SEPTEMBER 2022 CONFIDENTIAL

ASSESSMENT COVERSHEET

Attach this coversheet as the cover of your submission. All sections must be completed.

Section A: Submission Details

Programme :
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Deadline : Day Month Year Time
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accordingly.

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Tick (√) each box below if you agree:
I have read and understood the UniKL’s policy on Plagiarism in University Rules & Regulations.
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Section C: Submission Receipt

(must be filled in manually)

Office Receipt of Submission

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the appointed staff & filled in, cut along the dotted lines above & retain this for your record.

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IEB21104 FUNDAMENTAL OF BUSINESS 2 Page 1 of 6

SEPTEMBER 2022 CONFIDENTIAL

UNIVERSITI KUALA LUMPUR

ASSESSMENT BRIEF

COURSE DETAILS
INSTITUTE UniKL MIIT
COURSE NAME FUNDAMENTAL OF BUSINESS 2
COURSE CODE IEB 21104
COURSE LEADER MOHD ARIFF MAJMI BIN ZAABA
SEMESTER & SEPTEMBER 2022
YEAR

ASSESSMENT DETAILS
TITLE/NAME FINAL ASSESSMENT
WEIGHTING 80 Marks / 40%
DATE/DEADLINE 18 JANUARY 2023
COURSE 1. CLO 1: Apply the key concepts and operations in financial
LEARNING accounting.
OUTCOME(S)
2. CLO 2: Apply the core element in accounting in the decision
making process.

INSTRUCTIONS 1. This Final Assignment is given in replacement of the Final

Examination, in view of the global Covid-19 pandemic and in
conjunction with the UniKL Beyond-C Announcement No. 2.

2. Please read the assignment brief given on the next page

CAREFULLY and answer the given questions. Your answers
MUST be supported with proper references.

3. Answer ALL questions in English language ONLY.

DELIVERABLES Your answers MUST be submitted through UniKL Virtual Learning

Environment (VLE), in digital report format.

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SEPTEMBER 2022 CONFIDENTIAL

SECTION A (Total: 80 marks)

INSTRUCTION: Answer ALL questions.

Please use the answer booklet given.

Question 1

a) Explain the differences between book keeping and accounting.

(4 marks)
b) Discuss the distinction between going concern concept and time period concept.
(4 marks)
c) State TWO (2) internal users and TWO (2) external users of the accounting
information and their purpose for using the information.
(12 marks)

Question 2

The transactions below carried out by ABC Enterprise in the month of January 2022.

Date Details
Jan 1 Started business with RM50,000 cash
3 Bought goods worth RM7,550 cash
3 Bought goods worth RM1,280 on credit from Aman Jaya
8 Sold goods worth RM4,730 for cash
10 Return goods worth RM325 to Aman Jaya
14 Bought stationery worth RM590 cash
15 Paid the remaining balance owned to Aman Jaya
20 Bought office furniture for RM12,350 on credit from AS Enterprise
25 Sold goods worth RM6,920 on credit to Lim Trading
31 Paid salary of RM1,550 by cash

Required:
You are required to record the above transactions in the appropriate ledger accounts.
(20 marks)

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SEPTEMBER 2022 CONFIDENTIAL

Question 3

Unggul Enterprise has the following assets and liabilities as at 31 December 2022:
RM
Creditors 5,600
Equipment and Machinery 12,400
Fixtures and Fittings 14,600
Van 18,000
Stock of Goods 8,700
Debtors 2,200
Cash at Bank 7,400
Cash in Hand 300

You are not given the capital amount at that date.

During the first week of January 2023 Unggul Enterprise:

i. Bought additional office equipment by cheque for RM1,500
ii. Bought extra stock by cheque RM850
iii. Paid creditors by cheque RM2,300
iv. Debtors paid Unggul Enterprise RM1,000 by cheque and RM200 by cash.
v. The owner put in extra RM5,000 into the business, RM3,600 by cheque and
RM1,400 in cash.

Required:
Draw up a balance sheet as at 7 January 2023 after the above transactions have been
completed.
(20 marks)

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SEPTEMBER 2022 CONFIDENTIAL

Question 4

The following information has been extracted from the books of account of QPR Enterprise
for the year ending 30 April 2022.

Statement of Profit or Loss for the year ending 30 April 2022

RM RM
Sales 101,500

Less : Cost of Sales

Opening stock 10,000
Purchases 57,500
67,500
Closing Stock (16,000) (51,500)
GROSS PROFIT 50,000

Less : Expenses
Selling and distribution expenses 12,800
Administrative expenses 10,200
Finance expenses 13,000 (36,000)
NET PROFIT 14,000

Statement of Financial Position as at 30 April 2022

RM RM RM
Accumulated
Cost Net Book Value
Depreciation
Fixed Asset 51,000 11,000 40,000

Current Assets:
Inventory 16,000
Debtor 24,000
Prepayment 3,000
Bank 20,000 63,000
103,000

Long Term Liability 15,500

Current Liability:
Creditor 25,000
Bill payables 5,300
Accruals 7,700 38,000

Financed by:
Capital 37,000
Add: Net Profit 14,000
Less : Drawing (1,500) 49,500
103,000

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SEPTEMBER 2022 CONFIDENTIAL

You are required to calculate and give comments on the following ratios for QPR Enterprise:

a) Gross Profit on Sales

(2 marks)
b) Net Profit on Sales
(2 marks)
c) Net Profit on Cost of Sales
(2 marks)
d) Return on Capital Employed
(3 marks)
e) Current Ratio
(2 marks)
f) Acid Test Ratio
(3 marks)
g) Average Stock
(3 marks)
h) Stock turnover ratio
(3 marks)

END OF QUESTIONS

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