TUTORIAL

QUESTION 1
i.
Date Accounts Dr . Cr .
( RM ) ( RM )
2020 Prepaid Supplies Expense 300
May 31 Supplies Expense 300
Depreciation Expense 2 000
Accumulated Depreciation - Equipment 2 000
Interest Expense 250
Interest Payable 250
Prepaid Insurance Expenses 1 800
Insurance Expenses 1 800
Account Receivable 750
Service Revenue 750

ii.
Johari Consultant
Statement of Profit or Loss
For the year ended 31 May 2020

RM RM

( + ) Revenue
Service revenue (13,620 + 750) 14 370

( - ) Operating expenses:
2 200
Salaries expense
1 300
Utilities expense
1 200
Rent expense
200
Miscellaneous expense
300
Supplies expense (1 050 – 750)
2 000
Depreciation expense
250
Interest expense [(5%x10 000) x ½ )
1 800
Insurance expense 9 250
Total expenses

Net profit 5 120

iii.
Johari Consultant
Statement Of Financial Position
As at 31 May 2020

RM RM
Non-current Assets
Equipment 30 000
(-) Accumulated depreciation – Equipment (2 000)
28 000
Total non-current assets
Current Assets
Cash 11 400
Supplies 750
Accounts receivable 6 370
Prepaid insurance (2,400 - 1,800) 600
19 120
Total current assets

Total Assets 47 120

Owner’s Equity 20 000

Beginning capital 5 120
(+) Net profit
25 120
(-) Drawings (600)
Ending capital 24 520
Current Liabilities 12 350
Accounts payable 10 000
Notes payable 250
22 600
Interest payable
Total Liabilities

Total Owner’s Equity and Liabilities 47 120

QUESTION 2
i.

Date Accounts Dr. Cr.

(RM) (RM)

June 30 Prepaid insurance 1 650

Insurance expense 1 650

Accounts receivable 3 500

Service revenue 3 500

Service revenue 25 600

Unearned revenue 25 600

Salaries expense 1 570

Salaries payable 1 570

Bad debt expense 675

Accounts receivable 675

Depreciation expense 27 750

Acc. Depreciation – Equipment 27 750

Depreciation expense 5 700

Acc. Depreciation – Vehicle 5 700
 (ii)
Abdullah Sdn. Bhd.
Statement of Profit or Loss
For the year ended 30 June 2020
RM RM
( + ) Revenue
Service revenue (114,900 + 3,500 – 25,600) 92 800

( - ) Operating expenses:
17 170
Salaries expense (15,600 + 1,570)
14 300
Advertising expense
2 500
Utilities expense
1 000
Miscellaneous expense
750
Insurance expense (2,400 – 1,650)
675
Bad debt expense
33 450
Depreciation expense (27,750 + 5,700)
Total expenses 69 845

Net profit 22 955

(iii)
Abdullah Sdn. Bhd.
Statement of Financial Position
As at 30 June 2020
RM RM RM
Non-current Assets
Equipment
185,000
(-) Accumulated depreciation – Equipment 97,250
87,750
Vehicles
(-) Accumulated depreciation – Vehicles 28,500
18,800 9,700
Total non-current assets
Current Assets 106,950
Cash
Accounts Receivable (13,500-675) 20,700
Prepaid Insurance 12,825
1,650
Total Current Assets
35,175
Total Assets
142,125
 Owner’s Equity
Beginning capital 97,000
(+) Net profit 22,955

119,955
(5,000) 114,955
(-) Drawings
Ending capital
Current Liabilities
Unearned revenue
Salaries payable 25,600
Total liabilities 1,570 27,170
Total Owner’s Equity and Liabilities

142,125

QUESTION 3
i.

Date Items Dr. Cr.

(RM) (RM)

June 30 Dr. Insurance expense 900 900

Cr. Prepaid insurance

Dr. Salaries expense 400 400

Cr. Salaries payable

Dr. Depreciation expense 6,000 6,000

Cr. Acc. depreciation – Vehicle

Dr. Accounts receivable 3,000 3,000

Cr. Sales
 ii.

