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DIM1353- PRINCIPLES OF ACCOUNTING 2
CLO 1
SEM JAN 2024 (SET 1)

TN 1 QUESTION 1

(a) Straight line method:

Depreciation = RM52,000 – RM2,000 / 5 = RM10,000 per year

Year Depreciation Accu. depreciation NBV

1 10,000 10,000 42,000 2
2 10,000 20,000 32,000 2
3 10,000 30,000 22,000 2
4 10,000 40,000 12,000 2
2
5 10,000 50,000 2000 (10)

(b) reducing balance method

Year Accumulated
depreciation
1 Cost 52,000
Depreciation 52,000 x 20% = 10,400 10,400 1
NBV 41,600 1
1
2 Depreciation 41,600 x 20% = 8,320 18,720
1
NBV 33,280
1
3 Depreciation 33,280x 20% = 6,656 25,376 1
NBV 26,624 1
4 Depreciation 26,624x 20% = 5,325 30,701 1
NBV 21,299 1
5 Depreciation 21,299 x 20% = 4,260 34,961 1
NBV 17,039
(10)

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QUESTION 2
PART A

(a) journal entry

Debit Credit
i Purchase 500 1
Suspense 500 1

ii Suspense 3,400 1
Sales 3,400 1

iii Suspense 400 1

TN2 Rent received 400 1
iv Suspense 974 1
Discount received 974 1
(double counting )

v Lorry 43,000 1
Bank 43,000 1

(b) Suspense account

Sales 3,400 Trial Balance 4274 2

Rent received 400 Purchases 500 2
1
Discount received 974
4,774 4,774 (15)

PART B Subscription

TN 5 Bal b/d 140 Bal b/d 180 2

Income Statement 3,230 Bank 3,220 1
Bal c/d 260 Bal c/d 230 2
(5)
3,630 3,630

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TN 3 QUESTION 3

√=1mk

Sales ledger Control Account ½ √

RM RM
Balance b/d ½ √14,300 Balance b/d ½ √610
Credit sales √570,300 Returns inwards daybook √3,120
Dishonoured cheque √530 Bank √482,780 10.5 mk
Balance c/d √150 Discounts allowed √4,100
Set-offs √2,341
Bad debts √2,453
Balance c/d √89,876
585,280 585,280

Purchases ledger Control Account ½ √

RM RM
Balance b/d ½ √350 Balance b/d ½ √21,900
Returns outwards √2,620 Purchases daybook √300,500 9.5mk
Bank √297,420 Bank - Refund √5,320
Discounts received √3,800 Balance c/d √511
Set-offs √2,341
Balance c/d √21,700
328,231 328,231

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TN 4 QUESTION 4

Manufacturing, Trading and Profit and Loss Account

for year ended 31 December 2023√

RM RM
Opening inventory of raw materials √27,300
Add Purchases of raw materials √250,000
√277,300 √=1 mk
Less Closing inventory of raw materials √(20,300)
Cost of raw materials consumed 257,000
Direct labour (43,000 + 500) √ √43,500 20 mk
Direct expenses √12,340
Prime Cost √312,840
Add Indirect manufacturing costs:
Indirect labour √15,000
Factory depreciation (20% x 200,000) √ √20,000
Factory utilities √17,300
Factory rent (12,000 x ¾)√ √9,000
√61,300
√374,140
Add Work in progress 1.1.2023 √6,500
380,640
Less Work in progress 31.12.2023 √(6,890)
Production cost √373,750

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TN 6 QUESTION 5

Partnership Appropriation Account

31 December 2023
Net profit √100,500

Add:
Interest on drawing: Danial(6%x8000) √480 √=1mk
Ganesh(6%x12000) √720 1,200
101,700
Less: 10 mk
Interest on capital Danial(8%x30000) √2,400
Ganesh(8%x30000) √2,400
Wong(8%x15000) √1,200
Salary: Wong √36,000 (42,000)
59,700

Shared of profit: Danial(2/5x59700) √23,880

Ganesh(2/5x59700) √23,880
Wong(1/5x59700) √11,940
59,700

Current Account
D G W D G W
Drawing √8,000 √12,000 - Interest on √2,400 √2,400 √1,200
capital √14x8
Interest on √480 √720 - Salary - - √36,000 14
drawing
Bal c/d √17,800 √13,560 √47,650 Share of profit √23,880 √23,880 √10,450
26,280 26,280 47,650 26,280 26,280 47,650 =8mk

Capital Account
D G W D G W √6x2
Bal c/d √30,000 √30,000 √15,000 Bal b/d √30,000 √30,000 √15,000 6

=2mk

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TN 7 QUESTION 6

ARFA Sdn. Bhd

Financial Position as at 31 December 2023. √

RM RM RM
Cost Acc. Dep NBV √25 x 20
√630,000 √40,000 √590,000 25
Non-current assets
Buildings √74,000 √41,000 √33,000 =20mk
Motors √9,200 √5,100 √4,100
Fixtures 413,200 86,100 √627,100

Current Assets
Inventories √21,400
Account Receivables √10,300
Bank √26,900 √58,600
√685,700
Current Liabilities
Account Payables √33,700

Net current assets √652,000

Non-current liabilities
Loan notes √40,000
√612,000

Capital and Reserves

Issued hare capital – ordinary shares at √500,000
RM1 each
Non-current assets replacement reserve √30,000
General Reserve √50,000
Retained profits √32,000
√612,000

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