ACC117/ACC106/TEST2/JULY2022

UNIVERSITI TEKNOLOGI MARA

SUGGESTED SOLUTION
TEST 2

INTRODUCTION TO FINANCIAL ACCOUNTING/

COURSE : INTRODUCTION TO FINANCIAL ACCOUNTING AND
REPORTING
COURSE CODE : ACC117/ACC106
TEST : JULY 2022

TIME : 1 HOUR 30 MINUTES

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QUESTION 1
January Books of prime entry
1 Cash Receipt Journal & General Journal
2 Purchase Journal
5 Cash Payment Journal
9 Sales journal
11 Return Inwards/ Purchase Return Journal
13 Return Inwards/ Sales Return Journal
16 General Journal
21 Cash Receipt Journal
25 Cash Payment Journal

QUESTION 2

MamaYam CONFECTIONERY
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2021
RM RM RM
Sales 2,041,000
Less: Return Inward (14,000)
Net Sales 2,027,000

Less: Cost of sales Opening

Inventory 100,000
Add: Purchases 1,040,00
Less: Return Outward ( 10,000)
1,030,000
Less: Closing Inventory ( 140,000)
(990,000)
GROSS PROFIT 1,037,000

Add: Revenue
Interest received (12,000 + 3,000) 15,000
Commission received 5,300
Doubtful debt 400 20,700

Less: Expenses
Interest on loan 5,000
Insurance (10,000 + 2,000) 12,000
Wages and salaries 106,000
Utilities (126,500 - 500) 126,000
Depreciation - Delivery Van (160,000 X 10%) 16,000

Depreciation - Office equipment [(120,000 11,700) X 5%] 5,415 ( 270,415)

NET PROFIT 787,285

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MamaYam CONFECTIONERY
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

RM RM RM

Non-Current Assets Cost Acc. Carrying

Building 200,000 200,000

Delivery van 160,000 160,000
Office equipment 120,000 120,000

Long term investment

Current Assets

Closing inventories 140,000 √

Account receivables 250,000 250,000
Less: Allowance for doubtful debt (14,600) (14,600)
Cash
Bank
Accrued Interest received
Prepaid Utilities

Add: Net Profit

Less: Drawings

Non-Current Liabilities

5% Loan from CEOB 100,000√

Current Liabilities
Account payables
Accrued insurance
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QUESTION 3

Updated Cash Book (Bank Column)

RM RM

Unadjusted balance 28,246 Bank charges 85

Error (921-291) 630 Standing order 600

Error (4,000-400) 3,600 Direct debit 750
Error (370-730) 360
Adjusted balance 30,681

32,476 32,476

FazrulAmin Store
Bank Reconciliation Statement as at 31 August 2021
RM
Adjusted balance as per updated cashbook 30,681
Add: Unpresented Cheques

Cheque no. 13802 666

Cheque no. 13805 484
Cheque no. 13806 219
Error (Cheque No. 112700) 6,000 7,369

Less: Uncredited cheques

Sales 3,500
Sales 3,380 (6,880)
Balance as per Bank Statement 31,170