JAWAPAN MODUL ABAD A SEMESTER 1 SESI 2020/2021

Modul ABAD ‘A’ AA015

DI SEDIAKAN OLEH
MOHD KHAIRI BIN ABDUL RAHMAN

KOLEJ MATRIKULASI MELAKA

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Modul ABAD ‘A’ AA015

TOPIC 6: ACCOUNTING FOR CASH

QUESTION 1

Must A and Co.
Bank Reconcilation Statement

as at 30 June 2015

Balance as per Bank Statement RM RM
Add : Deposit In Transit 235
450
Zaskiah 1,300 1,750
Rusdy
Less : Outstandings Cheque 870 (1,420)
3354 70 565
3356
3357 480 (765)
Adjusted Bank Balance Per Bank Statement
1,380 2230
Balance per Cash Book 800
50 (900)
Add : Dividend 565
Credit Transfer – Commision 600
Deposit – AR 20

Less : Utilities expense 180
Bank charges 100
Error: Freight in
NSF - AR

Adjusted Balance as per Cash Book

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Modul ABAD ‘A’ AA015

QUESTION 2 Iman Indah Boutique RM
Bank Reconciliation at 31 August 2018 5,256
Balance of bank statement
(+) Deposit in transit: RM 3,290
8,546
Umar 2,400
Deposit 190 (7,640)
Sales 700 906

(-) Outstanding Cheque: 2,640 (4,504)
Hassan Enterprise 5,000
Abu Hurairah 6,100
Adjusted bank statement balance 1596

Balance at cash book 2,000 (690)
(+) Deposit 300 906
200
Credit Transfer 3,600
Dividend
Error – Insurance

(-) Standing order 420
Bank charges 70
Direct Debit 200

Adjusted cash book balance

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QUESTION 3 (PSPM 2009/2010) RM RM
(i) 420
1,320
Perniagaan Ceria Tehtiam 100 2,020
Bank Reconciliation Statement 600 2,440
(920)
As at 30 September 2009 1,520
RM

Balance as per Bank Statement
Add : Deposit in transit

Error: Overpaid
Wrong record

Less : Outstanding Cheques – Gula Manis SB
Adjusted bank balance

Balance as per Cash Book 900
Add : Credit transfer: Acc Receivable 1,400
2,300

Less : Bank Charge Expenses 100
Standing order – Rental expense 680 (780)

Adjusted book balance 1,520

(ii) Accounts & Explanation Debit Credit
Date (RM) (RM)

Sept.30 Dr. Bank 1,400 1,400
Cr. Acc Receivable
100
(Record credit tranfer from customer) 100

Dr. Bank Charge Expense
Cr. Bank

(Record bank charge expense)

Dr. Rental Expense 680
Cr. Bank 680

(Record rental expense)

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QUESTION 4 (PSPM 2010/2011) RM RM
(i) 9,144
1,852
Perniagaan Katering Malaya 54 1,906
Bank Reconciliation Statement 11,050
(5,265)
As at 30 September 2009 5,785
RM

Balance as per Bank Statement
Add : Deposit in transit

Error: Overpaid

Less : Outstanding Cheques
Adjusted bank balance

Balance as per Cash Book 1,030 4,563
Add : Notes Receivable 210
1,240
Returned check : Acc Payable 5,803

Less : Bank Charge Expenses (18)
Adjusted book balance 5,785

(ii) Accounts & Explanation Debit Credit
Date (RM) (RM)

June 30 Dr. Bank 1,030 1,030
Cr. Notes Receivable
210
(Record notes receivable) 210

Dr. Bank
Cr. Acc Payable

(Record cheque returne by bank)

Dr. Bank Charge Expense 18
Cr. Bank 18

(Record bank charge expense)

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QUESTION 5 (PSPM 2014/2015)

Seri Bulan Sdn. Bhd RM RM
Bank Reconciliation Statement 103,856
320
As at 31 May 2014 2,000 2,320
106,176
Balance as per Bank Statement
Add: (7,300)
Deposit in transit 98,876
Cheque no: 993399 93,764
Cheque no:421877
8,100
Less: 5,700
Unpresented Cheques 1,600 (2,988)
Cheque no: 345680 98,876
Cheque no: 345683
Adjusted Bank Balance

Balance as per Cash Book 2,888
Add: 100
Error Accounts Payable Cheque no:345684 (9,000-900)
Less:
Error Accounts Payable Cheque no:345688 (1,444x2)
Bank Charge
Adjusted Book Balance

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Modul ABAD ‘A’ AA015

QUESTION 6 (PSPM 2015/2016)

Iskandariah Sdn. Bhd RM RM
Bank Reconciliation Statement 6,644

As at 31 March 2015 750
7,394
Balance as per Bank Statement
Add : Deposit in transit (300)
7,094
Najib
6,207
Less : Outstanding Cheques :
Ben (89093) 1,437
7,644
Adjusted bank balance
(550)
Balance as per Cash Book 542 7,094
Add : Credit transfer 245
200
Interest 450
Error (Sabariah)
Error (Deposit) 5
465
Less : Check book charge
Debit transfer 80
Bank charge

Adjusted cash book balance

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QUESTION 7 (PSPM 2016/2017)

Perniagaan Seroja RM RM
Bank Reconciliation Statement 8,651
2,060 2,697
As at 31 August 2016 637
(4,859)
Balance as per Bank Statement 732 6,489
(+) Deposit in transit: 1,512
3,115
112113 215
240615 2,400 (4,980)
(-) Outstanding cheque: 6,489
410124
410125 Credit
410126 (RM)
410127
Adjusted bank balance 1,200
1,715
Balance as per Cash Book 1,200
(+) Rental Revenue 1,715 200
180
Accounts receivable 200
Dividend Revenue

(-) Purchases (2310-2130) 180
NSF – Sherry Ent 3,100
Error – Acc Payable 1,430
Insurance
Bank charge 250
20
Adjusted book balance

(ii) Accounts & Explanation Debit
Date (RM)

Aug. 31 Dr. Bank 1,200
Cr. Rental Revenue
1,715
(Record rental revenue)
200
Dr. Bank
Cr. Account Receivable 180

(Record cash receipt from debtor)
Dr. Bank

Cr. Dividend Revenue
(Record dividen revenue)

Dr. Purchases
Cr. Bank

(Record purchases)

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Dr. Acc Receivable – Sherry Ent 3,100 3,100
Cr. Bank 1,430 1,430

(Record non-sufficient fund) 250 250
20 20
Dr. Account Payable – Fatimah
Enterprise

Cr. Bank
(Record error)
Dr. Insurance Expense

Cr. Bank
(Record insurance expense)

Dr. Bank Charge Expense
Cr. Bank

(Record bank charge)

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Modul ABAD ‘A’ AA015

QUESTION 8 (PSPM 2017/2018)

Setia Sdn. Bhd RM RM
Bank Reconciliation Statement 5,646
1,300
As at 31 March 2017 6,946

