SULIT SMW2033/A181/A USIM FINAL EXAMINATION SEMESTER I, ACADEMIC SESSION 2018/2019 DATE : JANUARY 2019 DURATION : 3 HOURS SMW2033 FINANCIAL ACCOUNTING (PERAKAUNAN KEWANGAN) INSTRUCTIONS TO CANDIDATES: 1, Answer all questions in the answer booklet provided. 2, All answers must be written in English. 3. All answers must be clearly written and readable. 4. Candidates are not allowed to take the question papers out of the ‘examination hall. 5. Please complete your particulars in Borang H DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE INSTRUCTED TO DO SO This question paper has seven (7) printed pages excluding this cover page ] HAKCIPTA TERPELIHARA USIMSULIT ‘SMW2033/A181/A [100 MARKS] ANSWER ALL QUESTIONS IN THE ANSWER BOOKLET PROVIDED 1. a) Explain the following underlying assumptions for the preparation of financial statements: i. Monetary unit (3 marks) ji, Acorual (4 marks) iii, Separate entity (3 marks) Explain factors that cause the differences between the balance on the cashbook and the balance on the bank statement. (5 marks) [Total: 15 marks] At June 30, 2017, Cotton Trading reported the following information on its statement of financial position. Account Receivables RMg60,000 Less: Allowance for Doubtful Debts RM 76,800 During July 2017 to June 2018, the company had the following transactions related to receivables: Sales on account RM3,700,000 Sales return RM 50,000 Collection of account receivables RM2,810,000 Bad debts written off RM 90,000 HAKCIPTA TERPELIHARA USIM 1SULIT ‘SMW2033/A181/A The company maintains the allowance for doubtful debts at 8% of account receivables, You are required to a) Show the journal entries as at 30 June 2018 to record all transactions, (4 marks) b) Prepare account receivables and allowance for doubtful debts accounts for the year ended 30 June 2018. (8 marks) c) Show the extract of Statement of Comprehensive Income for the year ended 30 June 2018, (2 marks) d) Show the extract of Statement of Financial Position as at 30 June 2018, (2 marks) [Total: 16 marks] HAKCIPTA TERPELIHARA USIM 2‘SULIT a) ‘SMW2033/A181/A By giving an example, analyse the impact of FOB (free on board) shipping point term and FOB (free on board) destination term on inventory amount if the goods are transit on the last day of accounting year. (8 marks) Jaya Mas Trading uses periodic inventory system. Its records show the following for the month of September. Units Unit Cost September 1 Inventory 140 RM65.00 8 Purchase 100 RM70.00 12 Purchase 80 RM72.50 18 Sales 125 RM90.00 22 Sales 50 RM92.00 Calculate cost of goods sold and ending inventory using (FIFO) method and Weighted Average method. n, first-out (13 marks) [Total: 21 marks] HAKCIPTA TERPELIHARA USIM 3SULIT ‘SMW2033/A181/A 4. The following trial balance has been extracted from the ledger of Restu Bonda Sdn. Bhd. on 30 September 2018, RESTU BONDA SDN.BHD Trial Balance as at 30 September 2018 ‘Account Name Debit (RM) | Credit (RM) Cash 20,700 | ‘Account Receivable 30,700 | Office Suppies 44,700 Equipment ~ 133,000 Accumulated Depreciation- Equipment | 47,800 Van 120,000 ‘Accumulated Depreciation- Van 24,000 Notes Payable 60,000 ‘Account payable 48,500 Capital 720,000 Drawings 12,000 Sales 763,400 [Purchase 456,000 | Retum inwards 8800 Retum Outwards 4,700 [Inventory on 1 October 2017 —~—~—=~S~SCS*«S 2,000 Maintenance and Repair Expense 12,100 Utilities Expense 74,000 Salaries and Wages Expense 140,000 | Advertising Expense 24,400 Additional information as at 30 September 2018: * Stock on 30 September 2018 was valued at RM57,300. * Interest of RM3,800 is accrued on notes payable. HAKCIPTA TERPELIHARA USIM 4SULIT b) SMW2033/A181/A + Unused Office Supplies at the end of 30 September 2018 is RM 2,600. * —_RM1,200 of utilities charges have not been paid and not yet recorded for the current year. * Equipment was depreciated at 20% reducing balance while van was depreciated at 20% of the cost each year. Prepare the necessary adjusting entries in the general journal (8 marks) Prepare the statement of comprehensive income for Restu Bonda for the year ended 30 September 2018. (13 marks) Prepare the statement of financial position for Restu Bonda as at 30 September 2018. (13 marks) [Total: 34 marks] HAKCIPTA TERPELIHARA USIM 5SULIT ‘SMW2033/A181/A Juara Cookies Enterprise is a manufacturing firm producing cookies owned by En, Bakar. It produces cookies in a small factory build next to En. Bakar house, which is also doubled as its administrative office, The followings are the costs and expenses that it incurred in June 2018 to produce 180,000 packs of cookies, RM Factory utilities 650 Depreciation on factory machines 100 Depreciation on delivery trucks 832 Factory supervisor's salary 2,500 ‘Administrative manager's salary 4,000 Indirect materials used 5,000 Direct materials used 38,600 | Factory manager's salary 4,000 | Direct labours’ wages 75,000 Selling and marketing expenses 7500 | Repairs to office equipment 360 Repairs to factory machines ee 750] Advertising 7,200 Office supplies used 12 Office phone bills 344 From the above information, calculate for Juara Cookies Enterprise the following costs for June 2018: i conversion costs i, prime costs iii period costs iv. products costs v. total manufacturing costs vi. total non-manutacturing costs HAKCIPTA TERPELIHARA USIM 6 (12 marks)SULIT ‘SMW2033/A181/A b) How much does it cost Juara Cookies Enterprise to produce one pack of cookies? (2 marks) [Total: 14 marks] END OF QUESTIONS Dicetak oleh Unit Peperksaan dan Pengiiazehan Bahagian Pengurusan Akadernik Universiti Sains Islam Malaysia, HAKCIPTA TERPELIHARA USIM 7