UNIVERSITI TUNKU ABDUL RAHMAN

UKAF1083 FINANCIAL ACCOUNTING II

ACADEMIC YEAR 2012/2013 (May 2012 trimester)
TUTORIAL ANSWERS
TUTORIAL 02
Perniagaan Rose
Statement of Comprehensive Income for the year ended 31 December 2010
RM
RM
RM
Sales
1,921,000
Less: Cost of goods sold
Opening inventories
58,600
Purchases
1,100,000
Less: Drawings of goods
(3,000)
Add: Carriage inwards
5,800
1,102,800
1,161,400
Less: Closing inventories
(25,000)
(1,136,400)
GROSS PROFIT
784,600
Less: Operating expenses
Carriage outwards
(20,000)
Discount allowed
(22,500)
Salaries expense
(280,000)
Stationeries expense
(50,000)
Insurance expense
(80,000)
Interest expense [17200+4000]
(21,200)
General expense
(37,000)
Depreciation exp Machinery
(2,000)
Depreciation exp Building
(24,000)
Bad debts [8400+1500]
(9,900)
Provision for doubtful debts
(2,995)
(549,595)
NET PROFIT
235,005

Statement of Financial Position as at 31 December 2010

Non current assets
Land
Machinery
Building
Current assets
Inventories
Account receivables
Less Provision for doubtful debts
Stationeries
Prepaid insurance
Cash [3000-1000]

Cost
RM
250,000
30,000
120,000
400,000

Acc. Dep
RM
12,000
48,000
60,000

RM
250,000
18,000
72,000
340,000

25,000
59,900
(2,995)

56,905
30,000
16,000
2,000

Equities & liabilities

Capital
Add: Net Profit

129,905
469,905

200,000
235,005
435,005
(44,000)
391,005

Less: Drawings
Long Term Liabilities
Long term Loan
Current Liabilities
Account payables
Interest payable
Bank Overdraft

NBV

40,000
12,400
4,000
22,500

38,900
469,905