Balance as per Bank Statement (6,730)
Add Deposit in transit : 216

Cheque no:456321 (3,915)

Less : 780 4,271
Outstanding cheque : 950
5,000 (140)
Cheque no. 254110 216
Cheque no. 254111
Bank error ( Cheque no. 605125 )
Adjusted Balance per Bank Statement

Balance as per Cash Book 211
Add: 4,060
Credit transfer
Error – Acc. Receivable 125
Less: 15
Standing Order (55 + 70)
Bank Service Charges
Adjusted Balance as per Cash Book

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QUESTION 9 (PSPM 2018/2019)

Tasek Enterprise

Bank Reconcilation Statement

as at 31 October 2018

RM RM
2,257.90
Cash Balance Per Bank Statement
984.10
Add: 3,242.00

Deposit in Transit (2,253.30)
988.70
Sales 75.60 RM
1,145.40
Sales 84.30 68.70
1,214.10
Sales 583.20
(225.40)
Bank error cheque number 299513 241.00 988.70

Deduct:

Outstanding Cheque

Stationaries 463031 160.00
1,940.30
Rental 463034
153.00
Purchases 463035
RM
Adjusted Cash Balance Per bank

Cash balance per cash book
Add:

Credit transfer

Deduct: 49.00
Purchases Acc. error (249 – 200) 100.00
Bank Service Charges
Standing order 76.40

Adjusted Cash Balance Per Book

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Modul ABAD ‘A’ AA015

QUESTION 10 (PSPM 2019/2020)

Kemboja Sdn. Bhd.

Bank Reconciliation Statement

As at 31 August 2018

ITEM RM RM
(265)
Cash Balance Per Bank Statement
1,379
Add : Deposit In Transit Balenciagae 1,114

Deduct : Outstandings Cheque 979 (1,546)
Beejanni 40054 72 (432)
Chanelli 40056
Salary 40057 495 (1,449)

Adjusted Cash Balance Per bank 660 1,037
377 (412)
Cash Balance Per cash book
Add : Dividend – KMP Sdn. Bhd. (20)
(432)
Interest on Fixed Deposit

Deduct :
Bank Charges

Adjusted Cash Balance Per cash book

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Modul ABAD ‘A’ AA015

TOPIC 7: ACCOUNTING FOR RECEIVABLES

QUESTION 1 Account Receivable
(i)
(RM) Accounts (RM)
Accounts 136,000
Balance b/f 80,500 Cash
Sales 6,200
190,000 Bad debts 128,300
270,500
Balance c/f

270,500

Provision for doubtful debts 31 December 2017:
= 2% x RM128,300
= RM2,566.

(ii) Dr. Bad Debt Expense RM2,566
Dec. 31 Cr. Allowance for Doubtful Debt

(Record bad debt expense) RM2,566

QUESTION 2
(i)

Account & Explanation Debit Credit
(RM) (RM)
Dec 31 Dr. Bad Debt Expense
Cr. Allowance for Doubtful Debt 66,750 66,750

(To record bad debt expense)

AFDD = 5% X RM1,235,000
= RM61,750

(ii) Allowance For Doubtful Debt RM
Acc Receivable 60,000
RM
65,000 Balance b/f

Balance c/f 61,750 Bad debt 66,750
126,750 126,750

AFDD Bad Debt Expense RM
60,000
RM
66,750 SOPL

126,750 126,750

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WORKINGS: Acc. Receivable

Balance b/f RM Cash RM
Sales 1,000,000 AFDD 2,300,000
BDR 2,600,000 Cash (BDR)
Balance c/f 65,000
25,000 25,000
1,235,000
3,625,000
3,625,000

QUESTION 3

(i)

Date Description RM RM
3,520,000 3,520,000
Dec 31 Dr. Accounts receivable
5,000 5,000
Cr. Sales 2,730,000 2,730,000

Dr. Sales returns 30,000 30,000
30,000 30,000
Cr. Accounts receivable 95,000 95,000

Dr. Bank

Cr. Accounts receivable

Dr. Accounts receivable

Cr. Allowance for doubtful debts

Dr. Bank

Cr. Accounts receivable

Dr. Allowance for doubtful debts

Cr. Accounts receivable

(ii) Accounts Receivable
Jun 1
Balance b/f 760,000 Sales returns 5,000
Sales 2,730,000
BDR 3,520,000 Bank
95,000
30,000 AFFD 30,000
1,450,000
Bank 4,310,000

Balance c/f

4,310,000

AFDD = 3% X RM1,450,000
= RM 43 500

Accounts Allowance for Doubtful Debts

2018 Accounts receivable 95,000 Jun 1 Balance b/f 80,000

Balance c/f 43,500 Bad debts exp 58,500
138,500 138,500

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(iii) Description RM RM
Date Dr. Bad debts expenses 58,500 58,500

Dec 31 Cr. Allowance for doubtful debt
(To record bad debts expenses)

iv) Accounts receivable RM1,450,000
(-) AFDD (RM43,500)

RM1,406,500

QUESTION 4 (PSPM 2015/2016) Account Receivable

Accounts (RM) Accounts (RM)
Balance b/f 107,000
Sales 76,500 Cash
5,000
155,000 Bad debts 119,500
231,500
Balance c/f

231,500

Allowance for doubtful debts 31 March 2014:
= 1.5% x RM119,500
= RM1,792.50.

QUESTION 5 (PSPM 2017/2018)

i) 1% from net credit sales Item RM RM
Date 7,500 7,500

July 31 Dr. Bad Debts Expense

Cr. Allowance for Doubtful Debts

(To record bad debts expense)
(RM800,000 – RM50,000) x 1% = RM7,500

ii) 5% from Account Receivable

Date Item RM RM
6,000 6,000
July 31 Dr. Bad Debts Expense

Cr.Allowance for Doubtful Debts

(To record bad debts expense)
(5% x RM160,000) – RM2,000 = RM6,000

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QUESTION 6 (PSPM 2018/2019)

Date Particulars Debit Credit
(RM) (RM)
2016 Dr. Cost of goods sold
1. Cr.Inventory 189,000 189,000
236,000
2. Dr. Accounts Receivable 236,000 115,000
3. Cr. Sales 115,000
1,815
2017 Dr.Cash 1,815
1. Cr. Accounts Receivable 236,000
236,000 318,000
Dr. Bad Debts Expense 318,000
Cr. Allowance for Doubtful Debts 450
450 215,000
(236,000 – 115,000) x 1.5% 215,000
Dr. Cost of goods sold 1,988
1,988
Cr. Inventory
Dr. Accounts Receivable

Cr. Sales

2. Dr. Allowance for Doubtful Debts
Cr. Accounts Receivable

3. Dr. Cash
Cr. Accounts Receivable

3. Dr. Bad Debts Expense
Cr. Allowance for Doubtful Debts

Calculation: AFDD RM
RM b/f 1,815
AR 450 Bal.
Bal. (223,550** x 1.5%) c/f 3,353 BDE 1,988*
3,803 3,803

