ACT2112/FINAL EXAM/SEM 1-2017/Sh JANUARY 2018 V1 Telephone bills in the amount of RM80 for December 2017...
1) Prepare the statement profit or loss for the year ended 31 December 2018 2)Prepare the financial position as that date. The following is the trial balance of DRS Trading as at 31 al balance of DRS Trading as at 31 December 2018. Credit (RM) 16,500 34,000 246,290 DRS Trading Trial Balance as at 31 December 2018 Particulars Debit (RM) Cash at bank 18,750 Account Receivable 12,840 Inventory as at 1 January 2018 26,500 Motor vehicles 45,000 Freehold premises 215,000...
On January 1, 2017, Four Brothers Manufacturing borrowed $10 million from Guiffrie Bank by signing a three-year, 8.0% fixed-rate note. The note calls for interest to be paid annually on December 31. The company then entered into an interest rate swap agreement with Herman Bank. The agreement calls for Four Brothers to receive a fixed-rate of 8.0% and pay a variable LIBOR rate based on a $10 million notional amount each December 31 for three years. Four Brothers will receive...
QUESTION THREE a. Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy Learning for the ICAG exams and has not kept proper records for his business. He has given you some information. 1 st June, 2017 31st May, 2018 GH¢ GH¢ Inventory 1,019 2,998 Trade Receivables 3,605 2,070 Trade payables 1,740 970 Telephone prepaid 200 265 Cash at bank 1,696 (1,144) The bank statements for the year to 31st...
QUESTION 1 Princess Nur Sdn Bhd, a private company, closes its accounts on December 31 every year The company reported the following unadjusted trial balance on 31 December, 2017 Debit RM 70.000 740,000 Credit RM 74,000 35,000 9,600 100,000 800,100 18,100 519,050 7,800 Land Buildings at cost Accumulated depreciation building Cash and cash equivalent Prepayment Franchise Sales revenue Sales retum Cost of sales Other income Inventory Trade receivables Allowance for doubtful account Uneamed rent revenue Administrative expenses Other operating expenses...
SECTION B - ANSWER ALL QUESTIONS Question 1 Mutiara Sdn. Berhad is a trading company and the company operates in a rented shop space in Damansara. The following information is the company's unadjusted year-end trial balance dated December 31, 2017. Mutiara Sdn. Berhad Unadjusted Trial Balance as at 31 December, 2017 RM RM Accounts receivable 690,000 Allowance for doubtful debt 10,500 Accounts payable 242,000 Administrative expense 175,000 Cash and cash equivalent 79,079 Cost of goods sold 620,000 Income tax expense...
Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles at cost - Distribution Administration Plant and machinery at cost Wages -...
This is BBM206/05 Business Accounting II subject Need 1 full-page answer, please Question 4 The following balances were extracted from the books of Sawadee Sdn Bhd for the year ended 31 December 2019. Retained profit 31 December 2018 Inventory 1 January 2019 Purchases Sales Return inwards Return outwards Carriage inwards Discount received for purchases Directors' remuneration Distribution expenses Administrative expenses Rental income (Commercial shop lot) Debenture interest Interest received on fixed deposit Commission receivable Interim ordinary shares dividends Motor vehicles...
The following trial balance was extracted from the books of P Brown on 31 December 2017 Debit Credit Capital 1 050 000 Inventory 1/01/2017 359 625 Net Purchases 3 246 339 Net Sales 5 545 050 Import duties on purchases 859 161 Discount allowed and received 174 858 60 114 Salaries 575 142 Accounts receivable 643 125 Accounts payable 690 807 Bad debts written off 68 250 Allowance...
The non-current asset section of Zara Berhad at 31 December 2017 is as follows: Property, Plant and Equipment RM Land 65,000 Buildings (RM100,000 cost less RM2,000 depreciation) 98,000 Motor Vehicle (RM84,000 cost less RM28,800 depreciation) 55,200 Plant and Machineries (RM290,000 cost less RM134,800 depreciation) 155,200 Note: The company uses the straight-line depreciation method for all depreciable assets. The company adopts the revaluation model for land and buildings and the cost model for motor vehicle and plant and machineries. It is...
Exam period 10 January, 2020 Exam Basic Accounting Exercise 1 (20 points) To assist the financial director of a medium sized enterprise, you have been asked to draft some financial ratios. It concerns the ratios accumulated in Table 1. shown below. Table 1. Ratios with corresponding standard values of the enterprise. Ratio for Standard value Realisation Liquidity Current ratio 1.1 Solvency Debt ratio 0,65 Profitability Return on Equity Return on Assets 20% 13% A On basis of last year's Balance...