Professional Documents
Culture Documents
TIME 3 HOURS
INSTRUCTIONS TO CANDIDATES
2. Answer ALL questions in the Answer Booklet. Start each answer on a new page.
3. Do not bring any material into the examination room unless permission is given by the
invigilator.
4. Please check to make sure that this examination pack consists of:
QUESTION 1
Fasha llman, a fashion designer owns a boutique located in Bangi, Selangor. The business
started its operation since April 2017. It sells various types of women's wear which includes
shawl, blouses, t-shirt, jeans and skirts. Fasha contributed RM20.000 as an initial capital for
her business. Besides personal investment, she took an initiative by applying loan from AKZ
Bank amounted to RM50,000 to finance the business. Any goods or money taken from her
business for personal purpose will be recorded as drawings in her account. Due to
overwhelming demand from its customers, her business is expected to gain a better reputation
and will continue its operation for foreseeable future. All the business transactions are
measured in term of Ringgit Malaysia.
The financial year end of the business is on 31 December every year. On 31 December 2018,
she gathered the following financial information of the business.
The total account receivables and payables were RM10,000 and RM7.000 respectively. The
business also incurred the following expenses:
The business had a bank balance of RM17,000. Fasha needs to buy more equipment for her
business, thus she plans to acquire another loan in a near future.
Required:
c. Classify the above business items into non-current asset, current asset, non-current
liability, current liability, equity and expense.
(7 marks)
d. Calculate the total amount of profit or loss of the business for the year ended 31
December 2018 using accounting equation.
(6 marks)
(Total: 25 marks)
© Hak Cipta Universiti Teknologi MARA CONFIDENTIAL
CONFIDENTIAL AC/DEC 2019/ACC406
QUESTION 2
Miss Jupiter is the owner of Jay Cafe which is located exclusively at Bangsar. The following
are the business transactions for the month of November 2019:
November
Details
2019
1 Purchased goods worth RM 2,000 from Mini Market on credit.
2 Some of the damaged goods worth RM200 were returned to Mini Market.
3 Made cash sales worth RM500.
5
The cafe provided catering service to Kamil Enterprise worth RM 4,000 on
credit.
7 Paid utility bills amounted to RM 1,500 by cash.
11 Paid full amount to Mini Market on the purchased goods by cheque.
15 Kamil Enterprise settled its account by cheque.
19
Purchased a brand new microwave worth RM6,000 on credit from Bobo
Equipment.
22 Miss Jupiter took goods worth RM250 for her personal use.
25
Delivered food to customer at several office premises and colleges. Total
sales worth RM 2,000 for cash.
29
Sent the business's delivery van to workshop for repairs. The cost was
RM 600 and paid by cash.
Required:
b. Show the accounts to be debited and credited for all of the above transactions.
(11 marks)
c. State the appropriate books of prime entry for the transactions from 2 November until
22 November 2019.
(8 marks)
(Total: 30 marks)
QUESTION 3
Amra Enterprise is owned by Mr. Ganesan. Below is the trial balance for Amra Enterprise as
at 30 June 2019.
Additional information:
1. The following depreciation on non-current assets are to be provided for the year:
4. Allowance for doubtful debt is to be adjusted to 5% at the end of the year. One of the
account receivables amounted to RM500 needs to be written off.
5. The owner took goods and cash amounted to RM250 and RM200 respectively.
Required:
Note 1: Use vertical format presentation for both statements and show all working.
QUESTION 4
Farid, Addin and Hafizan were partners of Marika Enterprise, sharing profits and losses in the
ratio of 3:2:1 respectively. The following balances were obtained from their partnership books
for the financial year ended 30 June 2019:
Capital account: RM
Farid 130,000
Addin 110,000
Hafizan 120,000
Current account:
Farid 12,500
Addin (13,000)
Hafizan 14,000
Additional information:
2. Interest on capital is allowed at the rate of 5% per annum and is based on opening
balance.
3. As at 30 June 2019, the partners only received salaries up to September 2018. Farid
has advanced RM3.000 as a loan to the partnership on 1 October 2018. He is entitled
to an interest of 2% per annum which is to be included in the Statement of Profit or Loss.
4. On 1 September 2018, Hafizan withdrew RM2.000 cash from the partnership's account
to buy his daughter a gift. Two months later, Hafizan made another cash withdrawal
amounted to RM500 for himself.
Required:
b. Prepare the partners' current account for the year ended 30 June 2019.
(5 marks)