**223,550 = 121,000 + 318,000 – 450 – 215,000

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QUESTION 7 (PSPM 2019/2020)

(i) Bad Debt Expense = 5% x RM72,000

= RM3,600

(ii) Journal entries to record the write-off of bad debt and the bad debt expense

Date Account Titles And Explanation Debit Credit
(RM) (RM)

2018

Dr. Allowance for Doubtful Debts 240
Cr. Accounts Receivable 240

(To record the write-off of the uncollectible debts) 3,600

Dr. Bad Debt Expense 3,600
Cr. Allowance for Doubtful Debts

(To record the estimation of doubtful debts based on 5% of
net credit sales)

(iii)
Allowance for Doubtful Debts

Accounts Receivable 240 Balance b/f 3,000

Balance c/f 6,360 Bad Debt Expense 3,600

6,600 6,600

(iv) Statement of Profit or Loss
Lavender Enterprise

Statement of Profit or Loss

For the year ended 31 December 2018

RM RM
73,600
Sales (72,000 + 1,600) (54,000)
19,600
(-) Cost of goods sold
(9,540)
Gross profit 10,060

(-) Operating expenses: 3,600
Bad Debt Expense 5,940
Other Expenses

Total operating expenses
Net profit

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(v) Statement of Financial Position

Lavender Enterprise

Statement of Financial Position (extract)

As at 31 December 2018

RM RM
32,240
Current Assets

Accounts Receivable 38,600

(-) Allowance for Doubtful Debts (6,360)

Net realizable value

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TOPIC 8: ACCOUNTING FOR INVENTORIES

QUESTION 1
Ending inventories = 100 – 60 + 70 - 80

= 50 unit

(i) FIFO
Ending inventory cost:

RM

20 unit x RM10 200

30 units @ RM9 270

470

Cost of goods sold:

Beginning inventory 100 unit x RM8 RM
Purchases (70 x RM9) + (20 x RM10) 800
(-) Ending inventory 830
(470)
1,160

(ii) Average Purchase Cost of Goods Sold Units Balance
Date Units Cost Total Units Cost Total Cost Total
100 Per
Jan. 1 Per Per 40 Unit
6 Unit Unit 110
8 800
13 70 9 630 60 8 480 320

8.64 950

21 80 8.64 691.2 30 258.8

25 10 200 50 9.18 458.8

20

Cost of 1171.7 Ending 458.8

Goods Sold Inventory

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QUESTION 2 (PSPM 2014/2015)

(i)

Date Purchases (In) COGS (Sales) (Out) Balance
Unit Cost RM
Unit Cost RM Unit Cost RM
100
Sept 1 300 12 1,200
80
3 200 11.80 2,360 240 11.87 3,560
380
6 220 11.87 2611.4 180 11.87 948.60
355
10 160 11.60 1,856 255 11.69 2,804.60
205
11 140 11.20 1,568 11.51 4,372.60

18 200 11.51 2,302 11.51 2,070.60

23 175 11.00 1,925 11.26 3,995.60

27 100 11.26 1,126 11.26 2,869.60

30 50 11.26 563 11.26 2,306.60

7,709 6,602.40

Cost of goods sold = RM6,602.40

(ii) Ending inventory = RM2,306.60

QUESTION 3 (PSPM 2016/2017)

(i) Ending inventory = 100 + (60+200+40) – (90+120+75+65)

= 100 + 300 – 350

= 50 units

Ending inventory = (40xRM60) + (10xRM55)
Cost of goods sold = RM2,400 + RM550
= RM2,950

= (100xRM40) + [(60xRM50) + (200xRM55) + (40xRM60)] –
RM2,950

= RM17,450

(ii) Average price per unit = RM4,000 + RM3,000 + RM11,000 + RM2,400
400 units

= RM51

Ending inventory = RM51 x 50units
= RM2,550

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QUESTION 4 (PSPM 2017/2018)
(i) Value of ending inventory = (RM5,300 – RM4,500) x [(RM600 x 6) + RM30,055 ]

RM5,300
= 800 x RM6.35
= RM5,080

*(1,500 x RM6.08) + (800 x RM6.40) + (1,200 x RM6.50) + (700 x RM6.60) +(500 x
RM6.79)

(ii) Weighted Average Method (perpetual inventory system)

Date Purchases Cost of Goods Sold Balance

Unit Cost Total Unit Cost Total Unit Cost Total

Apr 1 600 6.00 3,600

3 500 6.00 3,000 100 6.00 600

4 1,500 6.08 9,120 1,600 6.08 9,720

8 800 6.40 5,120 2,400 6.18 14,840

9 1,300 6.18 8,034 1,100 6.18 6,806

11 600 6.18 3,708 500 6.18 3,098

13 1,200 6.50 7,800 1,700 6.41 10,898

21 700 6.60 4,620 2,400 6.47 15,518

23 1,200 6.47 7,764 1,200 6.47 7,754

27 900 6.47 5,823 300 6.44 1,931

29 500 6.79 3,395 800 6.66 5,326

Cost of Goods 28,329 Ending 5,326

Sold inventory

value

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QUESTION 5 (PSPM SESSION 2018/2019)

(i) First-In First-Out (FIFO)

Purchase Cost of goods sold Balance
Unit
Date Units Unit Total Units Unit Total Units cost Total
14 cost
cost cost cost cost 400 14 5,600
200 14 2,800
Sept. 1 200 15 2,800
200 3,000
3 200 14 2,800 15 5,800
15 3,000
7 200 15 3,000 16 3,000
4,800
10 200 14 2,800 200 15 7,800
14 300 4,800 200 16 3,000
16 300 20 4,800
5,000
18 250 20 5,000 200 16 12,800
300 20 3,200
250 5,000
16 8,200
21 200 15 3,000 200 20 3,200
21 5,000
100 16 1,600 250 2,100
20 10,300
24 100 21 2,100 200 21 3,000
250 2,100
100 20 5,100
21 3,000
27 200 16 3,200 150 23 2,100
5,750
100 20 2,000 100 10,850

30 250 23 5,750 150
100
250

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(ii) Weighted Average Method

Purchase Cost of goods sold Balance
Units Unit Total Unit
Date Units Unit Total Units cost Total
cost cost cost cost (RM) cost
(RM) (RM) 400 14 (RM)
(RM) (RM) 200 14 5,600
400 14.50 2,800
Sept. 1 200 14.50 5,800
500 15.40 2,900
3 200 14 2,800 750 16.93 7,700
450 16.93 12,700
7 200 15 3,000 550 17.67 7,621
250 17.67 9,721
10 200 14.50 2,900 500 20.34 4,420
10,170
14 300 16 4,800

18 250 20 5,000

21 300 16.93 5,079
300 17.67 5,301
24 100 21 2,100

27

30 250 23 5,750

QUESTION 6 (PSPM SESSION 2019/2020)

