MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103 ASSIGNMENT COURSE : PRINCILPES OF FINANCIAL ACCOUNTING I COURSE CODE: PAC1103 INSTRUCTIONS TO CANDIDATES : 1. This question paper consists of TWO (2) questions. 2. This assessment consists of 10% from final examination marks. 3. This assignment is an INDIVIDUAL assignment. 4, You are given ONE (1) week to finish this assignment and the answer must be in handwriting. The answer need to be submitted to your respective lecturer either using: CamScanner Apps: Scan and email the answer OR, WhatsApp: Snap/ Take picture and send your answer. 5. Plagiarism, copying and cheating will not be tolerated where no marks will be given and disciplinary actions can be taken. DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO DO SO The question paper consists of 7 printed page MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103 APPENDIX A Corona Ent Trial Balance as at 31 March 2020 RM RM Land and building (Cost) 80,000 Office Equipment (Cost) 12,100 ‘Accumulated depreciation- office equipment 2,420. ~*| Supplies 3,000 Cash at Bank 1,600 Trade receivables 800 Fixed deposit 2,000 Service revenue 21,530 Electricity expenses 900 ‘Commission income 500 Repairs expenses 430 Travelling expenses 570 Salaries expenses 2,000 Drawings 150 Trade payables 7100 Loan from CIMB Bank 20,000 Capital 58,000 TOTAL 103,550 103,550 END OF QUESTION PAPER MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103 3CONFIDENTIAL KET KOLEJ POLY-TECH MARA OPEN BOOK EXAMINATION | course : PRINCIPLES OF FINANCIAL ACCOUNTING | COURSE CODE: PAC1103 DURATION : 2HOURS INSTRU iS TO CANDID; 1. This question paper consists of TWO (2) parts PART A (10 questions) PART B ( 3 questions) 2. Answer ALL questions in your answer booklet. 3. You are given TWO (2) hours to answer this open book examination and the answer must be in handwriting. Please write your answer using a ball-point pen. The answer need to be submitted to your respective lecturer either using: CamScanner Apps: Scan and email the answer OR, WhatsApp: Snap/ Take picture and send your answer. 4. Plagiarism, copying and cheating will not be tolerated where no marks will be given and disciplinary actions can be taken. MYICADINO fe sores 5 ee Se ID.NO. LECTURER : = ae SECTION DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO DO SO The question paper consists of 7 printed pages MAC2020/0BA/PAC11035 CONFIDENTIAL, (1 point) ‘Which of the following transactions refer to Unearned Revenue? ‘A. Cash received for next month sales. B. Cash received for last month sales. C. Cash paid for next month purchases. D. Cash paid for last month purchases. (1 point) 10% discount is given to encourage customer to make a(an) A. trade, early payment B. trade, prompt payment ©. cash, early payment D. cash, prompt payment (1 point) Freight or transportation charge of FOB will be paid by the A. destination, buyer B. shipping point, buyer C. shipping point, seller D. destination, seller (1 point) Which of the following statement BEST describe the cost of goods sold? Detailed record of each inventory purchased in the company. Total purchased cost of inventory sold during the period, ‘Any payment incurred in the process of earning revenue. Source of revenue recorded from goods sold. pomp MAC2020/0BA/PAC1103‘CONFIDENTIAL PART B: ESSAY 1. (20 points) The following is the Trial Balance of Kelana Highway Enterprise as at 31 March 2020. Kelana Highway Enterprise Trial balance as at 31 March 2020 Name of account Debit Credit (RM) (RM) Cash 17,400 Capital (22,000 ‘Account Receivables 4,500 Supplies 7,800 Furniture 8,000: ‘Accumulated Depreciation — Furniture 1,600 Prepaid Insurance 2,300 ‘Account Payables 2,200 Unearned Service Revenue 3,500 Salaries Expense 1,800 ‘Drawings 500 ‘Service Revenue 10,200 Insurance Expense 2,000 Utilities Expense 7,200 TOTAL 39,500 39,500 Additional information: a. Supplies on hand as at 31 March 2020 is RM1,000. b. The balance of uneamed service revenue on 31 March is RM2,900. c. Insurance expired during the year is RM30OO. d. Depreciation expense for furniture is RM1,600. @. Salaries amounting to RM1,000 is not yet paid. Required: Complete the worksheet for Kelana Highway Enterprise for the year ended 31 March 2020 in Appendix 1 provided. MAC2020/0BA/PAC11033. (20 points) CONFIDENTIAL The following is the trial balance of Sulamemas