AA015 -CHAPTER 3

ACCOUNTING CYCLE AA015
CHAPTER 3

Office furniture 2,840
Vans 3,000
Cash at bank 7,579
Inventory as at 31st December 2019
700

REQUIRED:
a) Prepare a trial balance at December 31st, 2019.
b) Prepare a Statement of Profit or Loss for the year ended December 31st, 2019.
c) Prepare a Statement of owner's equity as at December 31st, 2019.
d) Statement of Financial Position as at December 31st, 2019

Question 21
Harun has a bookstore named Perniagaan Harun Sdn. Bhd. Here is the trial balance for
the month ended March 31st, 2020.

Accounts Debit Credit
Accounts payable RM RM
Accounts receivable 2,360
Drawings
Carriage inwards 3,500
Buildings
General expenses 600
Electric expenses
Bad debt expenses 60
Buildings depreciation expenses
50,000

560

400

180

450

ARMA/KMKt

ACCOUNTING CYCLE AA015
CHAPTER 3

Accounts Debit Credit
Vehicle depreciation expenses RM RM

340

Purchases 5,800

Purchases discount 50

Sales discount 40

Insurance 200

Inventory as at 1st April 2019 1,000

Sales 12,290

Vehicles 34,000

Capital 72,000

Provision for Doubtful Debts 300

Loan – Azmir 20,000

Purchases return 200

Sales return 250

Accumulated depreciation – Buildings 1,000

Accumulated depreciation – Vehicles 680

Cash 11,500

189,880 189,880

Additional information:
1. Inventory as at 31st March 2020 is RM1,500.
REQUIRED:

a) Prepare a Statement of Profit or Loss for the year ended March 31st, 2020.
b) Prepare the Statement of Financial Position as at March 31st, 2020.

ARMA/KMKt

ACCOUNTING CYCLE AA015
CHAPTER 3

Question 22

Haaraas own a bookstore named Perniagaan Hebat Sdn. Bhd. The following is the trial
balance for the month ended March 31st, 2020.

Account Debit Credit
RM RM
Accounts payable 2,360
Accounts receivable 3,500
Drawings 600 50
Carriage inward 60
Buildings 12,290
50,000 72,000
General expenses 560
Utility expense 400 300
180 20,000
Bad debt expense 450
340 200
Buildings depreciation expense 1,000
5,800
Vehicles depreciation expense
40
Purchases 200
Purchases discount 1,000

Sales discount 34,000

Insurance 250
Inventories as at April 1st, 2019
680
Sales
Vehicles 11,500
Capital 189,880 189,880

Allowance for doubtful debts
Loans – Azmir

Purchases returns and Allowance

Sales returns and Allowance

Accumulated depreciation -
Buildings
Accumulated depreciation -
Vehicles
Cash

ARMA/KMKt

ACCOUNTING CYCLE AA015
CHAPTER 3

Additional information:
2. Inventories as at March 31st, 2019 was RM1,500.
3. Loans made by Azmir on July 1st, 2019 must be settled before June 30th, 2020.
REQUIRED:
a) Prepare a Statement for Profit or Loss the year ended March 31st, 2020.
b) Prepare the Statement for Financial Position as at March 31st, 2020.

Question 23

The following information is derived from Perniagaan Vanila Hazel (PVH) on 30th June
2019.

Account RM
234,670
Purchases 398,780

Sales 32,890
Opening Inventories 1,280
1,870
Purchase return
1,670
Return on sales 1,327
1,450
Carriage outwards 1,760

Carriage inwards 27,825
1,124
Sales discount 3,450
6,230
Purchase discount 1,200

Salary expense 8,165
709
Customs duties
14,930
Insurance expenses 13,450

Rental income 18,380
20,000
Interest expense

Maintenance expense

Drawings

Cash

Accounts Receivable

Accounts Payable

Long terms loans

ARMA/KMKt

ACCOUNTING CYCLE AA015
CHAPTER 3

Account RM
148,000
Capital
160,800
Vehicles
88,900
Office equipment

Additional information: Closing Inventories amounting RM31,890.
REQUIRED :
a) Prepare a Statement for Profit or Loss the year ended 30th June 2019.
b) Prepare a Statement of Financial Position as at 30th June 2019.

Question 24
The lists are Mentari Business Trial Balance at the end of the accounting period.

Perniagaan Mentari
Trial Balance

As at December 31st, 2019

Account Debit (RM) Credit (RM)
Bank 26,800
Inventories as at 1st January 2019 8,000 5,000
Purchases 58,500 3,000
Accounts payable 95,300
Accounts receivable 7,000
Buildings 100,000 100,000
Accumulated Depreciation – Buildings 78,000
Sales 30,000 281,300
Salary expense 10,000
Advertisement expense 12,000
Insurance expense 24,000
Utility expense
Long term loans 5,000
Capital 281,300
Drawings
TOTAL

ARMA/KMKt

ACCOUNTING CYCLE AA015
CHAPTER 3

Additional information:
Closing Inventories as at 31st December 2019 is RM15,000.

REQUIRED:

a) Prepare a Statement for Profit or Loss for the year ended 31st December 2019.

b) Prepare a Statement for Financial Position as at 31st December 2019.

Question 25

The following is extracted from the Trial Balance of Perniagaan Solekan Uwhite (PSU)

on 30th June 2019.

RM RM

(Debit) (Credit)

Cash 64,000

Accounts Receivable 10,300

Accounts Payable 9,000

Insurance expense 2,200 14,000
6,000
Advertisement expense 1,400
10,200
Salary Expense 7,100 74,100
90,000
Utility Expense 300 88,700
292,000
Supply expenses 2,300

Depreciation expense 6,000

Interest expense 4,000

Land 45,000

Buildings 80,000

Machines and Equipment 69,000

Accumulated depreciation -Machine and Equipment

Unearned Revenue Income receivables

Rental Income

Capital

Loan

Drawings 400

Revenue Income

292,000

REQUIRED:

a) Prepare a Statement for Profit or Loss the year ended 30th June 2019.

b) Prepare a Statement for Financial Position as at 30th June 2019.

ARMA/KMKt