AA015 ACCOUNTING 1

AA015 ACCOUNTING 1 [TUTORIAL QUESTIONS] 2021/2022

Topic 9
Accounting For Non-Current Assets

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QUESTION 1 (C1)
i. Explain how gain or loss occurred on disposal.
ii. Besides fixed asset, non-current asset also have other types like intangible asset.
Explain the definition of intangible asset and give three (3) appropriate examples.

QUESTION 2 (C1)
i. List the difference between depreciation expense and accumulated depreciation.
ii. Explain two characteristics of non-current assets.

QUESTION 3 (C1. C2)
Syarikat Samsuri bought a photocopier with the following costs:

Price as per invoice RM 75, 300
Transportation cost 7,530
Insurance in transit 2,500
Installation fee 3,000
Sales tax 650
Repair cost 600

Required:
i. Calculate the cost of the photocopier.
ii. Prepare journal entries to record the non-current asset.
iii. Explain capital expenditure and revenue expenditure. Among the items above,
which is capital expenditure and revenue expenditure?

QUESTION 4 (C2)
Martin Company purchased a machine having a list price of RM75,000. Because the machine
was immediately paid for, the company was entitled to a 2 percent discount. Costs incurred to
make the machine ready for use included: freight, RM3,000; installation, RM485; electrical
wiring, RM700; repair expense because the machine was improperly handled, RM100; and
rental of a special crane, RM435. What is the acquisition cost of the machine?

QUESTION 5 (C2)
A printing press was purchased on January 1, 2017, for RM15,000. It has an estimated life of 14
years and a salvage value of RM1,000. The straight-line depreciation method is used. How
would the printing press and the related accumulated depreciation be shown on the financial
position statement at:

a. December 31, 2017
b. December 31, 2018

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QUESTION 6 (C2, C3)
May 1, 2011 Purchase an old vehicle valued at RM5,300. Usage of the vehicle is expected to be
2 years equivalent to 100 000 km with a residual value of RM500. The financial period ends at
31 December every year.

Required:
Prepare a table to calculate the depreciation expenses (monthly basis) for each year the vehicle
is used if the following method is selected:

i. Straight-line method
ii. Reducing-balance method (depreciation rate at 60% per annum)

QUESTION 7 (C3, C4)
The following is Perniagaan Jaya’s (PJ) non-current asset information as at 31 December 2012.

Non-current assets: RM500, 000 RM490, 000
Premises RM10, 000
Accumulated depreciation RM360, 000
RM400, 000 RM850, 000
Vehicles RM40, 000
Accumulated depreciation

Total

On July 1, 2013, PJ bought a lorry at a cost of RM200, 000 on credit. PJ uses a straight line
method to account for the depreciation expenses of the two non-current assets. Usage of
premises is estimated to be 50 years, while vehicle usage life is 10 years.

Required:
i. Prepare journal entries to show vehicle purchase (monthly basis).
ii. Prepare journal entries for depreciation expense as at December 31, 2013 (monthly
basis).
iii. Prepare journal entries for depreciation expense as at December 31, 2013 (yearly basis).
iv. With reference to (ii), prepare an extract of the Financial Position Statement of PJ as at
31 December 2013.

QUESTION 8 (C3, C4)

Machinery RM45, 000

Accumulated depreciation 25,000

Book value 20,000

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Required:
By referring to the information above, provide journal entries for each of the following cases.
(Each case is assumed separately)

i. Disposal of the machinery.
ii. Sold the machinery for RM25,000.
iii. Sold the machinery for RM18,000.
iv. Trade-in with new machinery worth RM50,000. Trade-in allowance amounted to

RM25,000.
v. Trade-in with new machinery worth RM50,000. The company had to pay RM35,000 for

the trading process.

QUESTION 9 (C3, C4)
As at 31 December 2012, Syarikat Komsas reported the following fixed assets:

Land RM300,000
Buildings
Accumulated Depreciation - Buildings RM2,650,000

(1,210,000) 1,440,000

Equipment 4,000,000
Accumulated Depreciation – Equipment
(500,000) 3,500,000

RM5,240,000

The following cash transactions were selected throughout 2012.