Trading as at 29 February 2020. Sulamemas Trading Trial Balance as at 29 February 2020 Name of account Debit Credit (RM) (RM) Inventory as at 29 February 2020 4,100 Cost of Goods Soid 78,300 ‘Account Receivables 8,000 ‘Account Payables 3400 Capital 35,200 ‘Accumulated Depreciation - Machinery 7,900 Depreciation Expense 600 Cash at Bank 47,700 Sales 47,000 Investment 20,000 ‘Commission income 3,900 Prepaid Rental 4,000 Salary Expense 6,600 Sales Retum 7,100 Machinery 7,000 TOTAL 144,400 441,400 Required: a. Prepare the Statement of Comprehensive Income Statement for the year ended 29 February 2020. (9 points) b. Prepare the Statement of Financial Position as at 29 February 2020. (11 points) END OF QUESTION PAPER MAC2020/0BA/PAC1103£0L-9vd/vao/0zOZIVIN £0 Lovd/vao/ozozo VN [oos'es | oos'6e AWioL o0z"t ‘esuedky San (000% ‘esuedxg eoueinsuy o0z'or ‘ONUDASY SaIIES 008 sOumeia ‘08 ‘esuedkg saueies o0se ‘SAUOADY SOIAIES PAWEL o0zz Seiaeked yuncooy a oe ‘soueunsul predeid | 009 ‘aunqiuing - udeqrunooy 000%8 eunqunes at coer | sedans o0s"F Saiqeaysoey yuncooy ae o00'z fended us oov'ZL used (wa) (way (wa) (wa) (way (wa) (way (wa) wa) upa1g upaig | waeq | wpe | waea | pay | waea | wpao | waded ue ‘auIOSU| uonisog jeloueuly | ealsueyesduioa courrea Jo juOUNO}eIS Jo juowioEs feu peisnipy quounsnipy eoueieg IML epi yunoooy 2YaSWINN GI LNousand LxIgNaddy AWSS3 ‘8 1uvdCONFIDENTIAL 2. (10 points) The following are the transactions of Khaela Boutique for the month of January 2020. [Date ] Transactions Jan 3 | Purchased merchandise worth RMI30,000 from Moontailor Sdn. Bhd. with term 2140, 1/30. Paid half of the amount by cheque and the balance was on account. 5 | Sold merchandise to Azada Lace Ent. on account amounted to RM4,000, term 515, n/30. The cost of merchandise was RM3,000. 8 | Azada Lace Ent. retumed @ wrong description tem worth R400. The cost associated with the item was RM300. ‘12 | Paid all balance due fo Moontailer Sdn Bhd by cheque. 18 | Received cheque from Azada Lace Ent. Required: Journalize the above transactions using Perpetual Inventory System. (answer should be rounded up to the nearest RM) MAC2020/0BA/PAC110310. CONFIDENTIAL (1 point) The following statement is true about Perpetual Inventory System EXCEPT: A. A detailed record on the cost of inventory purchased and sold is kept. B. The cost of goods sold will be determined each time sales occured. C. The quantity of inventory will be determined only at the end of accounting period. D. _Allthe inventory purchased and sold are recorded immediately after it occured. (1 point) All of the following items are found in the Statement of Comprehensive Income EXCEPT: A. Net Loss Maintenances expense Duty Import on inventory Accumulated depreciation 908 MAC2020/0BA/PAG1103CONFIDENTIAL PART A: MULTIPLE CHOICES Identify the choice that best completes the statement or answers the questions. 4. (1 point) The event where the classified as iid amount is less than the inourred amount during a period is A. prepaid expense B. accrued expense C. acerued revenue D. unearned revenue 2. (1 point) Which of the following statements is CORRECT about Depreciation Expense? ‘A. Depreciation expense is credited under adjustment column in worksheet. B. Depreciation can be classified as liabilities in the Statement of Financial Position. C. Depreciation is the term used for the process of allocating the cost of an asset. D. Depreciation is classified as revenue in Statement of Comprehensive Income. 3. (1 point) Estimation of 1% of sales as bad debt would increase __- A. revenues B. expenses C. assets D. liabilities 4. (1 pointy ‘Which of the following statement refers to Prepaid Expenses? Expenses paid in cash and recorded as liabilities. Expenses paid in advance and recorded as assets. Expenses paid in cash and recorded as an expense. Expense not yet paid and recorded as liabilities. pomP MAC2020/0BA/PAC1103.MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103 INSTRUCTIONS You are given a trial balance for the month of March 2020 as in APPENDIX A. Based on sub-topic 3.3 of Chapter 3: Adjusting the entries, you are required to: 1. Create FIVE (5) adjustments to adjust the given trial balance. The adjustments should include depreciation, accrual, prepayment and supplies used. 2. Prepare a 10-column worksheet to record the adjustment created above. MAC2020/INDIVIDUAL ASSIGNMENT/PAC1103 a