Account AA025 question from other state PDF

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QUESTION 1 (KMKT)The following information is extracted from the statement of financial position of Nasawi Sdn Bhd as at July 31,2018.Fixed Asset Cost (RM) Accumulated Depreciation (RM)Vehicle 200,000 80,Office Equipment 64,000 6,Depreciation are depreciated as below :-Fixed Asset Depreciation rate ...

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QUESTION 1 (KMKT) The following information is extracted from the statement of financial position of Nasawi Sdn Bhd as at July 31,2018. Fixed Asset

Cost (RM)

Accumulated Depreciation (RM)

Vehicle

200,000

80,000

Office Equipment

64,000

6,400

Depreciation are depreciated as below :Fixed Asset

Depreciation rate

Method

Vehicle

20 %

Straight Line

Office Equipment

10 %

Reducing Balance

The company’s policy is to calculate depreciation based on ending balance for the year.

Nasawi Sdn Bhd purchased the following assets during the year ended July 31,2019:Non Current Asset

Cost (RM)

Date Of Purchase

Vehicle

70,000

1 August 2018

Office Equipment

20,000

15 September 2018

Vehicle

80,000

1 November 2018

Office Equipment

5,000

1 January 2019

On January 31, 2019 , one vehicle bought on April 1 , 2016 amounted RM 100,000 involved with an accident dan been disposed. On May 31, 2019 , Nasawi Sdn Bhd received the compesation from the insurance company regardless from an accident amounted RM25,000. Required : i. Prepare journal entry on purchased and adjustment on disposal asset. ii. Prepare accumulated account for Vehicle and Office Equipment. iii. Prepare extracted Statement of Financial Position as at July 31,2019.

QUESTION 2 (KMKN) The following information is obtained from the record of Perniagaan Permaisuri on January 1, 2016: Berikut merupakan maklumat yang diperolehi daripada rekod Perniagaan Permaisuri pada 1 January 2016: Account

RM

Vehicle (cost) Accumulated depreciation – vehicle

170,000 88,000

Perniagaan Permaisuri accounting period ends every December 31. Tempoh perakaunan Perniagaan Permaisuri berakhir pada setiap 31 Disember. Additional information : Date 2016 June 2

Transaction Purchased equipment on cash. Information on costs of the equipment are as follows: Membeli peralatan secara tunai. Maklumat berkaitan dengan kos peralatan adalah seperti berikut: Invoice price (Harga invois) RM 50,000 Sales tax (Cukai jualan) 3,000 Freight charge ( Caj pengangkutan) 1,500 Installation cost (Kos pemasangan) 1,000 Freight insurance (Insuran pengangkutan) 500

August 1

Perniagaan Permaisuri purchased a new vehicle worth RM 35,000. This purchase was done by trade in one of the old vehicles which costed RM 30,000. The old vehicle was purchased on December 31, 2013. Perniagaan Permaisuri received a purchase-exchange allowance of RM 18,800. Payment was made in cash. Perniagaan Permaisuri membeli sebuah kenderaan baharu berharga RM 35,000. Pembelian ini dilakukan dengan menukar salah satu kenderaan lama yang mempunyai nilai kos RM 30,000. Kenderaan lama dibeli pada 31 Disember 2013. Perniagaan Permaisuri menerima elaun tukar beli sebanyak RM 18,800. Bayaran dibuat secara tunai.

Depreciation of vehicle and equipment is at a rate of 10% per annum using the straight-line method. Depreciation was charged in the year of purchases and no depreciation was charged at the disposal year. Susutnilai kenderaan dan peralatan adalah pada kadar 10% setahun dengan menggunakan kaedah garis lurus. Susutnilai dikenakan mengikut tahun pembelian dan tiada susutnilai dikenakan pada tahun pelupusan. REQUIRED : i.

Prepare journal entries to record the above transactions. (explanatory ignore) Sediakan catatan jurnal untuk merekod urusniaga di atas. (abaikan keterangan)

ii. Prepare adjustment entries to record depreciation expense for the year ended December 31, 2016. (explanatory ignore) Sediakan catatan jurnal pelarasan untuk merekod belanja susutnilai bagi tahun berakhir 31 Disember 2016. (abaikan keterangan) QUESTION 3 (KMS) An equipment bought on 1 January 2013 at the cost of RM40,000 was exchanged with a new equipment on the 31 December 2018. The trade-in value of the old equipment is RM19,000 while the cost of new equipment was RM30,000. The balance of the new equipment’s value after considering the exchange value has been paid in cash. Accumulated depreciation value of the old equipment until date of

sale was RM24,000. Required: Prepare the journal entries to record the transaction above (narration omitted).

QUESTION 4 (KMNS) Non-current assets for Ayum Trading on 30 June 2018 are as follows: Non-current Asset Purchase date Cost Accumulated depreciation (RM) (RM) Machine 1 July 2017 110,000 16,500 Motor Vehicles 1 July 2017 225,000 22,500 Furniture 1 July 2017 40,000 4,000 The following transactions incurred during the year ended 30 June 2019. 2018 Buying a second hand machine worth RM10,000. The machine repair costs Aug amounting to RM2,500. 15 Oct 7 Buying a furniture at a cost of RM6,700. Dec Buying a motor vehicle for delivery of goods valued at RM90,000 excluding the 15 cost of painting the vehicle and logo of RM3,500 2019 Buy a machine RM25,000 including freight and insurance costs RM1,500 Apr 10 May Bought RM75,000 vehicles including road tax and insurance RM2,000. 31 Depreciation is calculated on a monthly basis. The rate of depreciation of non-current assets is as follows: Non-current assets Depreciation method Depreciation rate Machine Straight line 15% Motor Vehicles Reducing balance 10% Furniture Reducing balance 10% INSTRUCTIONS: i. Show journal entries to record the transactions that incurred during the current period. i. Prepare adjusted journal entries to record depreciation expense on 30 June 2019 (rounded answer to the nearest ringgit). iii. Prepare the following account for the year ended 30 June 2019: a) Machine account b) Accumulated depreciation for Machine...