(i) First In First Out

Purchase Cost of goods sold Balance

Date Units Unit cost Total cost Units Unit cost Total cost Units Unit cost Total cost

(RM) (RM) (RM) (RM) (RM) (RM)

May 1 50 50 2,500

3 60 60 3,600 50 50 2,500

60 60 3,600

110 6,100

4 50 50 2,500 40 60 2,400

20 60 1,200 40 2,400

10 200 70 14,000 40 60 2,400

200 70 14,000

240 16,400

16 40 60 2,400 160 70 11,200

40 70 2,800 160 11,200

19 40 80 3,200 160 70 11,200

40 80 3,200

200 14,400

25 130 70 9,100 30 70 2,100

40 80 3,200

70 5,300

Cost of goods sold Ending inventory

RM18,000 RM5,300

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(ii) Weighted Average Method

Cost of goods available for sale:

50 x RM50 = RM
60 x RM60 = 2,500
200 x RM70 = 3,600
40 x RM80 =
Cost of goods available for sale 14,000
3,200

23,300

Units of goods available for sale = 50 + 60 + 200 + 40
= 350

Sales unit = 70 + 80 + 130 = 350 – 280
= 280 = 70

Ending inventory unit

Average cost = RM23,300/350 units
= RM66.57 per unit

Ending inventory cost = RM66.57 x 70 units
Cost of goods sold = RM4,659.90

= RM23,300 – RM4,659.90
= RM18,640.10

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TOPIC 9: ACCOUNTING FOR NON-CURRENT ASSETS

QUESTION 1 Details Dr. Cr.
(i) (RM) (RM)

Date 47,800 36,000
28,224 42,100
2018 Dr. Equipment (new)
Accumulated Dep. – Equipment (old) 2,076
Loss on disposal
Cr. Equipment (old)
Cash

(ii) Balance of equipment (c/f) = Beginning costs + New purchases - Costs sold
= RM135,620 + RM47,80 – RM36,000

= RM147,420

The accumulated depreciation account at the end of the year:
= Beginning balance – Accumulated depreciation
= RM81,374 – RM28,224

= RM53,150

Depreciation year 2018 = 40% X (Cost – Accumulated depreciation)
= 40% X (RM147,420 – RM53,150)

= RM37,708

Date Details Dr. Cr.
(RM) (RM)
2018
37,708 37,708
Dec. 31 Dr. Depreciation Expense
Cr. Accumulated Dep. – Equipment

QUESTION 2 Account Debit Credit
(i) (RM) (RM)
24,000
Date 12,000
5,600 21,000
2015 Machine (New) 3,400
Mar. 1 Accumulated depreciation*
Loss on disposal

Machine (Old)
Cash (RM24,000 – RM3,000)

*1/7/10 - 30/6/14 (10% X RM12,000 x 4) = RM4,800
1/7/14 - 1/3/15 (10% X RM12,000 X 8/12) = RM 800

RM5,600

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(ii) Account Debit Credit
Date (RM) (RM

2015 Dr. Depreciation Expense 4,100 4,100

June 30 Cr. Acc. Depreciation - Machine

New: = RM800
1/3/ – 30/6/2015 (RM24,000 x 10% x 4/12)
= RM3,300
Old: RM4,100
(RM45,000 – RM12,000) x 10%

QUESTION 3 Accumulated depreciation Book value
(i) (RM) (RM)
18,000
Year Depreciation expense 9,000 9,000
(RM) 13,500 4,500

2015 50% X 18,000 = 9,000
2016 50% X 9,000 = 4,500

(ii)

Depreciation Expense

Date Description Amount Date Description Amount
SOPL (RM)
(RM) SOPL 9,000

2015 Accumulated 9,000 2015, 4,500
Dec 31 Depreciation
2016 Accumulated Dec 31
Dec 31 Depreciation
4,500 2016,

Dec 31

Accumulated Depreciation

Date Description Amount Date Description Amount
(RM)
(RM) 9,000

2015 Balance c/f 9,000 2015 Depreciation 9,000
Dec 31 Balance c/f
2016 Dec 31 expense 4,500
Dec 31
13,500 2016 Balance b/f 13,500

Jan 1

Dec 31 Depreciation

expense

13,500

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QUESTION 4 Details Dr. Cr.
Date (RM) (RM)
300,000
Sept. 16 Dr. Equipment (N) 120,000
Accumulated Depreciation – Equipment (O)
(RM250000 – 10000)/10 x 5 250,000
50,000
Cr. Equipment (O)
120,000
Cash

Gain on disposal

Oct. 20 Dr. Cash 9,000
Accumulated Depreciation – Equipment 19,837.5
31,162.5
Loss on disposal

Cr. Equipment 60,000
* 1/5/12 – 31/12/12

15% x 60,000 x 8/12 = 6000

1/1/13-31/12/13

15% x (60,000-6000) = 8100
1/1/14 – 20/10/14

15% x (60,000- 14,100) x 10/12 = 5737.5

19837.5

QUESTION 5 (PSPM 2013/2014)

(i)

Date Item Dr. Cr.
(RM) (RM)
May 1 Dr. Drying Machine
100,000 85,000
Cash 2,000 66,200

Accumulated Depreciation 49,200 * 5,000

Cr. Washing Machine 5,000 5,000

Gain on Disposal 5,000

Dr. Insurance Expense

Cr. Cash

OR

Dr. Prepaid Insurance

Cr. Cash

* (RM85,000 – RM3,000) x 15% x 4

(ii)

Date Item Dr. Cr.
(RM) (RM)
Dec. 31 Dr. Depreciation Expense
Cr. Acc. Dep. – Drying Machine 19,000 19,000

(RM100,000 – RM5,000) x 20% 15,500 15,500

Dr. Depreciation Expense
Cr. Acc. Depreciation – Vehicles

(RM160,000 – RM5,000) x 10%

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Dr. Prepaid Insurance 1,667 1,667
Cr. Insurance Expense 3,333 3,333

(RM5,000 x 4/12)
OR
Dr. Insurance Expense

Cr. Prepaid Insurance
(RM5,000 x 8/12)

QUESTION 6 (PSPM 2014/2015)

Dr. Machine (WCT144) Dr. Cr.
Accumulated depreciation- Machine (WCT102) (RM) (RM)
(RM8,900 – RM500) x 3/5
Loss on exchange 11,400 8,900
Cr. Machine (WCT102) 5,040 10,400
Cash (RM11,400 - RM1,000)
2,860

QUESTION 7 (PSPM 2015/2016)

(i)

Date Accounts Dr. Cr.
(RM) (RM)
Aug. 1 Dr. Vehicles (new)
Acc. Depreciation – Vehicles (old) 35,000 30,000
22,000 26,200
Cr. Vehicles (old)
Cash (35,000 – 8,800) 1,000 800

Gain on disposal 1,000

Dr. Depreciation expenses
Cr. Acc. Depreciation – Vehicles

(ii) Dr. Cr.
Accounts (RM) (RM)

