Question 1 (Partnership 1)

3D Partnership
(a) Income Statement for the year ended 31 December 2021 (Extract)
Particulars RM RM RM
Sales 122,220
Less: Returns Inwards (1,500)
Net Sales 120,720

Less: Cost Of Sales

Opening Inventory 4,000
Purchases (82,300-3,400) 78,900
Less: Returns Outwards (5,000)
Net Purchases 73,900
Carriage on Purchases 1,500
Cost Of Purchases 75,400
Cost Of Goods Available For Sales 79,400
Less: Closing Inventory (10,000) (69,400)
Gross Profit 51,320

Add: Other Income

Interest On Fixed Deposit 510
51,830
Less: Expenses
Insurance Expenses 1,920
Rental Expenses (2,400 x 12/15) 16,000
Bad Debts 410
Discounts Allowed 1,180
Interest On Loan Notes (20,000 x 10% x 6/12) 1,000
Depreciation On Office Equipment {(15,900-900)/5 years} 3,000
Bank Charges 60
Allowance For Doubtful Debts 500 (24,070)
Net Profit 27,760

Add: Interest on Drawings

- Daniel (9,800 x 8%) 784
- Dennis (3,400 x 8%) 272
- Derrick (13,000 x 8%) 1,040 2,096
29,856
Less: Appropriations
Interest on Capital
- Daniel (60,000 x 10%) 6,000
- Dennis (40,000 x 10%) 4,000
- Derrick (20,000 x 10%) 2,000 12,000

Partners’ Salaries
- Dennis (1,500 x 7 months) 10,500 (22,500)
7,356
Balance of Profit Shared
 Balance of Profit Shared (Continue)
- Daniel (7,356 x 3/6) 3,678
- Dennis (7,356 x 2/6) 2,452
- Derrick (7,356 x 1/6) 1,226 7,356
7,356

(b) Current
Daniel Dennis Derrick Daniel Dennis Derrick
2021 RM RM RM 2021 RM RM RM
Jan 1 Balance b/d 630 - - Jan 1 Balance b/d - 750 1,000
Dec 31 P & L Apps 3,594 5,594 7,594 Dec 31 P & L Apps 3,594 5,594 7,594
- Interest on Drawings 784 272 1,040 - Interest on
31 Drawings 9,800 3,400 13,000 Capital 6,000 4,000 2,000
31 Balance c/d - 14,030 - - Partner
Salaries 10,500 - -
- Bal. of
Profit Shared 3,678 2,452 1,226
Balance c/d 1,536 - 9,814
11,214 17,702 14,040 11,214 17,702 14,040
2022 2022
Jan 1 Balance b/d （SOFP） 1,536 - 9,814 Jan 1 Balance b/d - 14,030 -
（SOFP）
Question 1 (Partnership 1)

3D Partnership
Statement of Financial Position as at 31 December 2021
Particulars RM RM RM
Non Current Assets Cost Accumulated Carrying
Tangible Assets Depreciation Amount
Premises 70,000 - 70,000
Office Equipment 15,900 (3,000) 12,900
85,900 (3,000) 82,900

Investment (Unquoted) 13,000

95,900
Current Assets
Inventory 10,000
Accounts Receivable 7,400
Less : Allowance for Doubtful Debts (500) 6,900
Fixed Deposit 10,000
Prepaid Insurance 480
Bank (25,100-60) 25,040 52,420
Total Assets 148,320

Owner’s Equity
Capital – Daniel 60,000
– Dennis 40,000
– Zhong 20,000
120,000
Current – Daniel (1,536)
– Dennis 14,030
– Zhong (9,814)
Total Equity 122,680

Non Current Liabilities

10% Loan Notes 20,000

Current Liabilities
Accounts Payable 4,640
Accrued Interest on Loan Notes 1,000
5,640
Total Liabilities 25,640
Total Equity and Liabilities 148,320
 Question 2 (Partnership 3)

Xiao Zhie, Jun Teng and Liu Ting

(a) Realisation
2022 RM 2022 RM
Sept 1 Accounts Receivable 12,000 Sept 1 Buyer – Hui Xin and Yu Xin (AR) 182,000
1 Land and Building 100,000 1 AP - Discounts Received 600
Fixtures and Fittings 20,000
Motor Vehicles 18,620
Inventory 28,320