March 1 Purchased land worth RM220,000.

April 1 Exchange RM60,000 of old equipment purchased on January 1, 2008. The

exchange allowance was RM36,000. New equipment was priced at RM50,000.

June 1 Sold land purchased on June 1, 1990 at RM180,000. The land cost RM50,000.

The Company uses the straight line method to calculate depreciation on buildings and
equipment. The building is expected to have a useful life of 40 years and equipment is expected
to have a useful life of 10 years.

Required:
i. Prepare journal entries for all transactions using monthly basis and yearly basis
ii. Prepare journal entries for depreciation expenses for 2012 using monthly basis and
yearly basis.

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QUESTION 10 (C3, C4)
As at 31 July 2005, Majidee Sdn Bhd's (MSB) Financial Position Statement shows the following
information on the following non-current assets:

Non-current assets Cost (RM) Accumulated depreciation (RM)
Vehicles 200,000 80,000
Office equipment 6,400
64,000

Depreciation rates are as follows: Depreciation rate & method
Non-currents assets 20% Straight line
Vehicles
Office equipment 10% Reducing balance

Depreciation expense is calculated on an annual basis where expenditure will be recognized in
the year of purchase and no expense for the year is disposed of.

The following are the transactions of fixed assets for the year ended 31 July 2006.

Transaction Cost (RM) Date
August 1, 2005
Bought a vehicle 70,000 September 15, 2005
November 1, 2005
Bought office equipment 20,000 January 1, 2006

Purchase a vehicle 80,000

Purchase office equipment 5,000

On January 31, 2006 a vehicle purchased on April 1, 2003 costing RM100,000 was involved in a
road accident and disposed of. On May 31, 2006, MSB received compensation of RM25,000
from an insurance company in relation to the accident.

Required :
Prepare the following accounts for the year ended 31 July 2006.

(a) Vehicle and office equipment accounts
(b) Accumulated depreciation account for vehicles and office equipment

QUESTION 11 (C3, C4)
As at 30 June 2006, the balance sheet of Pandan Indah Sdn. Bhd. (PISB) shows the following
information related to fixed assets:

Non-current assets Cost (RM) Accumulated depreciaton (RM)
Vehicle 80,000 37,250
Office Equipment 50,000 17,000

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During the year ended June 30, 2007, the following are related non-current assets transactions:

Purchase date Type of assets Purchase cost

9 October 2006 Van RM85,000 including road tax and insurance RM2,500.

30 March 2007 Photocopy RM6,000 excluding installation cost RM500.
machine

25 April 2007 Car RM101,500 excluding road tax and insurance RM3,500.

15 July 2007 Fax machine RM4,880.

Additional information:
1. All payments were made by cheque.
2. The rates of depreciation are as follows:

Non-currents assets Depreciation rate

Vehicle 20% per annum on cost is calculated on a monthly basis.

Office Equipment 10% per annum on book value is calculated on an annual basis.

3. A computer bought on October 1, 2005 at RM5,500 was stolen on December 25, 2006.

Depreciation expense was recognized the year it was bought, and no expenses was incurred

in the year it was disposed.

Required:
i. Prepare a fixed asset accounts and accumulated depreciation accounts for each of the
above assets for the year ended 30 June 2007.
ii. Prepare an extract of Statement of Financial Position of PISB as at 30 June 2007.

QUESTION 12 (C3)
On 1 March 2015, Sayonara Sdn Bhd purchased a machine for RM279,000. The estimated
useful life was 10 years with RM15,000 residual value. The machine was able to produce up to
240,000 units of products and operate up to 25,000 working hours. In 2016, Sayonara Sdn Bhd
used the machine for 2,650 hours and produced 25,500 units of products. (Accounting period
ended 31 December annually)

Required:
Calculate the total depreciation expense for 2016 using the straight line method.

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Topic 10
Accounting For Liabilities

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QUESTION 1 (C1)
i. Define current liabilities and non-current liabilities with one (1) example given for
each liability.
ii. Explain the differences between current liabilities and non-current liabilities.