Dr. Depreciation Expenses (14,000+2,333) 16,333 16,333
Cr. Acc. Depreciation – Vehicles

Vehicle (old) = [RM170,000 – RM30,000] x 10%
= RM 14,000

Vehicle (new) = [RM35,000 x 10%] x 8/12
= RM2,333

28

Modul ABAD ‘A’ AA015

Net book value on 31 Mac 2015 RM RM
Cost 170,000
(-) Disposal 88,000 (30,000)
(+) Vehicle (new) (22,000)
35,000
Depreciation : 16,333 175,000
Accumulated depreciation
(-) Disposal (82,333)
(+) Depreciation expenses 92,667

QUESTION 8 (PSPM 2016/2017) Details Dr. Cr.
(a) (i) (RM) (RM)

Date 61,000 61,000

July 1 Dr. Vehicles Cr.
Cr. Cash (RM53,000 + RM8,000) (RM)

(ii) Details Dr. 9,500
Date (RM)
Cr.
Dis. 31 Dr. Depreciation Expense 9,500 (RM)
Cr. Accumulated Depreciation –
19,000
Vehicles
Cr.
Record vehicle depreciation expenses for 2015: (RM)
= (RM61,000 cost – RM4,000 scrap value) / 3 years x 6/12 = RM9,500
61,000
Date Details Dr. 500

(RM)

Dis. 31 Dr. Depreciation Expense 19,000
Cr. Accumulated Depreciation –

Vehicles

Record vehicle depreciation expenses for 2016
(RM61,000 cost – RM4,000 scrap value) / 3 years = RM19,000

(iii)

Date Details Dr.

(RM)

Jan. 2 Dr. Cash 26,000
Accumulated Depreciation – Vehicles 28,500

Loss on Disposal 6,500

Cr. Vehicles

Dr. Transportation Expense 500

Cr. Cash

29

Modul ABAD ‘A’ AA015

(RM61,000 cost – RM4,000 scrap value) x 18/12 = RM28,500
3 years

QUESTION 9 (PSPM 2018/2019)

(a)

(i)

Accumulated Depreciation - Machinery

Balance Balance b/f 80,400*
c/f 114,600 Dep. Expense – Machinery 34,200**
114,600
114,600

Calculation:
Beginning balance = (134,000 x 20%) x 3yrs = 80,400*
2017 depreciation expense = (134,000 + 35,000 + 1,500 + 500) x 20% = 34,200**

(ii) Accumulated Depreciation – Motor Vehicle b/f 213,600*
Balance Balance 70,400**
284,000
c/f 284,000 Dep. Expense – M. Vehicle

284,000

Calculation: -
Beginning balance = (267,000 x 20%) x 4yrs = 213,600*
2017 depreciation expense = (267,000 + 85,000) x 20% = 70,400**

(iii) Accumulated Depreciation – Office Equipment
Balance
Balance b/f 100,329.95*

c/f 116,296.96 Dep. Expense – O. Equipment 15,967.01**

116,296.96 116,296.96

Calculation: Acc. Depreciation Book Value
Year Depreciation Expense 245,000
24,500 220,500
2012 10% x 245,000 = 24,500 46,550 198,450
2013 10% x 220,500 = 22,050 66,395 178,605
2014 10% x 198,450 = 19,845 84,255.50
2015 10% x 178,605 = 17,860.50 100,329.95* 160,744.50
2016 10% x 160,744.50 = 16,074.45 116,296.96 144,670.05
2017 10% x (144,670.05 + 15,000) = 15,967.01** 143,703.04

30

Modul ABAD ‘A’ AA015

(b)

Kenyir Sdn Bhd

Statement of Financial Position (extract)

As At 31 December 2017

ASSETS RM RM
268,103.04
Non-current assets

Machinery 171,000

(-)Accumulated Depreciation - Machinery (114,600) 56,400

Motor Vehicle 352,000

(-)Accumulated Depreciation - Motor Vehicle (284,000) 68,000

Office Equipment 260,000

(-)Accumulated Depreciation - Office Equipment (116,296.96) 143,703.04

Total Non-current assets

QUESTION 10 (PSPM 2019/2020)

(a) Cost of the machinery and journal entries
(i) Cost of the machinery

Purchase price RM
Transportation cost 10,000
Installation cost
Total cost 400
1,200
11,600

(ii) Journal entries

Date Accounts Debit Credit
(RM) (RM)
2018 Dr. Machinery
Prepaid Insurance 11,600 11,850
Cr. Cash 250

(To record the purchased of the machinery, and the
premium insurance)

(b)
(i)

Date Accounts Debit Credit
(RM) (RM)
Oct. Dr. Accumulated Depreciation - Machine
36,000*
Cash 72,000
Cr. Machine
91,000
Gain on Disposal 17,000**

(To record sales of the machine at a gain)

Calculation:
*Acc. Depreciation = [(91,000 – 7,000)/7] x 3yrs
**Gain on Disposal = 72,000 – (91,000 – 26,000)

31

Modul ABAD ‘A’ AA015

(ii)

Date Accounts Debit Credit

(RM) (RM)

Sept. Dr. Accumulated Depreciation - Machine 48,000*

Cash 28,000

Loss on Disposal 15,000**
91,000
Cr. Machine

(To record sales of the machine at a loss)

Calculation:
*Acc. Depreciation = [(91,000 – 7,000)/7] x 4yrs
**Loss on Disposal = 28,000 – (91,000 – 48,000)

(iii)

Date Accounts Debit Credit

Sept. Dr. Accumulated Depreciation – Machine Machine (RM) (RM)
48,000* 91,000
Loss on Disposal 105,000
Cr. Machine 8,000**

Cash (105,000 – 35,000)

(To record exchange of the machine at a loss)

Calculation:
*Acc. Depreciation = [(91,000 – 7,000)/7] x 4yrs
**Loss on Disposal = 35,000 – (91,000 – 48,000)

(iv)

Date Accounts Debit Credit
(RM) (RM)

Jan. Dr. Machine 20,000
Cr. Cash
20,000
(To record the purchase of the machine)

Dis. 31 Dr. Depreciation Expense – Machine (20,000/2) 10,000
Cr. Accumulated Depreciation – Machine
10,000
(To record depreciation expense of the machine for

the current year)

32

Modul ABAD ‘A’ AA015

TOPIC 10: ACCOUNTING FOR LIABILITIES

QUESTION 1

2010 Dr. Bank Dr. Cr.
Apr. 1 Cr. Notes payable (RM) (RM)
180,000
Dec 31 Dr. Interest Expense 180,000
Cr. Interest Payable 13,500 13,500
2011
Jan. 1 (RM180,000 x 10% x 9/12) 13,500 13,500

2013 Dr. Interest Payable 180,000 184,500
Mar. 31 Cr. Bank 4,500

Dr. Notes payable
Interest expense (180000 x 10%x3/12)
Cr. Bank

QUESTION 2 Accounts Dr (RM) Cr. (RM)
Date
(i) Dr. Equipment (new) 38,000
1/8/16 Acc. Depreciation (RM32,000 – RM12,000) 20,000
Loss on disposal 3,000
Cr. Equipment (old)
Cash (RM38,000 – RM9,000) 32,000
29,000

