You are on page 1of 2

TUTORIAL 7 FINANCIAL STATEMENTS (2)

BT12203 Business Accounting


FPEP UMS
SEM I 2015/2016

Question 1
The following is the list of balances obtained from PTL Trading as at 30 April 2013.
Particulars
Sales
Sales return
Purchases
Purchases return
Inventory as at 1 May 2012
Inventory as at 30 April 2013
Carriage inwards
Duty on purchases
Discount received
Rent revenue
Salary
Stationery expenses
Electricity expenses
Land
Machinery
Furniture
Accumulated depreciation on machinery
Accumulated depreciation on furniture
Accounts receivable
Cash in hand
Cash at bank
Capital
Drawings
10 years loan from bank
Account payable

RM
80,000
3,100
40,000
3,600
1,500
2,000
150
220
500
6,600
24,000
300
1,800
45,000
25,000
5,000
10,000
3,000
750
400
1,600
10,000
800
34,820
1,100

Additional information:
1) An annual depreciation needs to be provided as follows:
Machinery 10% on net book value (reducing balance basis)
Furniture 10% on cost (straight line basis)
Required:
Prepare statement of comprehensive income for the year ended 31 December 2014 and
statement of financial position as at 31 December 2014.

Question 2

TUTORIAL 7 FINANCIAL STATEMENTS (2)


BT12203 Business Accounting
FPEP UMS
SEM I 2015/2016

From the following trial balance of Rose Trading, prepare statement of comprehensive
income for the year ended 31 December 2013 and statement of financial position as at 31
December 2013.
Rose Trading
Trial Balance as at 31 December 2013
Debit (RM)

Particulars
Sales
Purchases
Return inwards
Return outwards
Carriage outwards
Inventory as at 1 January 2013
Electricity expenses
Discount given
Commission revenue
Rent revenue
Salary
Repairs of machinery
Telephone bills
Accounts receivable
Accounts payable
5 years loan from Maybank
Bank
Cash
Machinery
Office equipment
Capital

Credit (RM)
75,000

33,750
75
105
250
900
150
100
135
1,300
3,850
520
225
6,000
9,750
7,500
14,625
375
24,000
16,200
101,020

7,230
101,020

Additional information:
1) Inventory as at 31 December 2013 is RM2,250.
2) Owner use RM600 by cheque for personal use.
3) An annual depreciation needs to be provided as follows:
Machinery 20% on cost
Office equipment 10% on straight line method
4) Salary paid in advance amounted to RM550.
5) Repair of machinery of RM180 was not paid.
6) RM100 of rent revenue was for January 2014.
7) Commission received of RM865 was yet to be received.

You might also like