高一年终考模拟试卷

Chapter 10:Control Account

The following information was extracted from the books of ABC Company for the year ended 31 December 2019.
2019 RM
January 1 Credit Balances in Purchases Ledger 45,890
Debit Balances in Purchases Ledger 170
Minority Balances in Sales Ledger* 250
Debit Balances in Sales Ledger 54,700
Allowance For Doubtful Debts 1,290
2019
December 31 Interest charged to debtors on overdue accounts 1,020
Returns of damaged goods by credit customers 8,352
Sales (including RM9,600 on cash basis) 189,600
Purchases invoices 236,000
Debtors’s cheque dishonoured returned by bank 11,007
Transfer from the Purchases Ledger to Sales Ledger 2,200
Faulty goods returned to suppliers 1,920
Discounts Allowed (out of which RM300 was withdrawn) 1,350
Discounts Received 720
Receipts from customers ( including bad debts recovered of RM3,000) 123,000
Interest charged by supplier for late payment 570
Bad debts written off 700
Carriage charged by suppliers 480
Freight charged to customer 340
Refund received from supplier (due to overpayment error) 560
Decrease in allowance for doubtful debts 250
Payments to suppliers 105,970
Legal expenses charged on customer 800
Refund to customer 120
The monirity balances on 31 December 2019 as follow:
Accounts Receivable Ledger Control RM630
Accounts Payable Ledger Control RM450

You are required to prepare the following accounts for the year ended 31 December 2019.
(a) Sales Ledger Control Account
(b) Purchases Ledger Control Account
Chapter 11: Depreciation and Disposal
Question 1 Trade In
Ocean Enterprise’s financial year ended 31 December each year. The motor vehicles of the business were
depreciated on a straight line basis at a rate of 20% per annum, and depreciation is based on the number of months
of usage.
On 1 January 2020, the opening balance of Motor Vehicles Account (MV1) was RM 60,000 at cost, and its
carrying amount was RM 36,000.

The transactions for its motor vehicles during Year 2020 were as follows:
Year 2020
Jan 1 Old motor vehicle (MV 1) was traded in for a value of RM 38,000, and a motor vehicle (MV2) of
RM 66,000 was exchanged. The balance was paid by cheque.
Apr 1 Motor vehicle (MV3) was bought for RM 36,000.

You are required to prepare the following accounts for the financial year ended 31 December 2020:
(i) Motor Vehicles;
(ii) Accumulated Depreciation of Motor Vehicles;
(iii) Disposal of Motor Vehicles
Chapter 11:Depreciation and Disposal
Question 2 Insurance Claim
SH limited company is a forwarding firm. On 1 January 2012, the company had the following lorries:
Registration No Date of Purchases Cost (RM)
JJA45 01 May 2008 85,000
JML43 31 August 2010 70,000
The Company depreciated its Lorries at the rate of 20% per annum on cost. It is the policy of the company that a
full year’s depreciation is charged whatever the date of purchase and no depreciation is charged in the year of
disposal.
On 1 March 2012, the company bought a new lorry (JPC78) for RM75,000.
On 30 July 2012, JML43 was involved in a major accident and was declared written off by the insurance
company.After two months’ investigation, the insurance company agreed to pay 80% of the net book value.
REQUIRED:
Prepare the following accounts for the year ended 31 December 2012:
Chapter 12:Balance Day Adjustment
Question 1 : Income Statement and Statement of Financial Position
The following items extracted from the books of sole proprietorship – Alloon Trading as on 31 December 2021.
Debit Credit
RM RM
Capital 95,970
Insurance 3,500
Trade Receivables and Trade Payables 90,000 50,000
Carriage Outwards 520
Bank Fixed Deposit 10,000
Allowance for Doubtful Debts 2,000
Drawings 4,500
Freight Inwards 4,000
Duties on Purchases 6,000
Commission Earned 8,000
Discounts 480 600
Refreshment 1,800
Interest On Loan From Bank 8,000
Bank Current Account 22,500
Rental 18,400
Miscellaneous 700
Dividend 7,300
Stationery 3,520
Shares On Maybank 100,000
Purchases and Sales 437,200 600,000
Return 57,500 27,000
Freehold Property 80,000
5% Bank Loan 200,000
Cash In Hand 5,750
Motor Vehicles 165,000
Accumulated Depreciation of Motor Vehicles 15,000
Inventory at at 1 January 2021 15,800
Fixtures And Fittings 45,000
Electricity Charges 7,500
1,046,770 1,046,770

The following additional information has to be taken into consideration：

1. Inventory at 31 December 2021 was valued at RM35,000, and its market value was RM36,000.

2. The balance of interest on bank loan was still outstanding.

3. Fixed deposit interest was calculated at 3% per annum.

4. The owner took goods costing RM 200 for his own use.

5. To provide depreciation for Motor Vehicles at the rate of 10% on reducing balance method and
Fixtures And Fittings are to be depreciated by using Straight Line Method.

