Question

EPPD1033 QUESTION 2 (20 MARKS) Intan Sahara is undergoing industrial training in an accounting firm. She was prepare the financial statements for Nasuha Corporation. In the process of her found the following transactions related to ownership interest for the year 201 work, she Apr 4 | Issued 10,000 units of cumulative Preference Share, 5% for the purp ha e of acquiring a parcel of land According to an independent valuer, he market value of RM60,000. Market value of Nasuha Corporation s shres this date is not known shares on Apr 7 Issued 5,000 units of cumulative Preference Share, 5% for share Apr 10 Issued 50,000 units of Common Shares for cash at RMI.60 per share. May 30 Declared RM40,000 cash dividend to Preference and Commorn Dividend will be paid in June 2011. There was no dividend declared in 2010, although dividends were declared and paid for the previous years Jun 30 Paid dividends in cash July 1 Announced a 2 for 1 stock split for ordinary shares. Market price of the shares Oct 1 | The Company declared a 10% stock dividend to ordinary shareholders on on this date is RM1.50 per share record as at October 1, 2011. The market price of ordinary shares on the date of declaration is RM0.80 per share No Allocate stock dividend to ordinary shareholders She also found the balances in the equity accounts of Nasuha Corporation as at December 31, 2010 as follows: RM 100,000 200,000 Curnulative Preference Share, 5%, par value RM5 per share, 20,000 units Ordinary Share, par value RMI per share, 200,000 units Preference Share Premium Ordinary Share Premium Retained Earnings 80,000 Nasuha Corporation is authorized to issue 60,000 units Cumulative Preference Sure, 5%, with par value of RM5 per share and 600,000 units Ordinary Share, par value RMI per share. Net income for the year ended December 31, 2011 is RM100,000. Required. a) Prepare the journal entries to record the above transactions. (10 marks) Kertas soalan ini mengandu

Answer 1

Industrial Training
Industrial training is one of the important courses in the curriculum for the undergraduate program of the Faculty of Economics and Business. Industrial training is compulsory for all students in the Faculty. This course is a graduation requirement for the Bachelor Degree students of the Faculty.

Objective
Industrial training is conducted to achieve these objectives:

• Expose students to practice, problems and challenges of real work and as a source of reference;
• Engender students to become outstanding graduates who are open minded, innovative, effective communicators, and competitive;
• Shape a positive attitude towards the field of employment options in the market;
• Encourage graduates of UNIMAS to consider permanent job opportunities in the relevant agencies in the future;
• Provide experience for the students to learn problem solving techniques encountered during work, and to be able to contribute valuable ideas to the organization;
• Create awareness among industries, government, and private organizations of the abilities and potentials of UNIMAS graduates;
• Provide opportunities for the organization to train and identify the credibility of local university graduates.

Benefits Obtained
In addition to the objectives in section 8.1, it is hoped that both parties (the students and organizations) will obtain the following benefits from this industrial training program:

Benefits for the students:

• Acquire and improve workplace skills;
• Increase occupational networking opportunities;
• Practice the academic knowledge in the outside world;
• Enhance individual innovation ability in the field of entrepreneurship.

Benefits for the organization:

• Foster a good relationship with the faculty, as well as UNIMAS ;
• Become one of the future sources for human resource for organisational development;
• To apply students’ current knowledge for the benefit of the industry.

Background of Industrial Training
The industrial training comprises of 2 components:

• Students undergo industrial training in private / government organizations;
• Students prepare an industrial training report (including log books).

Introduction
In order to effectively implement the industrial training, several aspects should be considered, such as the ability of the agency to provide an effective work program during the placement process. Selected agency should be able to provide a capable and experienced coordinator to guide students involved in the industrial training programs

Period and Duration
The time frame required to undergo industrial training is twelve (12) weeks, during the Seventh Semester for Economics, Marketing and Finance Programme. As for the Accountancy Program, the industrial training is held for 6 months.

Method of Application
Students should write an application letter for placement by using the faculty prepared format. Students could choose the organisation from the list of organizations posted on faculty notice boards, or identify their own preferred organization. Students must notify the Industrial Training Coordinator if they have obtained their placement within a certain period of time. Students need to update the information of the organization after a week of starting their industrial training.

Suitable Organisation
Students and faculty will work together to find a suitable organisation for placement. Students are encouraged to apply for placement in an organisation related to their respective field of academic study. Students must undergo industrial training only in organisations that offer formal working hours and atmosphere. Works that just focus on selling, teaching, and the likes are not allowed. Finance Program students are required to undergo industrial training only in firms and organisations related to finance. As for the accounting students, they are required to undergo their industrial training only in firms and organizations related to accountancy.

Placement Briefing
An industrial training placement briefing will be conducted in last three weeks of the Sixth Semester in the students’ academic session prior to the industrial training. All students who are involved are required to attend.

Type of Industrial Training
The type of industrial training taken by the students must be in accordance to the scope of economics and business, finance, marketing, management and accounting. The faculty will contact the organisation and determine their suitability.

The students are expected to carry out daily tasks as determined by the organisation / supervisor and additional tasks (if necessary). Some of the obligations of students include observation of the implementation of management systems, sales and marketing, financial management, financial reporting, preparation of financial statement, auditing, human resource requirements, and review of procedures and quality control.

Industrial Training Assessment
Industrial training is a 6 credits course for Economics, Marketing, and Finance Programmes and 12 credits for Accountancy Programme and students will be assessed as follows:

Markah Maks Perkara Laporan penyelia organi sa si latihan di mana pelajar menjalani latihan industri 30% Training supervisar's reports where students dergo industriad raning Buku log dan kehadiran. Attendace and log book Laporan keseluruhan latihan industri yang disediakan oleh pelajai Overall report on ircetria ranrgp 30% 40% pared by thsstucevas.

Based on the distribution of marks, the student will be given a grade of PASS or FAIL only. Students must earn at least 40% of the total distribution of marks mentioned above to obtain the overall pass grade.