QUESTION 2 (C1, C2)
Perniagaan Harum Manis have the following liabilities on 30 June 2013:

i Mortgage payable worth RM100,000 will be settled for RM10,000 per year for 10 years.
ii Interest payable worth RM7,500 is for mortgage.
iii Notes payable worth RM50,000 will be matured in 4 years.
iv Accounts payable worth RM35,000.

REQUIRED:
State each liability listed above (i-iv) either as current liability or non-current liability. Give
reason for each answer.

QUESTION 3 (C2, C3)
The following is an example of liability. Identify whether it is a current liability (CL) or a non-
current liability (NCL). Cross (X) in the appropriate space.

No. Liabilities CL NCL
1 Bank Loan, 10 years maturity
2 Dividend Payable
3 Bonds Payable
4 Mortgage Payable
5 Note Payable 120 days maturity
6 Salary Payable
7 Tax Payable
8 Unearned Revenue
9 Note Payable 10 years maturity
10 Guarantee Payable

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QUESTION 4 (C3)
Identify the maturity date and calculate the interest expense for each of the following payable
notes

Date Principal Value Interest Rate Maturity period

10 Jan RM 8,500 9% 90 days

15 April RM 7,200 8% 120 days

27 June RM 6,400 5% 120 days

12 October RM 8,800 7.5% 45 days

23 December RM 7,700 8% 75 days

QUESTION 5 (C2, C3)
Gross salaries for the week total RM23,000. The following amounts were withheld from
employee salaries: income taxes, RM3,100; social security tax, RM1,200; and union dues,
RM320. Prepare the necessary journal entry to record the payment of the the payroll.

QUESTION 6 (C2, C3)
On January 1, 2011, The Journal of Accountancy received three-year subscriptions totalling
RM60,000. Prepare all appropriate journal entries for 2011.

QUESTION 7 (C2, C3)
Below are information from Syarikat Teguh Jaya for 2011 and 2012.

2011 Took a loan with HSBC RM 30,000 for 60 days at 8% interest rate. A note
March 8 was signed.
Paid HSBC the amount borrowed on March 8.
May 6 Took a loan with Maybank by signing a Note Payable of RM 6,000 for 90
Nov 16 days with an interest rate of 6%.
Make adjustments for interest payable.
Dec 31

2012 Paid Maybank the amount due on November 16 2011.
Feb 13

Required :
Prepare general journal entries to record all of the above transactions.

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QUESTION 8 (C2, C3)
On January 1, 2011, Burns Corporation issued RM200,000 16 percent, 20-year bonds. Interest is
payable on July 1 and January 1. Prepare appropriate journal entries for 2011 for the issuance
of the bonds and recording of interest.

QUESTION 9 (C3, C4)
On 1 July 2012, Syukur Jaya Bhd (SJB) has issued a 5% bond worth RM 300,000 for a period of
10 years. Interest on bonds is paid at the end of the year with a period of every 6 months and
the first payment was made on 31 December 2012.

As at 31 December 2011, Ufuk Jaya Bhd (UJB) issued RM 400,000 bonds at 10% for 10 years.
Interest payments are made twice annually on 30 June and 31 December.

Based on the above situation, prepare journal entries to record:
i. Bond Issued.
ii. Interest payments for 2012 for SJB and UJB.
iii. Redemption of bonds at maturity date.

QUESTION 10 (C3, C4)
Mekar Sdn Bhd (MSB) has a mortgage of RM 250,000. The mortgage is payable in monthly
installments of RM 2,550 (including interest at 12% per annum).

Required :
i) Prepare the amortization schedule which shows the original balance of the loan and the

distribution of the first four monthly payments between the interest expense and the
reduction of the outstanding balance. (Round it up to the nearest ringgit).
ii) Prepare journal entries to record the second and fourth monthly payments.

