5 6240282087438418846 PDF

Preview

Summary

ENTAH...

Description

TEST 1.

(a)

Determine the missing amount for each of the following accounting equation. ASSET

EXPENSES

LIABILITY

OWNER’S

REVENUE

(RM)

(RM)

(RM)

EQUITY

(RM)

(RM) 268,905

(i)

76,800

180,000

52,100

1,537,893

212,337

686,328

(ii)

391,300

(iii)

50,500

394,200

350,204

48,796

500,000

73,600

(iv)

71,580

100,120

76,743

19,460

40,114

33,599

(v) (5 marks)

(b)

Classify these items into Non-Current Assets, Current Assets, Non-Current Liabilities, Current Liabilities, Owner’s Equity, Revenue and Expenses.

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (x) (xi)

Commission received Trade receivables Salaries and wages Loan on mortgage Motor vehicles Discount allowed Copyrights Bank overdraft Capital contribution Dividend received (5 marks)

PRINCIPLES OF ACCOUNTING

1/3

2.

Aariz Enterprise has been established by Airis to sell women’s’ apparel. Following are the transactions of Aariz Enterprise for the month of May 2019. Date May 1 4 9 12

17 25 29 (a)

Transactions Airis invested RM50,000 in the business and deposited half of the money into the business bank account. Airis brought in personal furniture worth RM1,200 for office use. Purchased a bulk of dress worth RM15,500 on credit from MimpiKita Sdn Bhd Sold 10 dress worth RM3,000 to Signature Enterprise. RM1,000 been paid on cash and the balance will be paid by monthly installment. Signature Enterprise returned 2 dress worth RM600. Paid to MimpiKita Sdn Bhd RM10,000 by cheque. Paid the employees’ salary RM2,000 by cash.

Based on the above transactions, indicate the effect on assets, expenses, capital, liabilities and revenue as in the example below. Transactions Sold goods Eg. for cash

Assets ↑ Cash

Expenses

Effect upon Capital Liabilities

Revenues ↑ Sales

(7 marks) (b)

Based on the answer in (a) show the double entry on the transaction above. (8 marks)

PRINCIPLES OF ACCOUNTING

2/3

3.

Boris Sdn Bhd involved in manufacturing industries where they produced kitchenware. At the end of each month, Boris Sdn Bhd need to prepare the summary of its financial statement. Below are the journal entries prepared by the account executive as at 30th September 2019. Journal entries; September, 2 Dr

Bank Cr

Capital

RM28,100 RM28,100

September, 8 Dr

Salaries RM15,000 Cr Bank RM15,000

September, 12 Dr

Furniture & Fittings Cr Cash

RM8,400 RM8,400

September, 15 Dr

Purchase RM11,000 Cr Bank RM11,000

September, 20 Dr

Cash RM9,050 Cr Interest received

RM9,050

September, 28 Dr

Trade receivable – Mokhsin Cr Sales

RM4,200 RM4,200

Based on the journal entries given, you are required to prepare : (a)

ledgers account.

(b)

trial balance as at 30th September 2019.

( 10 marks) (5 marks)

PRINCIPLES OF ACCOUNTING

3/3...