Q.
a) Define 'asset'. (5 marks)
b) List five (5) characteristics of non-current asset. (5 marks)
c) Explain two (2) differences between non-current asset and current asset. (5 marks)
d) Differentiate between capital and liability. (5 marks)
(20 marks, 2014 Q1)
Showing posts with label 2014 D01 Acc. Show all posts
Showing posts with label 2014 D01 Acc. Show all posts
Wednesday, February 4, 2015
Accounting Concepts Revisited Q2
Q.
List five (5) basic accounting concepts and explain the meaning of each.
(20 marks, 2014 Q2)
List five (5) basic accounting concepts and explain the meaning of each.
(20 marks, 2014 Q2)
Depreciation and Accumulated Depreciation Q3
Q.
The following information on assets was extracted from the Financial Statement of Texan Sdn Bhd on 1st August, 2013.
Assets ------------------Cost (RM) -------------Accumulated Depreciation (RM)
Vehicle ---------------- 239,000 ----------------------99,500
Office Equipment ----100,000 -----------------------30,000
A new vehicle priced at RM54,000 was bought form Lancang & Company Sdn Bhd on 10th September, 2013. Payment will be made in the coming accounting year. To improve the delivery business, two (2) motorcycles priced at RM10,000 each were bought and paid by cash on 5th April, 2014.
On 1st July, 2014 five (5) computers were bought from Computer Technology XS Sdn Bhd and the total payment of RM45,000 has been settled by cheque.
Company depreciation policy stated that full depreciation is calculated in the year of purchase and no depreciation in the year of sales. Depreciation rate for vehicle is 15% a year and 10% a year for office equipment. The method used for both assets is Straight Line Method.
Prepare on 31st July, 2014:
i) The vehicle account
ii) The office equipment account
iii) The Income Statement (extract)
iv) The Accumulated Depreciation for vehicle
v) The Accumulated Depreciation for office equipment
(20 marks, 2014 Q3)
The following information on assets was extracted from the Financial Statement of Texan Sdn Bhd on 1st August, 2013.
Assets ------------------Cost (RM) -------------Accumulated Depreciation (RM)
Vehicle ---------------- 239,000 ----------------------99,500
Office Equipment ----100,000 -----------------------30,000
A new vehicle priced at RM54,000 was bought form Lancang & Company Sdn Bhd on 10th September, 2013. Payment will be made in the coming accounting year. To improve the delivery business, two (2) motorcycles priced at RM10,000 each were bought and paid by cash on 5th April, 2014.
On 1st July, 2014 five (5) computers were bought from Computer Technology XS Sdn Bhd and the total payment of RM45,000 has been settled by cheque.
Company depreciation policy stated that full depreciation is calculated in the year of purchase and no depreciation in the year of sales. Depreciation rate for vehicle is 15% a year and 10% a year for office equipment. The method used for both assets is Straight Line Method.
Prepare on 31st July, 2014:
i) The vehicle account
ii) The office equipment account
iii) The Income Statement (extract)
iv) The Accumulated Depreciation for vehicle
v) The Accumulated Depreciation for office equipment
(20 marks, 2014 Q3)
P n L BS Depreciation Q4
Q.
The following trial balance was extracted from the Account books of Lam Axion Sdn Bhd, at the close business ended on 31st December, 2013.
Additional information as at 31st December, 2013:-
i) Inventory amounting to RM9,600
ii) Accrued rent of RM400
iii) Prepaid insurance of RM300
iv) The motor vehicle is to depreciate at 15% of cost.
Required:
Prepare the Trading, Profit and Loss Account (Income Statement) for the year ended 31st December 2013 and the Balance Sheet (extract) as that date.
(20 marks, 2014 Q4)
The following trial balance was extracted from the Account books of Lam Axion Sdn Bhd, at the close business ended on 31st December, 2013.
Additional information as at 31st December, 2013:-
i) Inventory amounting to RM9,600
ii) Accrued rent of RM400
iii) Prepaid insurance of RM300
iv) The motor vehicle is to depreciate at 15% of cost.
Required:
Prepare the Trading, Profit and Loss Account (Income Statement) for the year ended 31st December 2013 and the Balance Sheet (extract) as that date.