QUESTION 11 (C3, C4)

On January 1, 2013, Perniagaan IZ Rizky's ledger showed the following current liabilities

balances:

RM

Accounts Payable 44,600

Sales Tax Payable 6,600

Unearned Rental Revenue 16,000

In January, the following transactions occurred:

2013

Jan 1 Borrowed RM 35,000 from CIMB using Notes payables, 6 months, 9%.

Jan 1 Borrowed from RHB RM 20,000 cash by issuing 4 months note, 12%.

Jan 5 Sold goods and received cash of RM 16,800 including a 5% sales tax. Sales tax has

not been paid.

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Jan 12 Service given to customers who have paid rent in advance RM 10,000. No service
tax is charged.
Jan 14 Settled last year sales tax with the custom department.
Jan 20 Sold a new product on credit of 600 units at RM 55 per unit. The sales tax for this
new release is 5%. This new release is guaranteed for 1 year.
Jan 25 Sold goods and received cash amounting RM 13,125 including 5% sales tax.

Required:
a. Record all the transactions above to journals.
b. Prepare adjusting entries as at 31 January 2013 for:
i. Notes Payable at hand
ii. Estimated liability guarantee with the assumption of 8% of the new release
sales will be returned to be replaced with new products.
c. Prepare an extract of Perniagaan IZ Rizky’s current liabilities in Statement of
Financial Position as at 31 January 2013.

QUESTION 12 (C3, C4)

As at 31 December 2004, the liability position of Citra Klasik Sdn Bhd is as follows:

RM

Accounts payable 202,500

Sales tax payable 41,000

Unearned Service revenue 50,000

Below are transactions involving liabilities during 2005:

Date Transactions

Jan 1 Issued an 8% 5 years bonds payable RM500,000. The interest payments on these

bonds are to be paid on 1 January starting 1 January 2006.

Feb 15 Sold merchandise by cash RM63,000 including a 5% sales tax.

Mar 10 Provided services to a customer who paid in advance RM35,000

Oct 1 Took a bank loan of RM35,000 by issuing notes at 10% interest rate with 5 months

maturity

Nov 6 Did a 20% estimated warranty on 750 units of merchandise sold. The warranty is

for a year in the form of free repairs. The cost of repair is estimated at RM55 per

unit.

Required:
i. Prepare the necessary journal entries to record the transactions.
ii. Based on the above transactions, provide the necessary adjusting entries as at 31
December 2005.

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Topic 11
Accounting For Incomplete Records and

Single Entry System

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QUESTION 1 (C1)
i. Explain why incomplete records occurred and state two (2) methods that can be used
to calculate profit or loss for incomplete records in accounting.
ii. Pn. Norhayati runs a batik sutera business but does not record the business
transactions completely. List three effects that arises when business transactions are
not recorded properly.
iii. Explain briefly the reasons incomplete records exist.

QUESTION 2 (C1)
i. State three effects of incomplete records to the preparation of financial statement.
ii. Explain the capital comparison method to solve an incomplete record problem.
iii. Explain the analysis method to solve an incomplete record problem.

QUESTION 3 (C2, C3)
Maya started her business on 1 June 2014 with RM60,000 capital. On 31 March 2015, she found
that her capital increased by RM45,000. During the year ended 31 March 2015, Maya also
withdrew RM3,500 for her household expenses and transferred RM4,500 from her private
savings account to the current account of the business. You are required to calculate the net
profit for the year ended 31 March 2015.

QUESTION 4 (C2, C3)
On 1 January 2015, Azama started a business with a capital of RM20,000. The following
information was taken from her books on 31 December 2015.

Inventory RM
Debtors 10,684
Creditors 11,900
Cash 6,128
Bank 5,950
Store equipment 2,122
Accrued utility 5,280
2,120

Using the information given, you are required to calculate amount of net profit/net loss for the
year ended 31 December 2015.

