TAKE HOME EXAMINATION

MAY 2022 SEMESTER

BDFA1103

FINANCIAL ACCOUNTING 1

MATRICULATION NO : 971030065967001
IDENTITY CARD NO. : 971030065967
PART A :

1 (a)

KIM ENTERPRISE
Trial balance
As at 31 May 2021

Name of Accounts Debit Credit

(RM) (RM)
Sale 190,576
Purchases 119,832
Salaries expenses 56,527
Motor expenses 2,416
Rental expenses 1,894
Insurance expenses 372
General expenses 85
Premises 95,420
Motor vehicles 16,594
Trade debtors 26,740
Trade creditors 16,524
Cash at bank 16,519
Cash in hand 342
Kim, drawing 8,425
Kim, capital 138,066
345,166 345,166
1 (b)

KIM ENTERPRISE
Statement of Comprehensive Income
For the year ended 31 May 2021
RM RM RM

Sales 190,576
Less: Purchases 119,832

Gross Profit 70,744

Less: Expenses
Salaries expenses
Motor expenses 56,527
Rental expenses 2,426
Insurance expenses 1,894
General expenses 372
85
61,294
Net profit
8,820

3 (a)
Reason for the differences between the cash book and the bank statement is the
transaction have been recorded in the cash book but not yet recorded in the bank statement.
The transaction have been recorded in the bank statement but not yet recorded in the cash
book. Errors in the bank statement or cash book.

3 (b)
Bank dishonoured a cheque is received from customer and deposited into the current
account. The cheque is returned at a later date for certain reasons. There are certain criteria
that lead to cheques being dishonoured. Customer does not have sufficient funds in current
account to clear the cheque. Post-dated cheque, where the cheque is presented to the bank
earlier than the date written on the cheque. Stale cheque where the cheque is deposited into
the bank account after is validity period. The validity period is six months from the date
written on the cheque. The amount written in words does not tally with the written figures.
The signature on the cheque is different from the sample signature the bank recorded.
PART B :

1 (a)
Adjusting journal entries on 31 January 2021

Debit Credit
(RM) (RM)
1 Dt Supplies expenses 7,050
. Ct Office supplies 7,050
2 Dt Insurance expenses 18,900
. Ct Prepaid insurance 18,900
[ RM25,200 / 9] x 12 months = RM 18,900
3 Dt Depreciation expenses 5,505
. Ct Accumulated depreciation – office equipment 5,505
[ RM 44,040 / 8 ] = 5,505
4 Dt Salary expenses 4,500
. Ct Prepaid utilities 4,500
5 Dt Service revenue 63,750
. Ct Unearned revenue 63,750
1 (b)

SNF Sdn. Bhd.

Adjusted Trial balance
As at 31 January 2021

Name of Accounts Debit Credit

(RM) (RM)
Cash 62,400

Trade debtors 196,350

Office supplies 9,150
Prepaid utilities 28,080
Prepaid insurance 6,300
Office equipment 44,040
Accumulated depreciation – office equipment 7,695
Unearned revenue 25,800
Capital 233,400

Service revenue 185,790

Salary expenses 49,500
Miscellaneous expenses 27,420
Supplies expenses 7,050
Insurance expenses 18,900
Depreciation expenses 5,505

454,695 452,685
2 (a)
Twilight Sdn. Bhd.
Statement of Comprehensive Income
For the year ended 30 June 2020
RM RM RM

Sales (100,600 – 420 ) 100.180

Less: Cost of Sales
Opening Stock 43,700
Purchases 62,500
106,200

Less: Closing Stock 42,100

64,100
Gross Profit 36,080
Add: Revenue
Carriage inwards
390
36,470
Less: Expenses
Insurance 220
Rent 5,800
Salaries 8,280
Utilities 480
Utility expenses 120
Depreciation expenses- Motor vehicle 7,833

Net profit 22,733

13,737
2 (b)
Twilight Sdn. Bhd.
Statement of financial position
As at 30 June 2020
RM RM RM

Non Current Assets:

Motor vehicle 94,000
Less: Accumulated depreciation – Motor vehicle 7,833
86,167

Current Assets:
Trade debtor (2790 – 310 ) 2,480
Cash 1,040
Bank 7,940
11,460

Less Current liabilities:

Trade creditor 5,267
5267

Net Current Assets 6,193

92,360

Owner Equity:
Capital 103,550
Add Net Profit 13,737
89,813
Add Liabilities
Loan 10,000
99,813