B. Bank

C. Current

D. Sales

24.

Which is the right match for the forms of branch accounts?

[CLO 4]

A. Autonomous branch (all the transactions of branch accounts are recorded in the books of the head office)

B. Integrated branch (all the transactions of branch accounts are recorded in the books of the branch)

C. Non-autonomous branch (all the transactions of branch accounts are recorded in the books of the head office)

D. Non-autonomous branch (all the transactions of branch accounts are recorded in the books of the branch)

25.

Choose the journal entry when a branch receives goods from the head office? [CLO 4]

A. Debit Goods to branch Account, Credit Branch current account

B. Debit Goods to branch Account, Credit Head office trading account

C. Debit Goods in transit Account, Credit Head office trading account

D. Debit Goods in transit Account, Credit Branch current account

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

SECTION B

STRUCTURED (75 marks)

Instruction: This section consists of THREE (3) structured questions. Answer ALL questions.

QUESTION 1

Hajar Pt Ltd acquired the rights to remove gravel deposits from land owned by En

Ahmad. The agreement provided for:

a) the payment of a royalty of RM0.40 per ton of gravel removed.

b) a minimum payment of RM2, 000 per annum.

c) recoupment right (for short-workings) to be extinguished at the end of 3 rd year.

[CLO 2]

During the first four years of the contract the following quantities of gravel were

removed:

1 st year

4,000 tons

2 nd year

4,800 tons

3 rd year

5,400 tons

4 th year

5,600 tons

The company’s accounting year ends on 31 st December and payment to En Ahmad is

made on 1 st February the following year.

Prepare the appropriate accounts in the company’s ledger for each of the four years.

i) Royalty Table

(6 marks)

ii) Royalty Payable Account

(4 marks)

iii) En Ahmad Account

(10 marks)

iv) Short Workings Account

(5 marks)

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

QUESTION 2

[CLO 3]

Syawal, a bumiputera contractor received a tender to build a multi purpose hall at Taman Proton City, Behrang, Perak at the price of RM250,000. The construction work started on

1 st January 2007 and expected to be completed within the period of three years.

Below are the particulars concerning the contract starting 1 st January till 31 st December

2007.

 

RM

Raw Material

10,000

Additional purchase of raw material

3,000

Direct Cost

4,500

Overhead

5,000

Sub-Contract

6,800

Supervisor Wages

6,700

Machine (Bought on 1 st March 2007)

8,000

Vehicle (Bought on 1 st June 2007)

12,000

Other expenses

1,200

Additional information:

a) On 31 st December 2007, raw material not in use was RM 2,000 and prepaid supervisor wages was RM 200.

b) Machine is depreciated using straight line method. The lifetime is within 5 years and the scrap value is RM 2,000.

c) Vehicle is depreciated at 10% a year.

d) Amount Received for the work completed is RM 80,000.

e) 80% of the work approved is the amount received by the contractor. Profit is calculated based on 2/3 of the amount received or approved work

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

You are required to prepare:

i) Contract Account

(17marks)

ii) Contractee Account

(3 marks)

iii) Profit and Loss Account for the year ended 31 December 2007

(1.5 marks)

iv) Balance Sheet as at 31 December 2007

(3.5 marks)

QUESTION 3

[CLO 4]

Oasis Berhad has a branch operating at Kampar. The trial balance for head office, Oasis Berhad and branch as at 31 December 2007 are as follows:

 

Head Office

Branch

RM

Debit Cash Inventory 1/1/2007 Branch current account Fixed assets Purchases Goods received form head office Operation expenses

 

RM

30,000

10,000

60,000

15,000

110,000

-

290,000

131,000

310,000

-

-

90,000

110,000

41,000

 

910,000

287,000

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

 

Head Office

Branch

RM

RM

Credit Payable accounts Unrealized profit Ordinary shares capital (RM10,nominal value) Retained earnings Head office current account Goods sent to branch Sales

37,000

30,000

3,000

-

250,000

-

120,000

-

-

97,000

100,000

-

400,000

160,000

 

910,000

287,000

Additional information:

a) Branch received all the inventories from head office.

b) Inventories as at 31 December 2007 are as follows:

Head office (cost)

RM 40,000

Branch (selling price) excluded goods in Transit

RM 10,000

c) There is cash in transit had yet to be recorded by head office amounted RM3,000.

d) Goods sent to branch at selling price 125% from the cost.

e) During the year 2007, head office had spent RM 4,000 for advertising expenses. Head office has yet to be recorded and settled the expenses.

You are required to prepare :

i) Trade, profit and loss account for a Head Office, branch and combined for the year

ended 31 December 2007.

(10 marks)

ii) Provision for the unrealized profit account and Branch Current Account.

(5 marks)

iii) Balance sheet for the Head Office, branch and combined of Head Office and Branch

as at 31 December 2007.

(10 marks)

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