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QUESTION 5 (C3, C4)

Pn. Saliza, a clothes dealer of Perniagaan Saliza, has incomplete business records. Her
business assets and liabilities are valued as follows:

1 July 2012 30 June 2013

RM RM

Van 6,000 5,400

Shop Fittings 2,500 2,250

Inventories 300 260

Accounts Receivable 340 300

Accounts Payable 410 390

Cash 2,500 1,870

Wages Payable 20 70

Prepaid rental 150 0

Additional information:
(a) Pn. Saliza withdrew RM100 cash and RM50 inventories for personal use.
(b) Pn. Saliza brought in cash RM500 as additional capital on 1 October 2012.

Required :
(i) Calculate Pn. Saliza opening Capital.
(ii) Prepare a Profit or Loss Statement for the year ended 30 June 2013.
(iii) Prepare Statement of Financial Position as at 30 June 2013.

QUESTION 6 (C3, C4)

Pn. Joyce does not keep complete records of her business. The following details were taken
from her book as at 30 June 2013.

1 July 2012 30 June 2013

RM RM

Inventories 9,220 10,220

Cash 2,190 ?

Accounts Receivable 13,610 11,900

Accounts Payable 6,580 6,310

Shop equipment 7,200 7,600

Van 36,000 32,400

Bank loan 12,000 6,000

Salaries payable 500 0

Prepaid insurance 160 440

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The following is a summary of the cash book for the year ended 30 June 2013:

Receipts RM Payments RM

Accounts Receivable 44,700 Accounts Payable 26,300

Commission 400 Purchases 5,770

Sales 11,100 Rental 7,800

Salaries 6,900

General expenses 750

Shop equipment 800

Drawings 1,570

Bank loan 6,000

Interest 1,200

Insurance premiums 880

Additional information:
1. Pn. Joyce has received discounts and allowances of RM540 from suppliers and has
given RM760 discounts to customers.
2. Goods costing RM410 was returned to the supplier while customers have returned
goods worth RM350.
3. Annual rent is RM7,200.
4. Debts of RM200 has become bad debt and written-off.
5. Pn. Joyce has taken inventories worth RM400 per month for the use of her family.

Required :
(i) Prepare Profit or Loss Statement for the year ended 30 June 2013.
(ii) Prepare the Statement of Financial Position as at 30 June 2013.

QUESTION 7 (C3, C4)
Pn. Ruzita doesn’t keep her records using the double entry system. She started her business
on January 1, 2012 with the following balances:

Bank RM
Accounts Receivable 3,852
Accounts Payable 8,784
Inventories 5,778
Vehicle 3,222
Furniture 26,000
Salaries payable 6,400

216

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The following excerpt was taken from the cash book as at 31 December 2012.

Receipts RM Payments RM

Accounts Receivable 25,560 Cash purchase 2,430
Additional capital 1,800 Accounts Payable 20,988
Cash Sales 6,984 General expenses 1,224
Commission 8,000 Salaries 1,350
Rental 9,360

The account balances as at 31 December 2012 are as follows:

RM

Accounts Receivable 6,642

Accounts Payable 4,914

Vehicle 25,200

Salaries payable 272

Inventories 4,880

Furniture 6,000

Required :
i. Show the T-account for Accounts Receivable, Accounts Payable and Salaries
Payable.
ii. Calculate the opening capital and the bank’s ending balance.
iii. Prepare Profit or Loss Statement for the year ended 31 December 2012.
iv. Prepare Statement of Financial Position as at 31 December 2012.

QUESTION 8 (C3, C4)
Perniagaan Seri Yusfiziati (PSY) uses single entry bookkeeping. The following information was
obtained from PSY until 31 December 2012.

Summary of Receipts and Payments

Cash Bank Cash Bank
RM RM
RM RM 13,000
-
Balance b/f 200 10,000 Accounts Payable 500 -
Drawings 2,000
Cash sales 1,000 - Wages - 1,200
Insurance - 1,500
Accounts Receivable - 24,000 Rental - 16,300
Balance c/f ?
34,000
1,200 34,000 1,200

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Assets and liabilities are as follows: 1 January 2012 31 December 2012

Assets : RM RM
Vehicle 20,000 18,000
Furniture 8,000 7,600
Inventories 6,000 8,000
Accounts Receivable 6,500 4,000
Cash
Bank 200 700
Liabilities : 10,000 16,300
Accounts Payable Rental
Payable 2,500 3,500
- 500

Required :
(i) Prepare Accounts Receivable and Accounts Payable.
(ii) Prepare Profit or Loss Statement for the year ended 31 December 2012.
(iii) Prepare Statement of Financial Position as at 31 December 2012.

