Professional Documents
Culture Documents
ACCOUNTING 1 ( AA015)
SEMESTER 1 , SESI 2021/2022
KOLEJ MATRIKULASI KELANTAN
1. What would be the adjusted bank balance as at 31 Dec 2020 if the deposit in transit is
RM18,240 and outstanding cheque is RM21,590, while the bank balance as recorded in
the bank statement was RM9,480?
A. RM12,830
B. RM6,130
C. RM49,310
D. RM30,350
2. A company recorded its cheque number MY212223 about payment to supplier in its
accounting records as RM98. However, cheque number MY21223 was actually written
for RM89 and it is cleared by bank as RM89. What adjustment needed to the cash balance
per cash book?
A. Decrease by RM9
B. Increase by RM89
C. Increase by RM9
D. None Needed
3.
LOKI Bank Bhd
Bank Statement
Acc. No : 1010 1115
SUN Enterprise
5522
Date : 31 May
2020
Balanc
Cheque Debit Credit
Date Details e
No. RM RM
RM
2019
May 1 Balance 7220
2 Cheque 2112 790 6430
11 Auto Debit 560 5870
According to the bank statement, auto debit was not recorded in cash book. What is the
possible accounting entries to record the transaction?
4. The company received the bank statement on 30 June 2020 with the balance of RM5,300.
The opening balance for both bank statement and cash book are the same. During the
month, the following differences found :
6. Net sales for the month are RM 800,000; bad debts are expected to be 1.5% of net sales.
The company uses the percentage of sales basis. If the Allowance for Doubtful Debt account
has a credit balance of RM 15,000 before adjustment, what is the BALANCE after
adjustment?
A. RM 15,000
B. RM 27,000
C. RM 12,000
D. RM 23,000
27,000 27,000
Ans: B
7. A business on June 15 sells merchandise on account to Remly Sdn Bhd for RM 1,000,
terms 2/10, n/30. On June 20, Remly returns merchandise worth RM 300. On June 24,
payment is received from Remly for the balance due. What is the amount of cash received?
A. RM 700
B. RM 680
C. RM 686
D. None of the above
1,000 1,000
Ans: C
8. In 2019, Trendy Sdn Bhd had net credit sales of RM 750,000. On January 1, 2019,
Allowance for Doubtful Debt accounts had a credit balance of RM 18,000 and Accounts
Receivable with debit balance of RM 600,000. During the year, RM780,000 is collected from
receivables. Trendy uses 2% on Accounts Receivable in allocating current year doubtful debt.
What should be the adjusted balance of Allowance for Doubtful debt account as at 31st
December 2019?
A. RM 15,000
B. RM 11,400
C. RM 15,600
D. RM 27,000
Accounts Receivable
Bal. b/d 600,000 Bank 780,000
Sales Bal. c/d 570,000
750,000
1,350,000 1,350,000
2% ̷ x RM 570,000 = RM 11,400
Ans: B
9. House Sport sells Volleyball equipment. On November 14, they shipped RM4,000 worth of
volleyball uniforms to Kolej Matrikulasi Kelantan, terms 2/10, n/30. On November 21, they
received an order from Kolej Matrikulasi Johor for RM1,500 worth of custom printed ball to be
produced in December. On November 30, Kolej Matrikulasi Kelantan returned RM200 of
defective merchandise. House Sport has received no payments from either school as of month
end. What amount will be recognized as net accounts receivable on the balance sheet as of
November 30?
A. $3,800
B. $4,000
C. $5,300
D. $5,500
10. Valli Company uses the percentage of sales method for recording bad debts expense. For the year,
cash sales are $700,000 and credit sales are $2,500,000. Management estimates that 1% is the sales
percentage to use. What adjusting entry will Valli Company make to record the bad debts expense?
A. Bad Debt Expense .................................................................. 32,000
Allowance for Doubtful Accounts ................................ 32,000
B. Bad Debt Expense .................................................................. 25,000
Allowance for Doubtful Accounts ................................ 25,000
C. Bad Debt Expense .................................................................. 25,000
Accounts Receivable .................................................... 25,000
D. Bad Debt Expense .................................................................. 32,000
Accounts Receivable .................................................... 32,000
11. Syarikat Ke Ef Ci purchased merchandise for the year 2020. The purchases were made at
the following costs:
Syarikat Ke Ef Ci practices periodic inventory system. 40 units were sold for the year
of 2020. First In First Out (FIFO) method is applied.
B. RM 420
beginning inventory costs = (20 x10)
= RM 200
purchases costs = (40 x 11) + (40 x 12) + (50 x 13)
= 440+480+650
= RM1 570
ending inventory costs = 110 units
= (50 x 13) + (40 x 12) + (20 x 11)
= 650+480+220
= RM1 350
COGS = beginning inventory costs + purchases costs - ending inventory costs
= 200 + 1570 – 1350 = RM420
12.SME Bookstore had 500 units on hand at January 1, costing RM 9 each. Purchases and sales
during the month of January were as follows:
Date Purchases Sales
Jan. 14 380 @ RM15
17 250 @ RM10
25 250 @ RM12
29 260 @ RM17
SME DOES NOT maintain perpetual inventory records. According to a physical count, 365
units were on hand at January 31.