(20 marks, 2014 Q4)
Bookkeeping Entries Q5
Q.
Complete the following table and then enter the transaction into the appropriate accounts.
(20 marks, 2014 Q5)
Complete the following table and then enter the transaction into the appropriate accounts.
(20 marks, 2014 Q5)
Two-Column Cash Book Q6
Q.
Enter the following two ledger accounts of a stationery shop in the two-column cash book.
(20 marks, 2014 Q6)
Enter the following two ledger accounts of a stationery shop in the two-column cash book.
(20 marks, 2014 Q6)
Cashbook and Bank Reconciliation Q7
Q.
The following is a summary from the cashbook (bank column) of the Sun Day Sdn Bhd for May 2014.
Upon investigation, the following were discovered:
i) Bank charges of RM70 shown on the bank statement have not been entered in the cashbook.
ii) A cheque drawn for RM94 has been entered in error as a receipt in the cashbook.
iii) A cheque for RM36 has been returned by the bank marked 'refer to drawer', but it has not been written back in the cashbook.
iv) An error has occurred in the opening balance in the cashbook where the opening balance should have been carried down as RM2,940.
v) Three cheques paid to suppliers for RM428, RM740 and RM60 have not yet been presented to the bank.
vi) Credit transfer of RM600 from Littlestar was entered in the bank statement but not in the cashbook.
vii) A cheque received from Moonstar Enterprise for RM570 and credited in the bank statement on 15 May 2012 has now been dishonoured and debited in the bank statement on 19 May 2012. The only entry in the cashbook for this cheque was its receipt on the 12 May 2012.
viii) The last page of the cashbook shows a deposit of RM3,084 which has not yet been credited to the account by the bank.
ix) The bank has debited a cheque for RM144 in error to the Sun Day's account.
x) A standing order of RM210 of Sun Day's loan repayment has been recorded in the bank statement but is not updated in the cashbook.
xi) The bank statement shows an overdrawn balance of RM428.
Required:
a) Show the adjustments that need to be made in the cashbook for the month of May 2014.
b) Prepare a bank reconciliation statement as at 31 May 2014.
(20 marks, 2014 Q7)
The following is a summary from the cashbook (bank column) of the Sun Day Sdn Bhd for May 2014.
Upon investigation, the following were discovered:
i) Bank charges of RM70 shown on the bank statement have not been entered in the cashbook.
ii) A cheque drawn for RM94 has been entered in error as a receipt in the cashbook.
iii) A cheque for RM36 has been returned by the bank marked 'refer to drawer', but it has not been written back in the cashbook.
iv) An error has occurred in the opening balance in the cashbook where the opening balance should have been carried down as RM2,940.
v) Three cheques paid to suppliers for RM428, RM740 and RM60 have not yet been presented to the bank.
vi) Credit transfer of RM600 from Littlestar was entered in the bank statement but not in the cashbook.
vii) A cheque received from Moonstar Enterprise for RM570 and credited in the bank statement on 15 May 2012 has now been dishonoured and debited in the bank statement on 19 May 2012. The only entry in the cashbook for this cheque was its receipt on the 12 May 2012.
viii) The last page of the cashbook shows a deposit of RM3,084 which has not yet been credited to the account by the bank.
ix) The bank has debited a cheque for RM144 in error to the Sun Day's account.
x) A standing order of RM210 of Sun Day's loan repayment has been recorded in the bank statement but is not updated in the cashbook.
xi) The bank statement shows an overdrawn balance of RM428.
Required:
a) Show the adjustments that need to be made in the cashbook for the month of May 2014.
b) Prepare a bank reconciliation statement as at 31 May 2014.
(20 marks, 2014 Q7)
Purchase and Return Outward Day Book Q8
Q.
You are to enter up the Purchase Day Book and the Return Outward Day Book from the following details, then to post items to the relevant accounts in the Purchases Ledger and to show the transfers to General Ledger at the end of the month.
(20 marks, 2014 Q8)
You are to enter up the Purchase Day Book and the Return Outward Day Book from the following details, then to post items to the relevant accounts in the Purchases Ledger and to show the transfers to General Ledger at the end of the month.
(20 marks, 2014 Q8)
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