Perniagaan Comel
Statement of Profit or Loss
For the year ended 30 June 2020
RM RM

Sales 81,200
(-) Cost of Goods Sold
Beginning inventories 1,000
Purchases 56,100

57,100
(-) Ending inventories
(800)
Cost of Goods Sold (56,300)

Gross profit 24,900

( - ) Expenses :
Insurance expense 900
Salaries expense 4,800 (11,700)
Depreciation expense 6,000

Net profit 13,200

iii.
Perniagaan Comel
Statement of Financial Position
As at 30 June 2020
RM RM
Non-current Assets
Vehicles 60,000
(-) Accumulated depreciation - Vehicles (18,000)
Total non-current assets
42,000
Current Assets
Cash 9,500
Inventories 800
Accounts receivable 8,400
Prepaid insurance 900 19,600
Total current assets
 Total assets 61,600
Owner’s Equity
Capital
40,200
(+) Net profit 53,400
13,200
Current Liabilities
Accounts payable
Salaries payable 7,800
Total Liabilities 400

8,200
Total Owner’s Equity and Liabilities
61,600

QUESTION 4
(i)

Date Items Dr. Cr.

(RM) (RM)

Dec. 31 Depreciation expense 5,750 5,750

Acc. depreciation – Equipment

Salaries expense 315 315

Salaries payable

Insurance expense 325 325

Prepaid insurance

Drawings 275 275

Cash
 (ii)
Perniagaan Nautica
Statement of Profit or Loss
For the year ended 31 December 2020
RM RM RM

Sales 150,000

(-) Sales return and allowances (7,500)

Net sales 142,500

( - ) Cost of Goods Sold

Beginning inventories 10,000

Purchases 106,850

(-) Purchases return and allowances (3,750)

Net purchases 103,100

113,100

(-) Ending inventories (17,750)

Cost of Goods Sold (95,350)

Gross Profit 47,150

(-) Operating expenses:

Salaries expense (12,750 + 315) 13,065

Rent expense 7,250

Depreciation expense 5,750

Insurance expense 325 (26,390)

Net profit 20,760

(iii)
Perniagaan Nautica
Statement of Financial Position
As at 31 December 2020
RM RM
Non-current Assets
Equipment 30,000
(17,250)
(-) Accumulated depreciation – Equipment
12,750
Total Non-current Assets
Current Assets
Cash (20,625 – 275) 20,350
Accounts receivable 14,125
Inventories 17,750
Prepaid insurance (1,150 – 325) 825

Total Current Assets 53,050

Total Assets 65,800

Owner’s Equity
Beginning capital 41,500
(+) Net profit 20,760

(-) Drawings 62,260

Ending capital (2,775) 59,485
Current Liabilities
Accounts payable 6,000
Salaries payable 315
Total Liabilities
6,315

Total Owner’s Equity and Liabilities 65,800

QUESTION 5
i.
Date Items Dr. Cr.
(RM) (RM)
June Insurance expense 800 800
30 Prepaid insurance

Depreciation expense 1,620 1,620

Acc. depreciation – Building

Depreciation expense 3,500 3,500

Acc. depreciation – Equipment

Salaries and wages expense 1,050 1,050

Salaries and wages payable

Unearned rent revenue 2,000 2,000

Rent revenue

Bad debt expense 10,000 10,000

Accounts receivable
 (ii)
Sanguine Enterprise
Statement of Profit or Loss
For the year ended 30 June 2020
RM RM RM
Sales 288,400
(-) Sales return and allowance ( 8,000)
(-) Sales discount ( 3,050)
Net sales 277,350
(-) Cost of Good Sold
Beginning inventories 15,000
Purchases 90,000
(-) Purchases return and allowance (5,500)
(-) Purchase Discount (2,250)
Net purchases 82,250
97,250
(-)Ending Inventories (23,550)
Cost Of Good Sold 73,700
Gross Profit 203,650
(+) Other Revenues
Rent Revenue ( 3000-1000) 2,000
205,650
(-)Operating Expenses
Salaries and wages expenses ( 101 200 + 1 050 ) 102,250
Insurance expenses 800
Advertising expenses 58,200
Utilities expenses 19,000
Repairing expenses 11,550
Depreciation expense ( 1 620 + 3 500 ) 5,120
Bad debt expense 10,000 ( 206,920 )
Net Loss ( 1,270)
 (iii)
Sanguine Enterprise
Statement of Financial Position
As at 30 June 2020
RM RM RM

Non-current Assets
Land 50,000
90,100
Equipment
(38,800) 51,300
(-) Accumulated depreciation-Equipment
Building 137,500
(-) Accumulated depreciation-Building 84,880
(52,620)
Total Non-current Assets 186,180
Long-term investment 20,000
Current Assets
Cash 13,550
Accounts receivable 27,500
Inventories 23,550
Prepaid insurance 1,000 65,600
Total Current Assets
Total Assets

271,780
Owner’s Equity
Beginning capital 222,500
(-) Net loss (1,270)

(-) Drawings 221,230

(10,000) 211,230
Ending capital
Non-current Liabilities 25,000
Loan
Current Liabilities
Unearned rent revenue 1,000
Accounts payable 33,500
Salaries and wages payable 1,050

Total Liabilities 35,550

Total Owner’s Equity and liabilities 271,780
 QUESTION 6
i.