(ii) Dr. Depreciation expense 18,600
31/3/17 [(RM180,000 – RM32,000 + RM38,000) x 10%]

Cr. Accumulated depreciation 18,600

Net Book Value:

Equipment (180,000 – 32,000 + 38,000) RM186,000

(-) Acc. Depreciation (88,000 – 20,000 + 18,600) (RM86,600)

RM99,400

(iii) Dr. Bad Debt Expense 7,624 7,624
31/3/17 Cr. Allowance for Doubtful Debt 40,000
40,000
(iv) Dr. Bank 800 800
1/11/16 Cr. Notes payable 1,200
1/1/17
Dr. Interest Expense
31/3/17 Cr. Bank

(40,000 x 12% x 2/12)
Dr. Interest Expense

33

Modul ABAD ‘A’ AA015

Cr. Interest Payable 1,200
(40,000 x 12% x 3/12)

Accounts Receivable

Bal. b/f RM Cash RM
Sales 76,500 AfDD 127,000
185,000 Bal. c/f
5,800
261,500 128,700
261,500

2% x 128700 = 2574
Allowance for Doubtful Accounts

Accounts Receivable 5,800 Bal. b/f 750
Bal. c/f 2,574 Bad Debts Expense 7,624
1,260 1,260

QUESTION 3 (PSPM 2018/2019)

Date Particulars Debit Credit
(RM) (RM)
Aug. Dr. Acc. Receivable / Bank / Cash
Cr. Sales 150,000 150,000
Oct. 1 7,500
Nov. Dr. Warranty Expense (150,000 x 5%) 7,500
Cr. Warranty Liability / Warranty Payable 60,000
Dec 29 60,000 2,000
Dec. 31 Dr. Cash/Bank
Cr. Notes Payable 2,000 61,800
5,000
Dr. Warranty Liability / Warranty Payable 60,000
Cr. Cash / Bank 1,800 12,000

Dr. Notes Payable, 12% 5,000
Interest Expense (60,000 x 12% x 3/12)
Cr. Cash/Bank 12,000

Dr. Salaries expense (2,500 x 2)
Cr. Salaries Payable

Dr. Tax Expense
Cr. Tax Payable / Cash / Bank

34

Modul ABAD ‘A’ AA015

QUESTION 4 (PSPM 2019/2020)

(i)

Date Accounts and Explanation Debit Credit
(RM) (RM)
Jan 1 Dr. Bank 35,000
Cr. Notes Payable, 9% 35,000
250,000
(To record a loan by signing a 6-month notes 5,000
payable, 9%)
10,000
Dr. Bank 250,000
Cr. Long-term Loan 3% 33,000
2,640
(To record a long term loan with Union Bank)

Dr. Interest Payable 5,000
Cr. Bank

(To record the settlement of interest for 2018)

12 Dr. Unearned Service Revenue 10,000
Cr. Service Revenue

(To record service provided to the customer
who have made prior payment)

20 Dr. Accounts Receivable (600 units’ x RM55) 33,000
Cr. Sales

(To record sales on account)

Dr. Warranty Expense (RM33,000 x 8%) 2,640
Cr. Warranty Payable

(To accrue estimated warranty liability of 8% on
sales revenue)

(ii) Adjusting entries on 31 January 2019

Date Accounts and explanation Debit Credit
(RM) (RM)
Jan 31 Dr. Interest Expense
(RM262.50 + RM625 + RM500)* 1,387.50 1,387.50
Cr. Interest Payable

(To record interest expense for the current year)

*Calculations:
Interest expense for Notes Payable, 9%
= RM35,000 x 9% x 1/12 = RM262.50

Interest expense for Long-term Loan, 3%
= RM250,000 x 3% x 1/12 = RM625

Interest expense for Long-term Loan, 4%
= RM150,000 x 4% x 1/12 = RM500

35

Modul ABAD ‘A’ AA015

TOPIC 11: ACCOUNTING FOR INCOMPLETE RECORDS AND SINGLE ENTRY SYSTEM

QUESTION 1

31/12/14 31/12/15 Calculation for profit or loss
RM RM
For the year ended 31 December
14,100
20,000 2015

Equipment 15,200 7,100 RM
Vehicle (net) 24,000 (320)
Inventory Ending capital 44,270
Wages payable 6,420 410
Prepaid Insurance (400) (5,530) + Drawings 710
Accounts payable
Akaun receivable 200 5,080 44,980
Bank (4,240) 3,680
Telephone payable (250) - Beginning capital 48,430
Capital 5,110 b) 44,270
2,140 Net loss 3,450

a) 48,430

Sanisah Enterprise

Statement Of Financial Position As At 31 December 2015

RM RM

Non-current Assets

Equipment 14,100

Vehicle (net) 20,000 34,100

Current Assets

Inventory 7,100

Prepaid Insurance 410

Accounts receivable 5,080

Bank 3,680 16,270

50,370

Current Liabilities

Accounts payable 5,530

Wages payable 320

Telephone payable 250 6,100
Owner’s equity

Beginning capital 48,430
- Net loss (3,450)

Drawings (710)

- Ending capital 44,270

50,370

36

Modul ABAD ‘A’ AA015

QUESTION 2 RM Cash RM
115 Bank overdraft 84
Cash Stock
Bank 2,209 Creditors (165)
Fixtures 4,000 Expense payable 21,491
Stock 16,740 Fixtures (4000+2000) (6,002)
Debtors 11,890 Depreciation- Fixtures
Motor van (at valuation) 3,000 Motor van to be valued (236)
Creditors (9,052) Debtors 6,000
Prepaid expenses (600)
2,500
15,821

72

Beginning Capital 28,902 Ending Capital 38,965

Statement Profit or Loss

For The Year Ended 31 August 2007

RM RM

Ending Capital 38,965

Add: Drawings 7,560

46,525

Less: Beginning Capital 28,902

Additional Capital 2,800 (31,702)

Net Profit 14,823

QUESTION 3 Cash Purchases 2,120
3,700 Acc. payable 1,750
Sept 1 Bal b/d 5,040 Rent
Sales 2,320 Salaries 850
Acc. receivable Bal c/d 1,230
Deposit 500 5,610
Sept 30 11,560

11,560

Sept 1 Bal b/d Acc. Receivable Cash 2,320
Sales 3,250 Bal c/d 3,200
2,270 Sept 30 5,520
5,520

Acc. Payable

Sept 1 Cash 1,750 Sept 1 Bal b/d 2,370
31 Discount Purchases 3,520
Bal c/d 70 31
5,890
4,070