Hire Purchase Vendor

- Termination Charges 1,200
Capital: Dissolution Exp.
- Liu Ting 480
Capital - Profit on
Realisation
- Xiao Zhie (1,980 x3/6) 990
- Jun Teng (1,980 x 2/6) 660
- Liu Ting (1,980 x 1/6) 330
182,600 182,600

(b) Capital
Xiao Jun Liu Xiao Jun Liu
Zhie Teng Ting Zhie Teng Ting
2022 RM RM RM 2022 RM RM RM
Sept 1 Current 280 - - Sept 1 Balance b/d 60,000 40,000 20,000
1 Bank 60,710 41,160 21,030 1 Current - 500 220
1 Real.
- Dissolution Exp. - - 480
- Profit on Real. 990 660 330

60,990 41,160 21,030 60,990 41,160 21,030

(c) Bank
2022 RM 2022 RM
Sept 1 Buyer – Hui Xin and Yu Xin 182,000 Sept 1 Balance b/d 3.500
1 Accounts Payable (20,000-600) 19,400
1 Hire Purchase Vendor (AP) 36,200
Capital – Xiao Zhie 60,710
– Jun Teng 41,160
– Liu Ting 21,030
182,000 182,000
 Question 3 (Company 2)
Working: 100,000 unit (√)
RM 1.20 RM 0.30 50,000 (√)
(Par value) (Share
Premium) 300,000 unit 100,000 unit
Application (10%) 0.15 50,000 (X)
Allotment (30%) 0.15 0.30 (Set of
First Call (40%) 0.60
against allotment)
Second and Final Call (20%) 0.30
1.20 0.30
100,000 unit (X) (Refund)

Yi Jing Ltd
General Journal
Date Particulars Debit (RM) Credit (RM)
2022 Bank (300,000 x RM0.15) 45,000
Apr 1 Application and Allotment 45,000
(Application) (Being money received from applicants.)

May 1 Application and Allotment - OSC 90,000

(Application Ordinary Share Capital (150,000 x RM0.30) 45,000
+ Share Premium (150,000 x RM0.30) 45,000
Allotment) (Being application and allotment transferred to ordinary 90,000 90,000
share capital and share premium.)

1 Application and Allotment (100,000 x RM 0.15) 15,000

(Refund) Bank - Refund 15,000
(Being money refund to unsuccessful applicants.)

15 Bank {(150,000 x RM0.45) – (50,000 x 0.15)} 60,000

(Allotment) Application and Allotment 60,000
(Being money received from allotment.)

June 1 First Call (150,000 x RM0.60) 90,000

(First Call) Ordinary Share Capital 90,000
(Being first call made.)

1 Bank (150,000 x RM 0.60) 90,000

(First Call) First Call 90,000
(Being money received from first call.)
 Question 3 (Partnership 3)
Yi Jing Ltd
General Journal
Date Particulars Debit (RM) Credit (RM)
2022
July 1 Second and Final Call (150,000 x RM0.30) 45,000
(Second Ordinary Share Capital 45,000
and Final Call) (Being second and final call made.)

1 Bank 45,000
(Second Second and Final Call (150,000 x RM0.30) 45,000
and Final Call) (Being money received from second and final call.)

Yi Jing Ltd
Bank
2022 RM 2022 RM
May 1 Balance b/d 300,000 May 1 Application and Allotment -Refund 15,000
Apr 1 Application and Allotment 45,000 July 1 Balance c/d 525,000
May 15 Application and Allotment 60,000
June 1 First Call 90,000
July 1 Second and Final Call 45,000
540,000 540,000
2022
July 2 Balance b/d 525,000

Application and Allotment

2022 RM 2022 RM
May 1 Ordinary Share Capital 45,000 Apr 1 Bank 45,000
Share Premium 45,000 Bank 60,000
Bank – Refund 15,000
105,000 105,000

Ordinary Share Capital

2022 RM 2022 RM
July 1 Balance c/d 480,000 May 1 Balance b/d 300,000
1 Application and Allotment 45,000
June 1 First Call 90,000
July 1 Second and Final Call 45,000
480,000 480,000
2022
July 2 Balance b/d 480,000
 Yi Jing Ltd
Share Premium
2022 RM 2022 RM
July 1 Balance c/d 45,000 May 1 Application and Allotment 45,000
2022
July 2 Balance b/d 45,000

