(a)

Maju jaya
Statement of Profit or Loss for the year ended 31 Aug 2010
RM RM RM
Sales 177,300
Return inward -3,800
Net Sales 173,500

Less: Costs of good sold

Opening inventories 29,300
Purchases 89,100
Less: Return outward -2,600
86,500
Add: Carriage inward 1,500
Wages and salaries 9,000 97,000
126,300
Less: Closing inventories -26,300 -100,000
73,500

Add: Income
Discount received 1,300
Rent received (4,800- 800) 4,000 5,300
78,800

Less: Expenditure
Salary 27,000
Carriage outward ( 4,500 x 2/3) 3,000
Discount allowed 2,300
Interest 1,800
Insurance (3,600 -1,200) or (3600/12*8) 2,400
Utilities (5,000+ 450) 5,450
Bad debts (1,900+1,600) 3,500
Doubtful debts 750
Depn: Furniture& Fitting ( 50,000 x 20%x 1/2) 5,000
Depn: Office equitment (40,000 x 20% ) 8,000
Depn: Motor vehicles (70,000-25,200) x 20%) 8,960 -68,160
Net profit 10,640

(b)

Maju Jaya Trading

Statement of Financial Position as at 31 Aug 2010
RM RM RM
Non- Current assets
Furniture & Fittings 50,000
Less: Accumulated depreciation: Furniture & Fittings -5,000 45,000

Office Equipment 40,000

Less: Accumulated depreciation: Office Equipment -16,000 24,000

Motor vehicles 70,000

Less: Accumulated depreciation: Motor vehicles -34,160 35,840 104,840

Current Assets
Inventories 26,300
Trade receivables 45,000
Less: Allowance for doubtful debts (46,600-1600) x 5% -2250 42,750
Prepaid insurance 1,200
Bank 11,000
Cash 3,000
84,250

Less:Current liabilities
Trade payable 31,300
Accurued utilities 450
Rental received in advand 800 -32,550 51,700
156,540

Equity
Capital 140,000
Net Profit 10,640
150,640
Less: Drawings -19,100
Capital at 31 Aug 2010 131,540

Non- current liabilities

Loan 25,000
156,540
(a) Tracy Entreprise
Statement of Profit or Loss for the year ended 30 June 2009
RM RM RM
Sales 1,254,600
Return inward -4,500
Net Sales 1,250,100

Less: Costs of good sold

Opening inventories 160,000
Purchases(956,000 -6,000) 950,000
Less: Return outward -3,000
947,000
Add: Carriage inward 1,800
Custom duty 3,000 951,800
1,111,800
Less: Closing inventories -175,000 -936,800
313,300

Add: Income
Discount received 800
Comission received (6,000 +1,000) 7,000
Decrases for A.D.D (1,000 -800) 200 8,000
Gross profit 321,300

Less: Expenditure
Salary 60,000
Carriage outward 3,000
Discount allowed 600
Advertisement 16,000
Loan interest (200,000 x 6%) 12,000
Water and electricity 4,300
Bad debts 3,700
General expenses ( 2,200 +500) 2,700
Depn: Plant & machinery ( 300,000 x 15% ) 45,000
Depn: Motor vehicles ( 100,000 - 12,000) x20%) 17,600 -164,900
Net profit 156,400

(b)

Tracy Enterprise
Statement of Financial Position as at 30 June 2009
 RM RM RM
Non- Current assets
Plant & Machinery 300,000 69,000 231,000
Motoe vehicles 100,000 29,600 70,400
Freehold Premises 800,000 - 800,000
1,200,000 98,600 1,101,400

Current Assets
Inventories 175,000
Trade receivables 136,000
Less: Allowance for doubtful debts -800 135,200

Comission received accrued 1,000

Cash 8,800 9,800
320,000

Less:Current liabilities
Trade payable 68,000
General expenses accrued 500
Loan on inrerest (12,000 - 3,500) 8,500
Bank overdraf 6,000 -83,000 237,000
1,338,400
Equity
Capital 1,000,000
Net Profit 156,400
1,156,400
Less: Drawings -18,000 1,138,400

Non- current liabilities

6% Long term Loan 200,000
1,338,400
(a)
Brad Pitt Stationary shop
Trial Balance as at 30 June 2007
RM RM
Inventory 1 July 2008 5,300
Purchases 41,120
Sales 51,420
Return inward 1,730
Return outward 2,200
Carriage inward 660
Carriage outward 720
Repair and maintenance 900
Salaries and wages 2,300
Primes on cost 70,000
Accumulated dep: Primes 14,000
Motor vechiels 56,000
Accumulated dep: Motor vechiles 15,540
Utilities 650
Drawings 2,100
Discount allowd 650
Discount received 2,270
Advertising 610
Duty on imports 520
Insurance on goods purchased 150
Commision received 3,200
Bad debts 400
Allowance for DD 290
Rent 1,050
TR 3,170
TP 2,560
5% Long term loan 16,000
Capital 82,350
Bank overdraf 1,200
Cash in hand 3,000

191,030 191,030

(b)
Brad Pitt
Statement of Profit or Loss for the year ended 30 June 2007
RM RM
Sales
Return inward
Net Sales

Less: Costs of good sold

Opening inventories 5,300
Purchases (41,120 - 1,300) 39,820
Less: Return outward -2,200
37,620
Add: Carriage inward (660 -( 660/3) 440
Insurance on good purchased 150
Duty on import 520 38,730
44,030
Less: Closing inventories -6,050

