CONFIDENTIAL 2 ACC117/ACC106/TEST2/JAN2023 CONFIDENTIAL 3 ACC117/ACC106/TEST2/JAN2023
QUESTION 1 QUESTION 2
Below are the business transactions of Aroma Enterprise, a business selling car perfumes, for The following is a list of balances obtained from Abigail Flowers Enterprise as at 31 December
the month of November 2022. 2022.
November Abigail Flowers Enterprise
Business Transactions Trial Balance as at 31 December 2022
2022
1 Owner withdrew RM400 cash from the business for personal use. RM RM
2 Owner brought in furniture valued RM22,000 into the business. Sales and Purchases 101,540 375,750
5 Purchased goods worth RM7,000 on credit from Alan & Sons and received Returns 4,500 7,850
trade discount of 3%. Opening Stock as at 1st January 2022 87,000
Rent expense 18,110
8 Returned goods worth RM150 to Alan & Sons due to defect packages.
Salaries 57,440
10 Sold goods on credit worth RM1,550 to Ally. Stationery 1,450
16 Purchased fittings for business use on credit from Ali Lights Sdn Bhd worth General Expense 7,750
RM4,800. Insurance 18,400
18 Cash sales to Mariam worth RM1,300. Repair and Maintenance 14,000
21 Ally returned goods worth RM60. Interests 3,000 1,625
25 Mariam returned goods worth RM100 and she was refunded accordingly. Discounts 4,900 6,990
27 The owner withdrew goods worth RM1,200 from the business for his personal Rent received 12,000
use. Commission received 5,840
30 Transfer RM5,400 via online banking to the employees for salaries payment. Land and building 200,000
Motor vehicles 150,000
Required: Furniture 80,000
5% Fixed Deposit 65,000
Identify the appropriate book of prime entry for the business transactions from 2 November Accumulated depreciation – Motor vehicles 90,000
2022 to 30 November 2022 as given above. Accumulated depreciation – Furniture 24,000
Account receivables 50,500
Example of answer: Account payables 61,670
Date Books of prime entry Cash at Bank 27,500
Nov 1 Cash payment journal Cash in Hand 15,660
10% Loan from People Bank 50,000
(Total: 10 marks) Allowance for doubtful debt as at 1st January 2022 2,500
Drawings 7,640
Capital 276,165
914,390 914,390
Additional information:
1. Stock as at 31 December 2022 is RM38,000
2. The loan from People Bank was obtained on 1 April 2022 whereas the business started
to invest in 5% fixed deposit on 1 January 2022
3. Abigail took RM250 worth of flowers for her niece’s birthday party and RM150 worth of
cash to pay for her personal purchasing.
4. There are accrued insurance expense of RM700 and prepaid rent expense of RM3,700
at the end of December 2022
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CONFIDENTIAL 4 ACC117/ACC106/TEST2/JAN2023 CONFIDENTIAL 5 ACC117/ACC106/TEST2/JAN2023
5. One of the account receivables worth RM700 was declared bankrupt. The business Cash Book (Bank Column)
decides to provide 5% allowance for doubtful debt on the net account receivables. Date Particulars RM Date Particulars RM
1 Nov Balance b/d 11,800 8 Nov Purchases – Lee Ent. 320
6. Annual depreciation is to be provided as follows: 2 Nov Sales – 4x4 Owners Club 2,000 16 Nov Utility bills 90
a) Motor Vehicle 20% on cost, yearly basis 5 Nov AR - Azam 120 18 Nov AP - Hakimi Ent. 110
b) Furniture 10% on carrying amount, yearly basis 13 Nov Sales 300 19 Nov Purchases 50
14 Nov Sales 250 19 Nov Miscellaneous expense 135
Required: 21 Nov AP - SKSI 400 20 Nov AP – Ink Supply Sdn Bhd 220
25 Nov Commission 800 28 Nov Salaries 1,000
a. Prepare the Statement of Profit or Loss for the year ended 31 December 2022 29 Nov Sales - Aiman 600 30 Nov Balance c/d 14,345
16,270 16,270
b. Prepare the Statement of Financial Position as at 31 December 2022
Additional information:
(Total: 25 marks)
1. The amount received from sales – 4x4 Owners Club of RM2,000 was wrongly recorded
QUESTION 3 by the bank as RM200.
The following is a summary from the cash book (bank column) and the bank statement of 2. The amount of RM400 paid to AP - SKSI was wrongly recorded as receipt in the cash
Print-tee Enterprise for the month of November 2022. book (bank column) by the business’s bookkeeper.
Required:
SHIM BANK BERHAD
Bank Statement for the month of November 2022 a. Prepare the Adjusted Cash Book for month of November 2022
b. Prepare Bank Reconciliation Statement for month of November 2022
Date Particulars Debit Credit Balance
RM RM RM (Total: 15 marks)
1 Balance b/d 11,800
3 Deposit – 4x4 Owners Club 200 12,000
6 Deposit – AR - Azam 120 12,120
7 Bank charges 55 12,065
9 Cheque – Lee Ent. 320 11,745
12 Direct Debit 500 11,245 END OF QUESTIONS
15 Standing Order 420 10,825
16 Deposit 300 11,125
16 Deposit 250 11,375
16 Cheque 135 11,240
18 Cheque – AP – Hakimi Ent. 110 11,130
19 Cheque 50 11,080
20 Cheque 90 10,990
22 Cheque - SKSI 400 10,590
25 Dividend 100 10,690
28 Dishonoured Cheque 700 9,990
28 Cheque 1,000 8,990
30 Credit Transfer 2,000 10,990
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