Question

ACT2112/FINAL EXAM/SEM 1-2017/Sh JANUARY 2018 V1 Telephone bills in the amount of RM80 for December 2017 has not been paid yet On 28 December, Berjaya Enterprise received cash RM15,000 to deliver a set of office furniture but unfortunately the furniture was not in stock. The furniture will only be available and scheduled to be delivered on 25 February, 2018. No record has been made for this transaction Fadia Nasser bought a ticket to Kota Kinabalu at RM550 to visit her aunty on 15 December 2017, The ticket was paid using Berjaya Enterprise's cheque. No record has been made for this transaction. iv. v. vi. Required (a) Prepare the necessary adjusting entries (in general journal) at the end of the fiscal year (10 marks) (b) Prepare Berjaya Enterprise's statement of profit or loss and other comprehensive income (income statement) and the statement of financial position (balance sheet) for fiscal year (20 marks) ended 31st December, 2017. Show all relevant workings ended 31st December, 2017 (15 MARKS) QUESTION 2 Part A Charlie Sdn Bhd sells electrical parts. The business uses a periodic inventory system. During May, the following transactions occurred for its inventory (motor) May 13 Sold 8 units of motors at a cost of RM45 each to Brothers Supply Enterprise, terms May 16 One defective motor was returned to Charlie Sdn Bhod May 23 Received payment in full from Brothers Supply Enterprise (round to nearest ringgit) 4/10, n/30 Requirea Prepare the journal entries to record each of the above transactions (7 marks) 8

Answer 1

Berjaya Enterprises Trading and Profit and Loss account For the year ended 31st December, 2017 Particulars Amount Amount Particulars Amount Opening Stock Purchases Gross Profit 267,300 205,200 Sales 320,300 Closing Stock 152,200 472,500 472,500 12,000 960 152,200 Rent expenses Less: Prepaid rent Utilities expenses Telephone expenses Warehouse wages expenses Salaries expenses Transportation expenses Motor vehicle maintenance expenses Service charges Depreciation expenses Gross Profit 11,040 327 400 25,500 27,000 3,500 300 440 34,000 Net Profit 49,693 152,200 152,200 Notes: culation of Depreciation No. of vehicle Motor vehicle cost Total cost of Motor vehicle Uselife years Residual value Depreciati (170,000 5) 85,000 170,000 on expenses 34,000