The cost of the inventory at January 31, under the FIFO method is:
A. RM3,240.
B. RM3,650.
C. RM4,100.
D. RM3,820.
13. At May 1, 2020, AEON Company had beginning inventory consisting of 200 units with a unit
cost of RM7. During May, the company purchased inventory as follows:
14.At May 1, 2020, LOTUS Company had beginning inventory consisting of 200 units with a unit
cost of RM7. During May, the company purchased inventory as follows:
Solution: [(200 RM7) + (800 RM7) + (500 RM9)] 1,500 RM7.667; 500 (12
RM7.667) RM2,167
15. A company just starting business made the following four inventory purchases in June:
A physical count of merchandise inventory on June 30 reveals that there are 200 units on
hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June
is
a. RM540.
b. RM668.
c. RM1,460.
d. RM1,588.
16. Erina Sdn Bhd purchased equipment and incurred the following cost :
Cash price RM24,000
Sales taxes RM 1,200
Insurance during transit RM 200
Installation and testing RM 400
Total costs RM25,800
17. On July 1, a machine with a useful life of 5 years and a residual value of RM 8,000 was
purchased for RM 160,000. What is the depreciation expense in year 2 under straight line
method?
A. RM 30,400
B. RM 15,200
C. RM 25,920
D. RM 34,000
18. Vehicle that cost RM80,000 and has accumulated depreciation of RM60,000 is sold for
RM12,000. The journal entry would include a
A. Debit to Loss on Disposal RM20,000.
B. Debit to Loss on Disposal RM8,000.
C. Credit to Gain on Disposal RM8,000.
D. Credit to Accumulated Depreciation RM60,000.
19. A company decides to exchange old equipment with a book value of RM81,000
(RM150,000 cost less accumulated depreciation of RM69,000) plus RM129,000 cash for new
equipment (similar asset). The trade in value of the old equipment is RM90,000. The entry to
record the new equipment would include a debit to
20. ABC Sdn Bhd has a photostate machine with the costs RM45,000 and has accumulated
depreciation of RM44,000. The company decide to sell the machine to other company with
the price of RM 2,000.
21.On January 1, 2020, ELON JAYA Company, a calendar-year company, issued RM1,600,000 of
notes payable, of which RM400,000 is due on January 1 for each of the next four years. The
proper balance sheet presentation on December 31, 2020, is
A. Current Liabilities, RM1,600,000.
B. Long-term Debt, RM1,600,000.
C. Current Liabilities, RM800,000; Long-term Debt, RM800,000.
D. Current Liabilities, RM400,000; Long-term Debt, RM1,200,000.
22. On October 1, 2020, DoRaMo Company issued an RM800,000, 10%, nine-month interest-bearing
note. If the DoRaMo Company is preparing financial statements at December 31, 2020, the
adjusting entry for accrued interest will include a:
A. Credit to Notes Payable of $20,000.
B. Debit to Interest Expense of $20,000
C. Credit to Interest Payable of $40,000.
D. Debit to Interest Expense of $30,000.
Solution: RM800,000 .10 312 $20,000
23. WANDA General Store has total receipts for the month of RM45,990 including sales taxes. If the
sales tax rate is 5%, what are WANDA's sales for the month?
A. RM43,691
B. RM43,800
C. RM48,290
D. It cannot be determined.
Bank RM90,000
Drawings RM20,000
140,000+90,000+3,000+2,000-70,000 = 165,000
28. Here is the information of a retailer who does not keep his accounting records according to
the double entry system for the year ended 31 December 2020.
RM
Prepaid Salary as at 1 January 2020 220
Cash payment for salary 1400
Salary payable as at 31 December 2020 1100
Calculate salaries expense for the year ended 31 December 2019.
A RM 80
B RM1,510
C RM1,730
D RM2,280
29. Hasif is a sole trader who does not keep full accounting records. The
following details relate to his transactions with credit customers and suppliers
for the year ended 31st August 2020.
RM
What figure should appear in Hasif’s statement of profit or loss for the year ended 31st
August for purchase ?
A. 410,000
B. 375,200
C. 406,000
D. 413,200
360,000+7,200+14,000-6,000=375,200
30. Puan. Nurhaliza did not keep the account book completely. The following information was
obtained on 31 December 2020.
2020 RM
January 1 Unearned Rental Revenue 560
Received Cash For Rental From Customer 1080
December 31 Accrued Rental Revenue 320
What is the total amount of rental revenue recorded in the Income Statement for the
year ended 31 December 2020
A RM 200
B RM840
C RM1,320
D RM1,960
560 + 1080+320=1960