5,890

37

Modul ABAD ‘A’ AA015

Nazmi Printing Services

Statement Profit or Loss

For the year ended 30 Sept 2008

RM RM RM
7,310
Sales (RM5,040+RM2,270)
(6,900)
Cost of goods sold: 410

Beginning Inventory 5,540 (2,500)
2,090
Purchases 5,640
RM
(RM3,520+RM2,120) 3,700
3,250
- Purchases Discount (70) 5,570 5,540
5,070
11,110 (2,370)
15,190
Ending Inventory (4,210)
RM
Gross profit 5,610
3,200
Operating expenses: 4,210
13,020
Rent 850 4,650
17,670
Salaries 1,230 4,070

Depreciation 420 500
4,570
Net loss

Calculation for beginning capital

RM

Cash

Acc. Receivable

Inventory

Office equipment 8,300

-Acc.depreciation -OE (3,230)

Acc. Payable

Beginning capital

Nazmi Printing Services

Statement of Financial Position

As at 30 September 2008

Assets RM

Cash

Acc. Receivable

Inventory

Office equipment 8,300
-Acc.depreciation (3,650)

Liabilities:
Acc. Payable
Deposit

Owner’s equity

38

Modul ABAD ‘A’ AA015

Beginning capital 15,190 13,100
Net loss (2,090) 17,670

QUESTION 4 Accounts Receivable RM
i) RM 2,640
277,950
Bal. b/f 6,300 Sales Return 13,200
Sales 287,490 Cash 293,790

Bal. c/f
293,790

Purchase Discount Accounts Payable RM
Cash RM 6,390
Bal. c/f 239,550
1,350 Bal. b/f
232,680 Purchases 245,940

11,910
245,940

ii) Perniagaan Runcit Jasmin RM RM
Statement of Profit or loss 287,490
Sales For the year ended 31 Mac 2002 27,000
Less: Sales Return 2,640
Net Sales RM 237,270 284,850
Less: COGS 264,270
Beginning inventory 239,550 229,270
Purchases 1,350 35,000 55,580
Less: Purchase discounts
Net purchases 238,200 19,650 48,810
Less: Drawings 930 25,530 6,770

Cost of goods available for sale 3,300
Less: Ending inventory 330
Cost of goods sold
Gross Profit
Less Expenses :
Electric expense
Insurance expense
Depreciation expense
Bad debt expense
Total expenses
Net Profit

39

Modul ABAD ‘A’ AA015

Cash Electricity Expense RM690
RM21,300 Bal. b/f 19,650

SPOL 960
Bal. c/f 21,300
21,300 RM25,530
25,530
Bal. b/f Insurance Expense
Cash RM780 SPOL RM
24,750 9,900
25,530 35,000
12,870
Allowance for Doubtful Debt = 2.5% x RM13,200 = RM330
Depreciation expense = 10% x RM33,000 = RM3,300 960
58,730
iii) Perniagaan Runcit Jasmin
40,640
Statement of Financial Position
18,090
As at 31 Mac 2002 58,730

Assets RM

Non-current Assets

Equipment 33,000

(-) Acc. Depreciation - Equipment 23,100

Current Assets 13,200
Inventory 330
Accounts receivable
(-) All. for doubtful debt
Prepaid electricity
Total Assets

Owner’s Equity and Liabilities 46,800
Owner’s Equity 12,930
Beginning capital
(-) Drawings 6,770
(+) Net profit
Ending capital

Current liabilities 180
Bank Overdraft 6,000
Short term loan 11,910
Accounts payable
Total Current liabilities
Total Owner’s Equity and Liabilities

40

Modul ABAD ‘A’ AA015

QUESTION 5 Cash RM
(i) RM 890
2,600 Acc Payable 850
Bal. b/f 7,100 Drawings 260
Acc Receivable 1,800 Insurance 300
Dividend 670
Sales 400 Telephone
Capital 1,900 Rental 10,830
13,800
Bal. b/f Bal. c/f
Sales 13,800 RM
7,100
Bank Accounts Receivable 1,080
Purchase discount RM 8,300
7,000 Bank 16,480
Bal. c/f 9,480 Sales discount
RM
Bal. c/f 4,000
16,480 4,790

Accounts Payable 8,790
RM
890 Bal. b/f
700 Purchases
7,200
8,790

41

Modul ABAD ‘A’ AA015

(ii)

AA Pluss Enterprise

Statement of Profit or Loss

For the year ended 31 December 2017

RM RM RM
8,800
Sales (400 + 9,480) 9,500
(1,540)
(-) Sales discount (1,080) 7,260
1,800
Net sales 9,060

(-) Cost of goods sold: (11,455)
(2,395)
Beginning inventory 3,000

(+) Purchases 5,170

(-) Drawings (150)

5,020

(-) Purchase discount (700)

Net purchase 3,940

Cost of good available for sale 6,940

(-) Ending inventory (5,400)

Cost of goods sold

Gross profit

(+) Others revenues:

Dividend revenue

(-) Operational expenses: 1,865
Insurance expense (260 +1850 - 245) 300
Miscellaneous expense 290
Rental expense (670 -500 + 120)
Depreciation expense (20% x 45,000) 9,000
Net loss

42

Modul ABAD ‘A’ AA015

QUESTION 6 (PSPM 2014/2015)
(i)

Machine RM
- Accumulated Depreciation- Machine 9,000
Inventories
Accounts Receivable (3,600)
Bank 3,450
Accounts Payable 2,000
Accrued Salaries 1,460
Capital (980)
(280)

11,130

(ii) RM RM
Sinar Suria Enterprise
15,455
Statement of Profit or Loss (70)
For the year ended 31 Disember 2013
15,385
RM
3,450
Sales
(3,500+ (10,000+3,760+70+125-2,000)
(-) Sales Discount

Net Sales
Less : Cost of Goods Sold
Beginning Inventories

Purchases 8,220
(1,000+(6,770+1,330+100)-980) ( 100)
(-) Purchases Return and Allowances
(-)Drawing (99)

Net Purchases 8021
11,471
Cost of Goods available for sale (4,450)
(-) Ending Inventories

Cost of Goods Sold (6,921)
8,364
Gross Profit
Less : Expenses

Salaries Expense (3,600-200) 3,400
Rent Expense(1,200-250) 950
Miscellaneous Expenses 200

Depreciation Expenses (20% x RM9,000) 1,800 (6,475)
Bad Debts Expense 125 1,889

Net Profit

43

Acc. Receivable Modul ABAD ‘A’ AA015
2,000
10,000
11,955 3,760
125
13, 955 70

Sales = RM11,955 + RM3,500 13, 955
= RM15,455
980
Acc. Payable 7,220
8,200
6,770
100 200
3,400
1,330 3,600
8,200
950
Purchase = RM7,220 + RM8,200 250
= RM15,440 1,200
Accrued Salaries

3,600

3,600

Prepaid Rental

0
1,200
1,200

44

Modul ABAD ‘A’ AA015

QUESTION 7 (PSPM 2015/2016)
(i)