QUESTION 9 (C3, C4)
Zen Perabot Jaya (ZPJ) runs a furniture business. ZPJ rents a shop building in Desa Saujana as
a showroom and storage room. ZPJ does not have complete accounting records. On April 1,
2005, Furniture inventory, RM32,100; Accounts Receivable, RM26,430; Accounts Payable,
RM15,980; Vehicle, RM51,000; Office equipment, RM42,000; and Vehicle maintenance
expenditure payable, RM4,320.

The following is the bank account on March 31, 2006.
Bank

RM RM
221,770
Balance April 1, 2005 24,200 Accounts Payable 10,900
3,600
Accounts Receivable 448,460 Electric expense 20,000
14,300
Sales 39,210 Phone expense 25,500
9,460
Rental expense 21,160
167,430
Advertising expense 17,750

Office equipment 511,870

Insurance expense

Vehicle maintenance expense

Drawings

Balance 31 March, 2006

511,870

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Additional information :

1. Annual depreciation rate is 20% for vehicles and 10% for office equipment at cost.

2. On March 31, 2006, vehicle maintenance expenditure payable was RM2,910 and

prepaid insurance RM1,770.

3. Purchase of office equipment in cash amounting to RM25,500 including a jati table

worth RM3,000 which has been sold to a customer and a jati chair worth RM2,500

was taken for personal use at ZPJ owner's house.

4. Other balances as at 31 March 2006 are:

RM

Accounts Receivable 40,120

Accounts Payable 24,450

Furniture inventories 40,630

Required :
i. Prepare accounts receivable and accounts payable.
ii. Prepare Profit or Loss Statement for the year ended 31 March 2006.
iii. Prepare Statement of Owner’s Equity and Statement of Financial Position as at 31
March 2006

QUESTION 10 (C3, C4)
Ali Hamzah is an owner of Ali Enterprise which has been in operation since 1 March 2011. His
business record is not properly maintained and not recorded using the proper accounting
system. He asks your help to prepare the full set of accounts for the period from 1 March 2014
until 28 February 2015.
The following information has been discovered:
1. Ali Enterprise had an account at Bank Syariah Malaysia Berhad with the balance of

RM27,000 as at 1 March 2014.
2. All sales are by cash but credit sales will be given to selected customer. Accounts

Receivable balance as at 1 March 2014 are RM4,300 and balance as at 28 February 2015
are RM7,000.
3. Opening Inventories worth RM105,000.
4. All purchases are on credit. Accounts Payable balance as at 1 March 2014 are RM56,260
and balance as at 28 February 2015 are RM24,630.
5. Ali Enterprise have two (2) workers and total salaries are RM12,000 per year. Payment
will be made by cheque.
6. Ali Enterprise policy for cash is to keep RM500 per day.
7. Ali Hamzah withdrew RM200 cash every week. (Assume that 52 weeks a year) from
business accounts for his wife. Drawings of goods throughout the year amounted
RM600.
8. Total cash sales for the year are RM159,000 and collections from Accounts Receivable
amounted RM11,200.
9. These are all information related to the business non-current assets :

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Assets Depreciations Method Cost Value Net Book Value
(RM) (RM)
Vehicles 20% on net book value 200,000
Furniture 10% on cost value 12,000 120,000
Office Equipment 15% on cost value 10,000 9,600
7,000

There is no scrap value for all non-current assets.

10. Inventories as at 28 February 2015 worth RM80,000.

11. All payment using cheque are as follows :

Expenses Total (RM)

Payment to supplier 100,000

Utilities Expenses 3,000

12. Miscellaneous expenses RM4,000 paid by cash.

Required:
(a) Prepare Ali Enterprise’s Cash and Bank accounts for the year ended 28 February
2015.
(b) Prepare Ali Enterprise’s Statement of Profit or Loss for the year ended 28 February
2015.

