QUESTION

KMKT
AA015
Accounting
Semester 1
Session 2019/2020
2 hours

KELANTAN MATRICULATION COLLEGE

ACCOUNTING TOWARDS THE FINISH LINE

ACCOUNTING 1
2 hours

INSTRUCTION TO CANDIDATE:

This question paper consists of 4 questions.

Answer all questions.

Show the calculation.

Answers for each question should be written in the answer booklet provided. Use a
new page for each question.

The use of electronic calculator is permitted.

 SECTION B ( 85 marks)

QUESTION 1 ( 20 marks)

a) Karaji Sdn Bhd received the bank statement dated 31 August 2019 as follows:-

Date Cheque Details Debit (RM) Credit (RM) Balance (RM)

No.
1 Balance b/f 25,000
2 155449 150 24,850
3 Deposit 6,000 30,850
3 155448 750 30,100
6 155450 1,500 28,600
7 155451 8,050 20,550
7 Deposit 8,000 28,550
10 155447 6,350 22,200
13 Deposit 9,000 31,200
16 155453 8,050 23,150
20 Deposit 5,500 28,650
21 155452 650 28,000
22 Bank Collection – 4,150 32,150
Notes Receivable
23 155454 700 31,450
27 Bank Charge 50 31,400
30 155455 1,000 30,400

The general ledger’s cash account show the following entries for the month of August
2019.
CASH BOOK ( BANK COLUMN ONLY)

August Details Cheque RM August Details Cheque RM

No. No.
1 Balance b/f 17,750 2 Purchase 155450 1,500
2 Sales 321768 6,000 4 Purchase 155451 8,500
6 Alias 045621 8,000 6 Fauzi 155452 650
10 Samat 54322 9,000 10 Zainuddin 155453 8,050
19 Sales 04763 5,500 21 Insurance 155454 700
30 Sarimah 37893 6,600 22 Salleh 155455 1,000
23 Purchase 155456 1,300
27 Salary 155457 1,360
31 Balance c/f 29,790
52,850 52,850
Additional information:

1. All data recorded by bank are correct.

2. On July 31, 2019 Karaji Sdn Bhd has issued three (3) cheque amounted RM 7,250
on july but not yet cleared by bank.
3. Bank collection for notes receivable including interest amounted RM 150.

Required :

i) Prepare Bank Reconcilation Statement for Karaji Sdn Bhd on August 31,2019.
( 5 marks)

ii) Prepared adjusment journal on August 31,2019. ( 6 marks )

(b)

Majriti Sdn Bhd recorded the information below in statemenet financial position on
December 31,2018

RM
Balance Account Receivable 42,600
Allowance for doubtful debt 852

Transaction that occurred for the year ender December 31,2019

RM
Sales ( 40% cash) 255,000
Sales Returned ( for credit sales ) 4200
Collection of Accounts Receivable 172,500
Accounts Receivable written off 900

Allowance for doubtful debts for the year ended December 31,2019 is estimated at 2%
of the balance of Account Receivable.

Required :

(a) Prepare journal entries to record the transaction above and adjustments.
(5 ½ marks)

(b) Determine the balance for Accounts Receivable and Allowance for doubtful debt
for the year ended December 31,2019. ( 3 ½
marks)
QUESTION 2 ( 20 marks)

Mahani Sdn Bhd uses perpetual inventory system. The beginning inventory , sales and
purchases for the month of September 2019 are shown below:-

Date Activity Unit Price Per unit

(RM)
September 1 Balance b/f 12 550
4 Purchase 10 560
7 Sales 11 670
10 Purchase 10 570
12 Sales 8 670
13 Purchase 6 570
19 Sales 8 680
21 Sales 7 680
23 Purchase 5 580
26 Sales 2 690
28 Purchase 5 580
30 Sales 3 700

Required:

Calculate ending inventory using the method stated and round up answers to two
decimal places:-

(i) First-in , First Out Method ( 10 ½ marks

)

(ii) Weighted Average Method ( 9 ½ marks

)

QUESTION 3 ( 20 marks )

The following information is extracted from the statement of financial position of Nasawi
Sdn Bhd as at July 31,2018.

Fixed Asset Cost (RM) Accumulated Depreciation (RM)

Vehicle 200,000 80,000
Office Equipment 64,000 6,400

Depreciation are depreciated as below :-

Fixed Asset Depreciation rate Method

Vehicle 20 % Straight Line
Office Equipment 10 % Reducing Balance
The company’s policy is to calculate depreciation based on ending balance for the
year.

Nasawi Sdn Bhd purchased the following assets during the year ended July 31,2019:-

Non Current Asset Cost (RM) Date Of Purchase

Vehicle 70,000 1 August 2018
Office Equipment 20,000 15 September 2018
Vehicle 80,000 1 November 2018
Office Equipment 5,000 1 January 2019

On January 31, 2019 , one vehicle bought on April 1 , 2016 amounted RM 100,000
involved with an accident dan been disposed. On May 31, 2019 , Nasawi Sdn Bhd
received the compesation from the insurance company regardless from an accident
amounted RM25,000.

Required :

i. Prepare journal entry on purchased and adjustment on disposal asset. (5 marks)

ii. Prepare accumulated account for Vehicle and Office Equipment. (10 marks)
iii. Prepare extracted Statement of Financial Position as at July 31,2019. (5 marks)

QUESTION 4 ( 25 marks )

(a)
On Januari 1,2018 , Battuta Sdn Bhd makes loan amounted RM40,000 for duration of
five (5) years from Firnas Bank at rate 10% per year and signed the notes payable
amounted RM25,000 from Yunus Bank for duration of three (3) years at rate 12% per
year. Interest paid once a year on January 1 for both loan.

Required:-

Prepare jurnal entries to record transactions on the following dates:-

i) January 1,2018 : Make a loan with Firnas Bank and Yunus Bank
ii) December 31,2018 : Record the interest expense
iii) January 1,2019 : Payment of interests
iv) January 1, 2021: Payment Notes Payable to Yunus Bank
( 5 marks)
(b)

Zahrawi a small proprietor, operates a grocery store named Perniagaan Zahrawi in

Selising. He did not keep a complete business records. However, he keeps a cash
book which he considered adequate since most of his business transactions are on
cash basis. The following summary was obtained from his business cash book for the
year ended 31 December 2018.

Summary of receipts and payments for the year ended 31 December 2018

RM RM
Beginning balance 5,800 Purchases 10,000
Sales 20,000 Salary expense 1,000
Additional Investment 1,000 Rent expense 2,500
Collection of Accounts Receivable 1,500 Utility expense 800
Miscellaneous expense 1,100
Freight Out 1,500
Drawings 2,000
Purchase of equipment 500
Purchase of refrigerator 3,000
Ending balance 5,900
28,300 28,300

Additional Information:

1. On 1 January 2018, the assets of Perniagaan Zahrawi are as follows: Inventory,

RM 2,500; equipment, RM 1,500; Accounts receivable,RM1,600 and cash,RM5,800.
2. On 31 December 2018, the balance of the inventory was RM 3,000 and the
accounts receivable was RM1,800.
3.The annual depreciation rate for the equipment were 10% and refrigerator was 5%
per annum using the straight line method.
4. A customer, who was declared bankrupt,was unable to pay his debt of RM450.

Required:

(a) Prepare the Statement of Profit and Loss Perniagaan Zahrawi for the year
ended 31 December 2018. ( 11 marks)
(b) Prepare the Statement of Financial Position Perniagaan Zahrawi as at 31
December 2018. (9 marks )

END OF QUESTION PAPER