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Questions+AA015+-+Chapter+2+

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Course

accounting (AA025)

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Academic year: 2022/2023
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Kolej Matrikulasi Kelantan

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CHAPTER 2: THE FRAMEWORK OF ACCOUNTING

Question 1 PSPM 2009/

B) The followings are the transactions that occurred during the month of September 2009 of Zurain’s business in Subang:

Date Transactions Sept. 1 RM3,400 cash to buy equipment. 5 Full settlement of accounts payable RM2,200. 14 RM2,800 cash sales and credit sales of RM2,250. 30 Payment of employee's monthly salary of RM3,200.

Analysed the above transactions based on the accounting equation as the format below.

Date Cash +/-

Accounts Receivable +/-

Equipment +/-

= Accounts Payable +/-

Capital +/-

Sept. 1

Question 2 PSPM 2011/

(A) On 1 August 2011, Salehuddin started a service business. The following is a list of his

transactions for his first month of trading.

Date Transaction

August 1 Started business with cash RM10,

2 Bought office supplies on credit RM1,

4 Received cash RM4,500 for service given.

10 Paid account payable RM

15 Issued bill RM3,250 to customer for service given.

18 Paid vehicle rent RM

25 Office supplies used RM

27 RM1,000 cash is taken from the business for owners personal used. 29 Office rent RM2,500 paid in cash.

Required:

Show the effects of the following transactions using the account equation table below. The

first has been done as an example:

ASSETS = LIABILITIES + OWNERS EQUITY

Date Cash Supplies Accounts Receivable

= Accounts Payable

Capital Revenue

(Expenses)

2011 August 1 10,000 10,

Question 3

PSPM 2008/

A) Here is a Perniagaan Manisah (PM) business transactions for the month of Sept 2008.

Sept 3 Puan Manisah contributed cash, RM 25 000 8 Received cash from debtor, RM 1 000 10 Purchased equipment RM 5 000 in cash

13 Paid RM 2 000 to supplier 15 Provide services on credit, RM 3 000 20 Paid utilities expenses, RM 520 23 Providing services for cash, RM 6 000

25 Paid wages expense, RM 850 27 Drawings RM 100 in cash from the business for personal use 30 Receive payment for services rendered in 15 September

Required :

Analysis of the above transactions using the following format:

Date Cash (+/-)

Account receivable (+/-)

Equipment (+/-)

= Account payable (+/-)

  • Capital (+/-)

Sept 3 +25 000 +25 000

Question 5 (Lecture)

PSPM 2010/

(A) You are required to identify the accounting concept involved and what to comply with the following situation:

  1. Ruzita’s Company has applied the straight line method to record depreciation expense and accumulated depreciation. For the year 2010, the Accountant has changed the straight line method to the reducing balance method without recording the Financial Statements.

  2. Tabaya Company has bought a piece of land at the invoice cost RM50,000 and the market value is RM55,000. The company not sure how much is the amount should be recorded.

  3. Puan Rohaidas thinks that stock inventory that recorded as Last In First Out (LIFO) can change to First In First Out (FIFO) at any time.

  4. Amanda Company gives an opinion that depreciation expense for furniture and office Equipment must not be recorded in the company’ account.

  5. A vehicle’s maintainance expense of Jaju Enterprise is RM7,000 at July 2010. This amount includes RM800 for maintainance expense which belong to the owner’s private car.

PSPM 2008/

B) Perniagaan Krubong (PK) has been involved with the following situations:

  1. To ensure that user get more relevant information, PK reported his building at market value in the financial statements.

  2. PK accounting records transactions only takes into account data that can be expressed in monetary values.

  3. Mr. Wan Halim, the owner of PK recorded her personal expenss as part of operating expenses.

Required: State and justify whether the accounting concepts used correctly or not by PK for each situation above

PSPM 2009/

A) For each of the following cases, you have to identify the accounting concepts

involved and explain why you agree or disagree with the action taken.

i. Deposits paid by customers to order merchandise in future accounting periods have been recognized as revenue for the current period even though the merchandise have not been sent yet. This is to increase the sales and profits of the company.

ii. The travel expenses touring Europe of the business owner with his family, have been added as business travel expenses.

Course Learning Outcomes:

CLO1 (C2, PLO 1, MQF LOD1)

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Questions+AA015+-+Chapter+2+

Course: accounting (AA025)

84 Documents
Students shared 84 documents in this course

University: Kolej Matrikulasi Kelantan

Was this document helpful?
AA015
2020/2021
1
ACCOUNTING 1_Update May 19
CHAPTER 2: THE FRAMEWORK OF ACCOUNTING
Question 1
PSPM 2009/2010
B) The followings are the transactions that occurred during the month of September 2009
of Zurain’s business in Subang:
Date
Transactions
Sept. 1
RM3,400 cash to buy equipment.
5
Full settlement of accounts payable RM2,200.
14
RM2,800 cash sales and credit sales of RM2,250.
30
Payment of employee's monthly salary of RM3,200.
Analysed the above transactions based on the accounting equation as the format
below.
Date
Cash
+/-
Equipment
+/-
=
Accounts
Payable
+/-
Capital
+/-
Sept. 1
Question 2
PSPM 2011/2012
(A) On 1 August 2011, Salehuddin started a service business. The following is a list of his
transactions for his first month of trading.
Date
Transaction
August 1
Started business with cash RM10,000
2
Bought office supplies on credit RM1,150
4
Received cash RM4,500 for service given.
10
Paid account payable RM675
15
Issued bill RM3,250 to customer for service given.
18
Paid vehicle rent RM680
25
Office supplies used RM935
27
RM1,000 cash is taken from the business for owners personal
used.
29
Office rent RM2,500 paid in cash.

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