Name:

Student ID No:
Subject Code & Title: ABFA1153 FINANCIAL ACCOUNTING 1

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Question 1a

ABC Sdn Bhd

Statement of Profit or Loss for the year ended 31 December 2020
RM RM
Sales 43,300 2

Less: COGS
Opening inventory 17,200 2
(+) Purchase 15,500 2
32,700
(-) Closing inventory 21,000 -11,700 2

Gross profit 31,600

Less: expense
Interest (RM8,000 x 3%) 240 2
Salaries (RM14,000 - RM2,000) 12,000 1 1
Rent 2,400 2
Insurance 5,900 2
Doubtful debts 100 2
Depreciation (RM10,000 x 20%) 2,000 -22,640 2

Net profit 8,960

Question 1b

ABC Sdn Bhd

Statement of Financial Position for the year ended 31 December 2020
RM RM RM
Non-current assets
Cost Acc Depn NBV
Office equipment 10,000 4,000 6,000 2

Current assets
Inventory 21,000 2
Trade receivables 30,100 2
(-) AFDD 3,000 27,100 2
Prepaid salaries 2,000 2
Bank 8,800 58,900 2

Total assets 64,900

Equity
Capital as at 1 January 2020 4,600 2
(+) Net profit 8,960 2
13,560
(-) Drawings 900 2
Capital as at 31 December 2020 12,660

Non-current liabilities
Loan 8,000 2

Current liabilities
Trade payables 44,000 2
Accrued loan interest 240 44,240 2

Total equity and liabilities 64,900

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