First Call
2022 RM 2022 RM
June 1 Ordinary Share Capital 90,000 June 1 Bank 90,000

Second and Final Call

2022 RM 2022 RM
July 1 Ordinary Share Capital 45,000 July 1 Bank 45,000

Yi Jing Ltd
Statement of Financial Position as at 1 July 2022 (Extract)
Particulars RM RM RM
Current Assets
Bank 525,000

Equity
Share Capital {(250,000+150,000) x 1.20} 480,000
Share Premium 45,000
 Question 4 (Joint Venture)
Luo Qi
(a) Exp. Joint Venture with Freddrick (P&L) Inc.
2022 RM 2022 RM
Aug 1 AP – Melody – Purchases (100 x 5) 500 Aug 9 AR – Yan Jun Restaurant (Sales) 560
3 Motor Van Charges 200 14 AP – Melody – Disc. Received 20
5 Bank – Insurance 90 16 Bank – Sales 240
12 AR- Yan Jun Restaurant – Disc. Allowed 28 30 Bank – Freddrick 216
30 P & L – Profit on Joint Venture 218
1,036 1,036

Freddrick
(b) Exp. Joint Venture with Luo Qi Inc.
2022 RM 2022 RM
Aug 2 Bank – Rental 100 Aug 19 Purchases – Inventory Taken Over 25
7 Purchases (200 x 5) 1,000 20 Bank – Sales 800
31 P & L – Profit on Joint Venture 109 25 Bank – Sales 600
31 Bank – Lou Qi 216
1,425 1,425

Freddrick and Luo Qi

(c) Exp. Memorandum of Joint Venture Inc
RM RM
Purchases – Luo Qi 500 Sales – Luo Qi 800
– Freddrick 1,000 – Freddrick 1,400
Rental Expenses – Freddrick 100 Discounts Received – Luo Qi 20
Motor Van Charges – Luo Qi 200 Inventory Taken Over – Freddrick 25
Insurance – Luo Qi 90
Discounts Allowed – Luo Qi 28
Profit on Joint Venture – Luo Qi 218
– Freddrick 109
2,245 2,245
 Question 5 (Consignment)
Ming Hang (Consignor)
(i) Exp. Consignment (P & L) Inc
2022 RM 2022 RM
Jan 1 Goods sent on Consignment 40,000 Feb 10 Consignee – Jing Yuan (Cash Sales) 10,000
1 Bank – Delivery Charges 500 Mar 18 Consignee – Jing Yuan (Credit Sales) 6,000
– Insurance Expenses 300 June 30 Consignee – Jing Yuan (Credit Sales) 8,800
5 Consignee – Jing Yuan Sept 30 Consignee – Jing Yuan (Cash Sales) 11,400
– Warehouse Charges 350 Dec 3131 Unsold Inventory c/d 12,429
– Packing Expenses 280 (i) 150 x 80 = 12,000
Dec 31 Consignee – Jing Yuan (ii) (500+300+350+280) x 150/500 = 429
– Selling and Distribution Cost 1,000
– Advertising Expenses 800
31 – Carriage 500
– Discounts Allowed 300
– Sales Commission 1,810
(36,200 x 5%)
– Del Credere Commission
(14,800 x 2%) 296
31 P & L – Profit on Consignment 2,493
48,629 48,629
2023
Jan 1 Unsold Inventory b/d 12,429

(ii) Consignee – Jing Yuan (AR)

2022 RM 2022 RM
Feb 10 Consignment – Cash Sales 10,000 Jan 5 Consignment
Mar 18 Consignment – Credit Sales 6,000 – Packing Expenses 280
June 30 Consignment – Credit Sales 8,800 – Warehouse Charges 350
Sept 30 Consignment – Cash Sales 11,400 Dec 31 Consignment
31 – Selling and Distribution Cost 1,000
– Advertising Expenses 800
– Carriage 500
– Discounts Allowed 300
– Sales Commission 1,810
– Del Credere Commission 296
31 Bank 30,864
36,200 36,200