Date Accounts Cash Accounts RM
Mar. 1 Balance b/f RM Date Drawings 10,400

2014 Acc. Receivable 500 Feb. 28 Miscellaneous 4,000
Feb. 28 2015 155,800
Sales
2015 11,200 500
170,700
159,000 Bank
170,700 Bal c/d RM
12,000
(ii) 100,000

Bank 3,000
67,800
Date Accounts RM Date Accounts 182,800
Mar. 1 Balance b/f
27,000 28/2/15 Salaries RM
2014 Cash 172,900
28/2/15 155,800 Accounts payable
182,800 Utilities (59,770)
Bal c/d 113,130

Ali Enterprise (45,700)
67,430
Statement of Profit or Loss

for the year ended 28 February 2015

RM

Sales (159,000 + 13,900)

Less : Cost of Good Sold

Beginning inventories 0
Purchases (68,370 – 600) 67,770

67,770

Less: Ending inventories (8,000)

Gross loss

Less :

Salaries expense 12,000

Utilities expense 3,000

Miscellaneous expense 4,000
Depreciation expense – Vehicles (20% x 120,000) 24,000
Depreciation expense – Furniture (10% x 12,000)
Depreciation expense – Equipment (15% x 10,000) 1,200
1,500

Net profit

Credit sales = RM11,200 + RM7,000 – RM4,300
= RM13,900

45

Modul ABAD ‘A’ AA015

Accounts Accounts Receivable RM
Balance b/f RM Accounts 11,200
Sales 7,000
4,300 Bank 18,200
13,900 Balance c/f
18,200

Bank Accounts Payable 56,260
Balance c/f 100,000 Balance b/f 68,370
124,630
24,630 Purchases
124,630

QUESTION 8 (PSPM 2016/2017) RM
(i) Capital as at 1 January 2015 100,000
145,000
Current assets
Non currents assets (125,000)
- Liabilities 120,000
Beginning capital

(ii) Net profit for the year ended 31 December 2015 RM RM
ASSETS 46,000 283,300
Equipment (18,700)
- Accumulated Depreciation – Equipment 50,000
Land 110,000
Bank 34,000
Accounts Receivable
Prepaid Insurance 5,000
Inventories 57,000

Less: LIABILITIES 38,000
Accounts payable 8,250
Salaries payable
Loan 50,000

EQUITY 96,250
Beginning capital
- Drawings 120,000
(13,000)

107,000

ENDING CAPITAL: RM
Assets 283,000
- Liabilities (96,250)
187,250
- Equity (107,000)
NET PROFIT
80,050

46

Modul ABAD ‘A’ AA015

QUESTION 9 (PSPM 2017/2018)
(i) Statement of Profit or Loss

Perniagaan Mustaqim
Statement of Profit or Loss
For The Year Ended 31 Dec. 2016

Sales (20,000 + 2,150*) RM RM
- COGS 22,150

Beginning Inventory 2,500
+ Purchases 10,000
Cost of goods ready for sale 12,500
Ending Inventory (3,000)
Cost of goods sold
Gross profit (9,500)
- Operational Expenses: 12,650

Depreciation expense – Equipment [10% x (1,500+500)] 200
Depreciation expense – Refrigerator (5% x 3,000) 150
Bad debts expense 450
Salary expense 1,000
Rent expense 2,500
Utility expense 800
Miscellaneous expense 1,100
Freight out 1,500
Total
(7,700)
Net profit
4,950

W1 Acc Receivable
1600 Cash
Balance b/f
1500
Sales Bad debt expense
2150 450
Balance c/f
1800

47

Modul ABAD ‘A’ AA015

(ii) Statement of Financial Position RM RM

Perniagaan Mustaqim 2.000 1,800
Statement of Financial Position (200) 2,850
3,000 4,650
As at 31 Dec. 2016 (150)
ASSETS 10,700
Non-current Assets 5,900 15,350
1,800
Equipment 3,000 11,400
(-)Accumulated Depreciation – Equipment 4,950
1,000
Refrigerator
(-)Accumulated Depreciation – Refrigerator 17,350
Total Non-current Assets (2,000)
15,350
Current Assets
Cash --0--
Accounts Receivable 15,350
Inventory

Total Current Assets
TOTAL ASSETS
OWNER’S EQUITY AND LIABILITIES
Owner’s Equity

Beginning Capital (2,500+1,500+1,600+5,800)
(+) Net Profit

Additional investment

(-) Drawings
Ending Capital

Total Liabilities
TOTAL of OWNER’S EQUITY AND LIABILITIES

48

Modul ABAD ‘A’ AA015

QUESTION 10 (PSPM 2018/2019)

(i)

Accounts Receivable

Balance b/f RM6,400 Cash RM6,800

Sales 4,600 4,200
11,000
Balance c/f

11,000

Total sales = RM15,600 + RM4,600 = RM20,200

Purchases Discount Accounts Payable RM5,350
Cash RM250 Balance b/f
Balance c/f 4,560 5,810
6,350 Purchases 11,160
11,160

Total purchases = RM6,450 + RM5,810 = RM12,260

(ii) Statement Profit or Loss

Perniagaan Tudung Titiwangsa

Statement Profit or Loss

For the year ended 31 December 2017

RM RM RM
20,200
Sales (15,600 + 4,600)

Cost of goods sold:

Beginning Inventory 4,800

Purchases (6,450 + 5,810) 12,260

- Purchases Discount (250) 12,010
16,810
Goods available for sale (5,200)

Ending Inventory

Cost of goods sold (11,610)
8,590
Gross profit

Operating expenses:

Utilities expense 1,200
Salaries expense (8,650 + 280 – 3,500) 5,430

Interest expense 380
Dep. Expense – Equipment (2,600 + 1,500 – 2,900) 1,200
Insurance expense (3,900 – 2,900) 1,000

Total (9,210)
(620)
Net Loss

49

Modul ABAD ‘A’ AA015

QUESTION 11 (PSPM 2019/2020)

Statement of Profit or Loss
Perniagaan Matahari

Statement of Profit or Loss
For the year ended 31 December 2018

Sales RM RM
19,800
(-) Cost of goods sold -
5,660 (4,160)
Beginning Inventory 5,660 15,640
Purchases [(500 + 1,160 – 750) + 4,750] (1,500)
(9,763)
Cost of goods available for sale 563 5,877
300 (120)
(-) Ending Inventory 1,500 5,757

Cost of goods sold

Gross profit

(-) Operating expense
Depreciation Expense – Equipment (5,630 x 10%)
Depreciation Expense – Motorcycle (4,000 x 10% x 9/12)

Salaries Expense 6,000 Rental Expense 1,400

Utilities Expense (1,000 + 500)

TOTAL

Operating Income

(-) Other expenses:
Interest Expense (4,000 x 4% x 9/12)
Net profit

Calculation beginning capital: RM RM

Beginning Assets: 5,630
Equipment 12,780
Cash
TOTAL 18,410
Deduct: Beginning Liabilities
(750)
Accounts Payable RM17,660
TOTAL Beginning Capital

50