QUESTION 11 (C3, C4)
The information below was extracted from the financial position statement of Perniagaan
Salmah (PS) as at 30 June 2011.

Accounts Debit(RM) Credit(RM)
Cash 89,000
Accounts receivable 45,000 23,000
Prepaid Insurance 17,500 17,000
Motor Van 38,000
Accumulated depreciation – Motor van 185,000 12,500
Premises
Accumulated depreciation – Premises 100,000
Accounts payable
Unearned revenue

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Capital 268,000
Drawings
Additional information as at 1 July 2010: 102,000

Total current assets RM
Total non current assets 200,000
Total liabilities 370,000
105,000

Required:
Calculate:

i. Capital as at 1 July 2010.
ii. Net profit/loss for the year ended 30 June 2011.
iii. Non-current liabilities as at 30 June 2011.

QUESTION 12 (C3, C4)

Aina Trading is a batik and silk retailer. Below is the cash book for the year ended 30

September 2009:

Cash Book (Bank)

RM RM

1/10/08 Balance b/f 27,780 Accounts payable 132,340

Accounts receivable 167,300 Rates expense 2,850

Sales 9,070 Telephone expense 1,350

Rent expense 4,800

Insurance expense 2,400

Motor van expense 7,200

Drawings 1,800

Salaries expense 18,200

Purchases 10,200

30/9/09 Balance c/f 23,010

204,150 204,150

Additional information:
1. Motor van and equipment was bought at cost of RM76,130 and RM24,700
respectively. All fixed assets were bought in 2006 accounting year and fully
depreciated at 20% for motor van and 10% for equipment at cost.
2. RM980 was returned by customers because of wrong colour or pattern.
3. Ms Aina returned defective silk to supplier RM3,200.
4. Ms Aina has written off Ms Maisarah debts who passed away on 2 November 2008
amounted RM180.

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AA015 ACCOUNTING 1 [TUTORIAL QUESTIONS] 2021/2022

5. These are the assets and liabilities balances as at 30 Sept 2008 and 2009:

30 Sept 2008 30 Sept 2009

(RM) (RM)

Accounts receivable 39,780 44,190

Accounts payable 54,600 63,350

Inventory 62,120 58,500

Accrued salaries 2,550 1,850

Prepaid Insurance 1,100 700

Required:
i Prepare accounts for accrued salaries, prepaid insurance, accounts receivable and
accounts payable.
ii Prepare an income statement for Ms Aina Trading for the year ended 30 September
2009.
iii Prepare statement of owner’s equity as at 30 September 2009.

QUESTION 13 (C3, C4)

Haji Nazmi is the owner of Nazmi Printing Services, did not keep proper accounting records.
However he was able to provide these information below:

Items 1 Sept 2008 30 Sept 2008
RM RM

Accounts receivable 3,250 3,200

Inventory 5,540 4,210

Office equipment 8,300 8,300

Accumulated depreciation – Office equipment 3,230 3,650

Cash at bank 3,700 ?

Accounts payable 2,370 4,070

Additional information for September 2008:
1. Cash sales RM5,040 and cash purchases RM2,120.
2. Payment to accounts payable RM1,750 and received discount RM70.
3. Received RM2,320 cash from accounts receivable.
4. Haji Nazmi received deposit of RM500 from Tadika Sayang Balai Panjang for printing
pamphlets for the kindergarten sports day.
5. Payment for rent RM850 and salaries RM1,230.

Required:
a. Prepare cash account (T-Account) as at 30 September 2008.
b. Prepare Statement of Profit and Loss for Haji Nazmi Trading for the month ended
30 September 2008.
c. Prepare Statement of Financial Position as at 30 September 2008.

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AA015 ACCOUNTING 1 [TUTORIAL QUESTIONS] 2021/2022

HAPPY STUDYING AND
GOOD LUCK IN YOUR PSPM 1

☺☺
SEE YOU ALL IN SEMESTER 2….

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