2019 Mid Year Exam Answers

Q1
George
a) General Journal
Date Particulars Debit (RM) Credit (RM)
2014
Mar 31 Discounts Received (I-)(NP-) 60
Discounts Allowed (E+) (NP-) 60
(1) Suspense 120
(Being discounts allowed wrongly posted.) 120 120

(2) Suspense 270

Rent 270
(Being rent overstated.)

(3) Suspense 200

Accounts Receivable 200
(Being accounts receivable omitted.)

(4) Drawings 55
Stationery 55
(Being entries omitted.)

(5) Purchases 150

Capital 150
(Being entries omitted.)

OR Bank 150
(5) Capital 150
(Being entries omitted.)

Purchases 150
Bank 150
(Being entries omitted.)

(6) Motor Vehicle Expenses 90

Motor Vehicle 90
(Being motor vehicle expenses wrongly posted.)

(7) Suspense 1,600

Accounts Receivable – J. Pinder 1,600
(Being accounts receivable wrongly posted.)

(8) Suspense 36
Postage 36
(Being postage overstated.)

(9) Cash 350

Sales 350
(Being entries omitted.)
 George
George
General JournalGeneral Journal
Date Particulars Debit (RM) Credit (RM)
2014
Mar 31 Bank Charges 90
(10) Suspense 90
(Being bank charges omitted.)

Suspense
2014 RM 2014 RM
Mar 31 Rent 270 Mar 31 Discounts Received 60
Accounts Receivable 200 Discounts Allowed 60
Accounts Receivable – J. Pinder 1,600 Bank Charges 90
Postage 36 Difference per Trial Balance 1,896
2,106 2,106
Q1

b) Johnson
(a) Adjusted Cash Book (Bank Column)
2018 RM 2018 RM
Dec 31 Balance b/d 23,399 Dec 31 Rent 672
AR- Brock 814 30 AR- Holt (Dishonoured Cheque) 520
AP- May 270 Balance c/d 23,917
Sales 626
25,109 25,109
2019
Jan 1 Balance b/d 23,917

Johnson
Bank Reconciliation Statement as at 31 December 2018
Particulars RM RM
Balance as per Adjusted Cash Book 23,917 (Dr)_

Add : Unpresented Cheque 1,215

25,132
Less : Uncredited Cheque (2,186)
Balance as per Bank Statement 22,946 (Cr)
Q2
Green Ltd
a) Income Statement for the year ended 30 September 2018 (Extract)
Particulars RM RM RM
Gross Profit 501,200

Add : Other Income

Profit on Sale of MV 1,500
Deposit Interest (50,000 x 6% x 4/12) 1,000
Decrease in AFDD 260 2,760
503,960
Less : Expenses
Administrative Expenses 85,500
Selling Expenses 60,000
Distribution Expenses 130,000
Loan Notes Interest (2,000 + 2,000) 4,000
Depr. - MV {(200,000-150,000) x 25%} 12,500
Depr. – Office Equip. (70,000 x 20%) 14,000 (306,000)
Net Profit 197,960

Green Ltd
(b) Statement of Changes in Equity for the year ended 30 September 2018
RM RM RM RM RM
Share Share General Retained Total
Capital Premium Reserve Profit
Balance at 1 May 2011 480,000 40,000 - 83,500 603,500
Profit for the year - - - 197,960 197,960
Transfer to General Reserve - - 25,000 (25,000) -
Dividend paid - - - (10,400) (10,400)
Issue of Share Capital 10,000 2,000 - - 12,000
Balance at 30 April 2011 490,000 42,000 25,000 246,060 803,060
Question 3 (正常版)

Robinson Ltd
Manufacturing Account for the year ended 30 April 2018
Particulars RM RM RM
Cost of Material Consumed (Direct Material)
Opening Inventory 9,880
Purchases 112,309
122,189
Less: Closing Inventory (11,310)
110,879
Direct Labour
Direct Wages (146,185+2,730) 148,915
Prime Cost 259,794

Factory Overhead
Indirect Wages 36,400
Rent and Rates (29,250 x 70%) 20,475
Insurance (17,870 x 70%) 12,509
Light and Heat (15,240 x 70%) 10,668
Motor Expenses (24,648 x 50%) 12,324
Machinery Repairs {(11,700 – 1,560) x 90%} 9,126
Depreciation – Machinery (146,200 x 10% x 90%) 13,158
Depreciation – MV {(61,740-31,500) x 30% x 50%} 4,536 (119,196)
378,990
Add: Opening Work in Progress 5,135
384,125
Less: Closing Work in Progress (14,225)
Production Cost of Finished Goods 369,900
Manufacturing Profit (369,900 x 15%) 55,485
Production Cost of Finished Goods c/d, at cost plus 15% 425,385
Question 4
Workings: Yong and Zhang
Goodwill（NCA）
2018 RM 2018 RM
Apr 1 Cap. – Yong (3/5) 108,000 Apr 1 Cap. – Yong (1/3) 60,000
– Zhang (2/5) 72,000 – Zhang (1/3) 60,000
– Vishnu (1/3) 60,000
180,000 180,000

(a) Exp Revaluation (P & L） Inc

2018 RM 2018 RM
Apr 1 Premises 20,000 Apr 1 Accounts Payable 2,200
Office Equipment 14,000 Capital – Loss on Revaluation
Inventory 800 – Yong 19,560
– Zhang 13,040

34,800 34,800

(b) Capital
Yong Zhang Vishnu Yong Zhang Vishnu
2018 RM RM RM 2018 RM RM RM
Apr 1 GW – Written Off 60,000 60,000 60,000 Apr 1 Balance b/d 258,000 160,000 -
Revaluation Goodwill 108,000 72,000 -
- Loss on rev. 19,560 13,040 - Inventory - - 40,000
Balance c/d 286,440 158,960 56,000 AR - - 16,000
Bank - - 60,000
366,000 232,400 116,000 366,000 232,400 116,000
2018
Apr 2 Balance b/d 286,440 158,960 56,000
Question 4

Yong, Zhang and Vishnu

(d) Statement of Financial Position as at 1 April 2018
Particulars RM RM RM
Non Current Assets
Premises 260,000
Office Equipment 36,000
Fixtures and Fittings 40,000
336,000
Current Assets
Inventory (25,200 + 40,000) 65,200
Accounts Receivable (34,000 + 16,000) 50,000
Bank (18,000 + 60,000) 78,000 193,200
Total Assets 529,200

Owner’s Equity
Capital – Yong 286,440
– Ahmad 158,960
– Ahmad 56,000
Total Equity 501,400

Current Liabilities
Accounts Payable 27,800
Total Liabilities 27,800
Total Equity and Liabilities 529,200

Objective Answer
1. A 11. B
2. A 12. D
3. B 13. A
4. B 14. C
5. D 15. D
6. C 16. B
7. D 17. D
8. B 18. C
9. A 19. B
10. A 20. B