6. To adjust the Allowance for Doubtful Debts to RM3,000.

You are required to :
a) prepare an Income Statement for the year ended 31 December 2021
b) prepare a Statement Of Financial Position as at 31 December 2021
Chapter 12:Balance Day Adjustment
Question 2 : Income Statement and Statement of Financial Position
The following is the Trial Balance of Alloon Enterprise for six months ended 30 September 2021:
Debit Credit
RM RM
Investment 6,000
Delivery Van at cost 10,000
Accumulated Depreciation On Delivery Van 1,000
Vehicle Running Expenses 540
Salaries 8,000
Purchases 17,880
Revenue 55,500
Machinery, at carrying value 33,600 40,000
Accumulated Depreciation On Machinery 6,000
Water And Electricity 870
Assessment And Quit Rent 1,200
Printing And Stationery 780
Advertising Expenses 650
Loan From Yong 11,000
Loan To Tan 5,000
Accounts Receivable 4,200
Accounts Payable 5,000
Inventory, 1 April 2021 21,960
Carriage Inwards 760
Carriage Outwards 250
Wages On Packaging 2,100
Telephone Charges 450
Dividends Income 100
Cash At Bank 3,300
Discounts 260
Drawings 1,060
Capital, 1 April 2021 46,140
125,000 125,000

Additional information:
(i) Inventory on 30 September 2021 is valued at RM 12,000.

(ii) The non-current tangible assets are depreciated on a reducing balance method at a rate of 10% per
annum. Calculation should be done on a monthly basis.

(iii) The actual dividends income from the investment is RM 250 for the half year.

(vi) Salaries In Arrears are amounted to RM1,000, while Stationery Unused are RM 180.
RM600 worth of stationery was used for the year

(vii) One of the debtors is unable to settle his remaining balance of RM 200. It is to charge 5% on the collectible
accounts receivable as at 30 September 2021 as an allowance for doubtful debts.

You are required to :

a) prepare an Income Statement for the Half-year ended 30 September 2021
b) prepare a Statement Of Financial Position as at 30 September 2021
Chapter 12:Balance Day Adjustment
Question 3: Income Statement and Statement of Financial Position
The following items extracted from the books of sole proprietorship – Alloon Trading as on 31 December 2021.
Debit Credit
RM RM
Water And Electricity 2,100
Mortgage of Premises 42,000
Returns 1,500 1,100
Carriage Outwards 1,700
Carriage Inwards 600
Discounts 2,500 2,300
Furniture and Fittings 21,000
Salesman Salaries 20,000
Insurance 5,100
Allowance for Doubtful Debts 300
Motor Vehicles 65,000
Inventory at 1 January 2021 19,600
Accumulated Depreciation for Motor Vehicle 16,000
Drawings 1,200
Interest on Overdraft 800
Sales 120,000
Rental 7,600
Miscellaneous 3,000
Trade Receivables and Trade Payables 25,600 17,000
Bad Debts Recovered 200
Purchases 58,800
Petty Cash 800
Bank Current Account 6,500
Handling Charges 2,800
Leasehold Property 74,000
Import Duties 2,300
Commission Received 1,200
Shares on SSDog Bhd 18,000
Loan from RHB (payable on 2022) 15,000
Loan to Employee 1,300
Capital 112,900
327,700 327,700

Additional information:
i Inventory at 30 April 2018 was valued at RM35,000, and it’s net realizable value was RM36,000.
ii.Out of RM2,100 Water and Electricity, RM100 was paid for the water and electricity of owner’s private
residence.
iii.Annual Insurance premium of RM1,200 was paid up to 31 March 2022.
Half-year Insurance expenses of RM600 had been paid on 1 October 2021.
iv. Rental income received included deposit in advance RM 600.
v. Interest on overdraft due and unpaid RM50
vi Bad debts of RM 600 was to be written off, and to adjust an allowance for doubtful debts at 3% on the
remaining trade receivables.
vii Motor Vehicles and Furniture and Fittings are to be depreciated 10% p.a. on cost.
You are required to prepare:
(a) Income Statement for the year ended 31 December 2021
(b) Statement of Financial Position as at 31 December 2021