Date Item Dr. Cr.

(RM) (RM)

Dec Supplies expense 70,000 70,000

31 Supplies

Unearned service revenue 40,000 40,000

Service revenue

Depreciation expense – Office equipment 25,000 25,000

Acc. depreciation – Office equipment

Accounts receivable 9,000 9,000

Service revenue

Insurance expense 6,000 6,000

Prepaid insurance

Salary expense 4,000 4,000

Salary payable

Vehicle 21,000 21,000

Cash

Depreciation expense – Vehicle 875 875

Acc. depreciation – Vehicle
 ii.
Teguh Entreprise
Statement of Profit or Loss
For The Year Ended 31 December 2020
Items RM RM

(+) Revenues:
Service revenue (600,000 + 40,000 + 9,000) 649,000
(-) Operating expenses
Salary expense (20,000 + 4,000) 24,000
Rent expense 40,000
Utility expense 27,500
Miscellaneous expense 10,000
Supplies expense 70,000
Depreciation expense – Office equipment Depreciation 25,000
expense – Vehicle 875
Insurance expense 6,000
(203,375)
Net profit 445,625

iii.
Teguh Entreprise
Statement of Financial Position
As at 31 December 2020
RM RM RM

ASSETS

Non-current Assets

Office Equipment 500 000

(-) Accumulated depreciation – Office ( 75 000 ) 425 000

Equipment ( 50 000 + 25 000 )

Vehicle 21 000

(-) Accumulated depreciation – Vehicle ( 875 ) 20 125

Total Non-Current Assets 445 125

Current Assets

Cash ( 300 500 – 21 000 ) 279 500

Account receivable ( 100 000 + 9 000 ) 109 000

Supplies 30 000

Prepaid Insurance ( 50 000 – 6 000 ) 44 000

Total Current Assets 462 500

Total Assets 907 625

OWNER’S EQUITY AND LIABILITIES

Owner’s Equity

Beginning Capital 338 000

(+) Net Profit 445 625

783 625

(-)Drawings ( 50 000 )

Ending Capital 733 625

Liabilities

Accounts Payable 90 000

Unearned Service Revenue 80 000

Salary Payable 4 000

Total Liabilities 174 000

Total Of Owner’s Equity And Liabilities 907 625

QUESTION 7
(i)
Mawar Enterprise
Statement of Profit or Loss
For the year ended 31 December 2020
RM RM RM

Sales 220 000

(-) Sales return ( 2 500 )

(-) Sales discount ( 950 )

Net sales 216 550

(-) Cost of Goods Sold

Beginning Inventory 24 800

Purchases 145 000

(-) Purchase return and allowance ( 1 300 )

(-) Purchase discount ( 1 250 )

Net purchases 142 450

Cost of Goods Available for Sale 167 250

(-) Ending Inventory ( 18 000 )

Cost of Goods Sold ( 149 250 )

Gross Profit 67 300

( + ) Comission Revenue 2 600

69 900

( - ) Operating Expense

Depreciation Expense 10 750

Bad Debt Expense 1 550

Rental Expense 7 400

Miscellaneous Expense 7 450

Salary Expense 25 800 ( 52 950 )

Net Profit 16 950

(ii)
Mawar Enterprise
Statement of Financial Position
As at 31 December 2020
RM RM RM

Assets

Non-currents Assets

Vehicles 70 000

(-) Accumulated depreciation – ( 21 000 ) 49 000

Vehicles

Office Equipment 25 000

(-) Accumulated depreciation – ( 8 750) 16 250

Office Equipment

Total Non-current Assets 65 250

Current Assets

Inventory 18 000

Accounts Receivable 42 050

Cash 1 600

Prepaid Rental 80

Total Current Assets 62 450

Total Assets 127 700

OWNER’S EQUITY AND

LIABILITIES

Owner’s Equity

Beginning Capital 100 000

(+) Net Profit 16 950

(-) Drawings ( 4 300 )

Ending Capital 112 650

Current Liabilities
 Accounts Payable 13 500

Accrued Miscellaneous Expense 850

Unearned Comission Revenue 700

Total Liabilities 15 050

TOTAL OWNER’S EQUITY 127 700

AND LIABILITIES

QUESTION 8
(i)

Date Account Titles and Explanation Dr. Cr.