Add: Income
Discount received 2,270
Comission received 3,200
Allowance for DD ( 290 - ( 3,170-700) x 10%) 43

Less: Expenditure
Salary and wages (2300 + 150) 2,450
Repair and maintenance 900
Carriage outward (720 + 220) 940
Discount allowed 650
Advertising 610
Rent 1,050
Interest on loan ( 16,000 x 5%) 800
Utilities ( 650 - 120) 530
Bad debts (400 + 700) 1,100
Depn: Premises ( 70,000 x 10%) 7,000
Depn: Motor vehicles (56,000 - 15,540) x 15% 6,069
Net profit

(b)

Maju Jaya Trading

Statement of Financial Position as at 31 Aug 2010
 RM RM
Non- Current assets
Premises 70,000 21,000
Motor vehicles 56,000 21,609
126,000 42,609

Current Assets
Inventories 6,050
Trade receivables ( 3,170 - 700) 2,470
Less: Allowance for doubtful debts (3,170-700) x 10% -247 2,223
Prepaid utilities 120
Cash (3,000 - 1,050) 1,950 2,070
10,343

Less:Current liabilities
Trade payable 2,560
Accurued salaries and wages 150
Accurued interest on loan (16,000 x 5%) 800
Bankoverdraf 1,200 -4,710

Equity
Capital 82,350
Net Profit -4,876
77,474
Less: Drawings ( 2,100 + 2350) -4,450
Capital at 31 Aug 2010

Non- current liabilities

5% Long term bank loan
RM
51,420
-1,730
49,690

-37,980
11,710

5,513
17,223

-22,099
-4,876
RM

49,000
34,391
83,391

5,633
89,024

73,024

16,000
89,024
Section 3: Q1
(a)
Omega Shoes
Statement of Profit or Loss for the year ended 30 June 2005
RM
Sales
Less:Return inward
Net Sales

Less: Costs of good sold

Opening inventories
Purchases 386,768
Less: Return outward -3,854
382,914
Add: insuranse inventories 3,626

Less: Closing inventories

Add: Income
Discount received

Less: Expenditure
Salary
Carriage outward
Discount allowed
rent
Insurance (motor)
Interest on loan (80,000 x 6%) x 9/12
Printing and stationary
Utilities (7,895 - 450)
Bad debts
Doubtful debts(45,329 x 2%) -678)
Depn: Office equitment ( 25,858 - 4,858) x 10%
Depn: Motor vehicles (60,000 x 20%)
Net profit

(b)
 Maju Jaya Trading
Statement of Financial Position as at 31 Aug 2010
RM
Non- Current assets
Office Equipment 25,858
Motor vehicles 60,000
85,858
Current Assets
Inventories
Trade receivables 45,329
Less: Allowance for doubtful debts 678+229) -907
Prepaid utilities (900 /2) 450
Bank (153,246 - 1250) 151,996

Less:Current liabilities
Trade payable 58128
accurued Interesdt on loan 3,600

Equity
Capital
Net Profit

Less: Drawings ( 8,500 + 1250)

Capital at 31 Aug 2010

Non- current liabilities

Loan
RM RM
600,235
-4586
595,649

54,387

386,540
440,927

-47,342 -393,585
202,064

18,129
220,193

45,853
7,295
15,844
18,000
1,452
3,600
12,587
7,445
7,287
229
2,100
12,000 -133,692
86,501
10
RM RM

6958 18900
18,000 42,000
24,958 60900

47,342

44,422

152,446
244,210

-61728 182,482
243,382

86,631
86,501
173,132
-9,750
163,382

80,000
243,382
Q2
(a)
The books of Mr Smith
Statement of Profit or Loss for the year ended 31 Dec 2006
RM RM RM
Sales 215,580
Less:Return inward -220
Net Sales 215,360

Less: Costs of good sold

Opening inventories 18,400
Purchases 68,080
Less: Return outward -380
67,700
86,100
Less: Closing inventories -6,520 -79,580
135,780

Add: Income
Rent received ( 9k+1k) 10,000
Discount received 7,000
152,780
Less: Expenditure
Salary and wages 68,000
Advertising expenses 27,600
Discount allowed 3,000
Sundry expenses 15,000
Insurance (24k - 2k) 22,000
Electricity and water (7,100 + 590) 7,690
Printing and stationery 2,496
Doubtful debts 500
Depn: Motor vehicles (100k-40k)x10% 6,000
Depn: Buildings ( 520k x 1%) 5,200 -157,486
Net profit -4,706

(b)

The books of Mr Smith

Statement of Financial Position as at 31 Dec 2006
 RM RM RM
Non- Current assets
Motor vehicles 100,000 46,000 54,000
Buildings 520,000 69,200 450,800
620,000 115,200 504,800
Current Assets
Inventories 6,520
Trade receivables 168,000
Less: Allowance for doubtful debts (1,200 + 500) -1,700 166,300
Prepaid insurance 2,000
Rent received in arrears 1,000
Cash in hand 136,000 139,000
311,820

Less:Current liabilities
Trade payable 100,000
Accrued electricity 590
Bank overdraf 736 -101,326 210,494
715,294

Equity
Capital 720,000
Net Profit -4,706
715,294