Professional Documents
Culture Documents
2017 S2 (final) (尊孔)
2017 S2 (final) (尊孔)
2017 S2 (final) (尊孔)
Question 1
Eco Berhad was a company with a registered capital of RM 800,000 consisting of RM 200,000
9% preferred shares of RM 1 each and RM 600,000 ordinary shares of RM 2 each.
All the preferred shares were issued and fully subscribed.
The following balances extracted in the books of the company at the end-of-period 2016:
Debit Credit
RM RM
Issued And Fully Paid Up Share Capital 600,000
Land And Property (cost of land RM 500,000) 800,000
Motor Vehicles (cost RM 65,000) 55,000
Furniture (cost RM 9,000) 6,200
Investment In Quoted Shares Of GST Limited, At Cost 70,000
Goodwill 9,000
Formation Fees 5,000
Accounts Receivable and Accounts Payable 34,000 21,700
10% Loan Notes (repayable on 31 December 2020) 20,000
Mortgage Loan (secured on property) 15,000
Share Premium 10,000
General Reserve 27,000
Assets Replacement Reserve 16,000
Preferred Shares Dividend 8,000
Ordinary Shares Dividend 14,000
General Administrative Expenses 38,000
General Distribution Expenses 12,600
Finance Expenses 4,900
Miscellaneous Expenses 6,200
Insurance 6,000
Bad Debts 1,000
Allowance For Doubtful Debts 2,720
Rental 4,500
Audit Fees 1,300
Loan Notes Interest 2,000
Inventory, 1 January 2016 5,000
Purchases and Sales 166,000 280,000
Discounts 8,000 6,000
Freight Inwards 3,000
Retained Profits, 1 January 2016 47,000
-1-
Additional information:
⑤ Insurance was paid up to 31 March 2017 for the annual premium of RM 2,400.
⑧ The quoted investment still had a market value of RM 70,000 on the reporting date.
(a) prepare the following financial reports for the year ended 31 December 2016:
① Income Statement;
② Statement Of Changes In Equity.
(b) calculate the final dividends on preferred shares and ordinary shares respectively.
-2-
Question 2
On 1 January 2016, Yap started the business with a cash deposit of RM 30,000 in the business
bank account. On the same day, he rented a small shop at an annual rent of RM 12,000.
Although he did not keep a complete set of accounts, the following information was available
for the year ended 31 December 2016:
RM
Proceeds from private investment banked 5,000
Receipts from cash sales banked 2,400
Receipts from customers banked 36,800
Payments to suppliers 22,300
Drawings by cheques 2,100
Credit notes issued to customers 300
Credit notes received from suppliers 220
Purchased of computer 1,800
Shop rent 13,000
Salaries paid to shop assistant 3,500
Insurance 2,400
Electricity 990
Bought of stationery 110
Debit notes received from supplier ── carriage charges 100
Additional information:
The following is the summary of receipts and payments of the Maze Spa Club for the year
ended 31 December 2016:
Receipts RM Payments RM
Bank Balance, 1 January 2016 960 Cafeteria Purchases 5,500
Cafeteria Takings 7,700 Furniture (includes outstanding Other 2,800
Subscriptions ── 2015 400 Payable at the end of 2015)
Subscriptions ── 2016 8,300 Acquisition Of Equipment 3,000
Subscriptions ── 2017 200 Function Expenses 5,300
Receipts From Function 4,500 General Expenses 1,070
Locker Rental 570 Maintenance Of Spa Ground 860
Sale Of Old Equipment 250 Telephone Charges 420
Refund Of Telephone Charges 120 Cleaning Expenses 1,000
Life Membership Fees 3,300 Honorarium 660
Legacies (for Luxury Spa Facilities) 9,000 Postage And Stationery 290
35,300 20,900
The club had treated 10% of the life membership fees as revenue receipts for the current
accounting year. The balance of the fees was to be considered as part of the club’s fund.
(b) Income And Expenditure Account for the year ended 31 December 2016.
-5-