(RM) (RM)

Aug. Depreciation expenses 6,250 6,250

31 Acc. depreciation – Building

Depreciation expenses 17,600 17,600

Acc. depreciation - Vehicle

Bad debts expense 1,000 1,000

Accounts receivable

Salaries expense 600 600

Salaries payable

Prepaid Insurance 1,600 1,600

Insurance expense
(ii)
Perniagaan Ayam Segar
Statement of Profit or Loss
For the year ended 31 August 2020
RM RM RM

Sales 212,500

(-) Cost of Goods Sold

Beginning inventories 13,400

Purchases 175 360

(-) Purchases return and allowance ( 1 400)

Net purchases 173 960

(+) Freight-in 2 870

Cost of Purchases 190 230

Cost of Goods Available for sale 203 630

(-) Ending Inventories 12 000

Cost of Good Sold 178 230

Gross Profit 34 270

(-) Operating Expense

Utilities Expense 18 500

Salaries Expense ( 6 120 + 600 ) 6 720

Bad Debt Expenses 1 000

Depreciation Expense 23 850

Insurance Expense 800

Rental Expenses 3 000 ( 53 870 )

Net Loss ( 19 600 )

 (ii)
Perniagaan Ayam Segar
Statement of Financial Position
As at 31 August 2020
RM RM RM

ASSETS

Non-current Assets

Building 250,000

(-) Accumulated depreciation- Building (18,750) 231,250

Vehicles 88,000

(-) Accumulated depreciation – Vehicles (35,200 ) 52,800

Total Non-current Assets 284,050

Current Assets

Cash 4,630

Bank 16,550

Inventories 12,000

Accounts receivable (19,000-1,000) 18,000

Prepaid insurance 1,600

Total Current Assets 54,180

Total Assets 336,830

Owner’s Equity

Beginning capital 150,000

(-) Net loss (19,600)

Ending capital 130,400

Liabilities

Non-current Liabilities

Long-term loan 175,000

Current Liabilities
 Accounts payable 30,830

Accrued salaries 600

Total Current Liabilities 31430

Total Liabilities 206,430

Total Owner’s Equity and Liabilities 336,830

QUESTION 9
(i)
Yahya Bongsu Enterprise
Statement of Profit or Loss
For the year ended 31 December 2020
RM RM RM

Sales 250 000

(-) Sales return and allowance ( 2 500 )

Net sales 247 500

(-) Cost of Good Sold

Beginning inventories 37 000

Purchases 180 000

(-) Purchases return and allowance ( 500 )

(-) Purchase discount ( 750 )

Net purchases 178 750

215 750

(-) Ending Inventories ( 25 000 )

Cost of Good Sold 190 750

Gross Profit 56 750

(-) Operating expenses

Depreciation expenses ( 2 000 + 1 500 ) 3 500

Bad debt expenses ( 300 + 650 ) 950

Insurance expenses ( 500 – 200 ) 300

Miscellaneous expense ( 2 500 + 250 ) 2 750

Salaries expenses 24 700

31 800

Net Profit 24 550

(ii)
Yahya Bongsu Enterprise
Statement of Financial Position
As at 31 December 2020
RM RM
Non-current Assets
Vehicle 10 000
(-) Accumulated depreciation – Vehicle (4 000) 6 000
Office equipment 15 000
(-) Accumulated depreciation – Office (4 500) 10 500
equipment
Total Non-current Assets 16 500
Current Assets
Cash (8 900 – 1 000) 7,900
Inventories 25,000
Accounts receivable (50 000 – 650) 49,350
Prepaid insurance 200
Total Current Assets
82,450
Total Assets
Owner’s Equity
Beginning capital 98,950
60,000
(+) Net profit 24,550

84,550
(3,500)
(-) Drawings 81,050
Ending capital
Current Liabilities
Accounts payable 16,450
Miscellaneous expense payable 250
Salaries payable 1,200
17,900
Total Liabilities
Total Owner’s Equity and Liabilities 98,950