LECTURE 4 PART 1_QUESTION

Debit (RM) Credit (RM)

Equipment 10,000
Capital 50,000
Motor vehicles 25,000
Cash 10,000
Account receivable 22,000
Account payable 5,000
Long-term loan 11,000
Drawings 1,000
Photography fees 3,700
Camera rental 1,500
Salaries 1,200
Utilities 100
Rental 800
Insurance 1,100
71,200 71,200
1) The following trial balance was extracted from the financial statements of Jakie Chong
Trading, a service provider as at 28 February 2019.

Required:
(a) Prepare the statement of profit or loss for the year ended 28 February 2019.
(b) Prepare the statement of financial position as at 28 February 2019.

Answer (a)

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RM RM

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LECTURE 4 PART 1_QUESTION

Answer (b)

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RM RM

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LECTURE 4 PART 1_QUESTION

2. The following trial balance has been extracted from the books of Nikki Trading for the
year ended 30 June 2019.

Debit (RM) Credit (RM)

Premises 850,000
Office equipment 40,000
Accumulated depreciation- office equipment 12,000
Motor vehicles 150,000
Accumulated depreciation- Motor vehicles 54,000
Inventory as at 1 July 2018 80,000
Account receivable and account payable 243,000 185,000
Cash 30,000
Bank 199,100
Capital 1,000,000
Long-term loan 100,000
Purchase and sales 400,500 820,000
Return inward and return outwards 11,500 8,500
Salaries 130,000
Water and electricity 12,000
Motor vehicle expenses 28,000
Custom and import duties 35,000
Postage and stationary 1,100
Discount allowed and discount received 7,800 4,500
Advertising 10,000
Commission received 77,000
Insurance 2,000
Carriage outwards 14,200
Miscellaneous expenses 1,800
Drawings 15,000
2,261,000 2,261,000

The closing inventory was valued at RM93,000

Required:
(a) Prepare the statement of profit or loss for the year ended 30 June 2019.
(b) Prepare the statement of financial position as at 30 June 2019.

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LECTURE 4 PART 1_QUESTION

Answer (a)

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RM RM RM

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LECTURE 4 PART 1_QUESTION

Answer (b)

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RM RM RM

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LECTURE 4 PART 1_QUESTION

Q3

Cempaka Bhd. is a merchandising company which has business operations in Cyberjaya. The
following balances have been extracted from the books as at 31 December 2018.
(RM)
Land and building 900,000
Motor vehicles 240,000
Furniture 60,000
Accumulated Depreciation:

Motor vehicles 72,000

Furniture 11,400

8% Loan from CIMB, 10 Years 350,000

Bank overdraft 45,000

Cash 36,000
Account receivable 122,800
Inventories, 1 Jan 117,200

Account payable 65,000

Dividend 60,000

Share capital 800,000

Investments (Long term) 110,000
Carriage outwards 40,000
Carriage inwards 9,600
Return inwards 2,000
Purchases 440,000
Discount allowed 45,000
Salaries expenses 150,000
Rental expense 10,000
Insurance 36,000
Interest expenses 28,000
Commission received 5,000

Sales 980,000
General expense 91,800

Retained earnings, 1 Jan 170,000

2,488,5
25
Additional information:
Closing inventories as at 31 December 2018 was valued at RM50,000.

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LECTURE 4 PART 1_QUESTION

Required:
a) Prepare the income statement for the year ended 31 December 2018.
b) Prepare the retained earnings statement for the year ended 31 December 2018.
c) Prepare the balance sheet as at 31 December 2018.

QUESTION 3(a)

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RM RM RM

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LECTURE 4 PART 1_QUESTION

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LECTURE 4 PART 1_QUESTION

QUESTION 3(b)

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RM

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LECTURE 4 PART 1_QUESTION

QUESTION 3(c)

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RM RM RM

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