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ACC - Financial Statement tutorial work

ACC - Financial Statement tutorial work ACC - Financial Statement tut...
Course

Financial and Management Accounting (ACC466)

49 Documents
Students shared 49 documents in this course
Academic year: 2020/2021
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Universiti Teknologi MARA

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ACC407 Tutorial 3 – Financial Statements with Adjustments

QUESTION

Debit Credit RM RM Capital 65, Cash in hand 4, Cash at bank 26, Accounts receivable 20, Accounts payable 11, Sales 82, Purchases 35, Return inwards 1, Return outwards 2, Inventory as at 1 July 2017 33, Carriage inwards 500 Allowance for doubtful debt as at 1 July 2017 100 Office equipment at cost 10, Motor vehicle at cost 50, Accumulated depreciation as a 1 July 2017: Office equipment 4, Motor vehicle 18, Salary expenses 21, Rental expenses 13, Insurance expenses 1, Water and electricity expenses 1, Discount allowed 250 Commission received 2, 10% Loan from MM bank 30, Discount received 3, 218,890 218,

Shaza is the owner of Shazayra Enterprise, a sport boutique. The business is engaged in selling various sport items and located at a strategic location. She plans to secure a bank loan to open up another branch. Since you have knowledge in accounting, she requested your assistance to prepare the final accounts of her business for the year ended 30 June 2018, in order to support her bank loan application. The following information is made available to you.

Additional information:

  1. Inventory as at 30 June 2018 were valued at RM25,000.

  2. The depreciation on non-current assets are to be provided as follows:

Office equipment 20% per annum using straight line method Motor vehicle 20% per annum using reducing balance method

  1. Bad debt to be written off at year end amounted to RM150.

4.

  1. The owner had withdrawn goods RM350 and cash RM2,400 for her personal use during the year.

6.

7% Loan from MM bank was taken on 1 November 2017 and the interest on the loan has yet been paid. FY 1 July 2017 - 30 June 2018

  1. The following adjustments are to made at yet end:

Accruals RM Prepayment RM Water and electricity expenses 150 Insurance expenses 205 Commission received 210 Rental expenses 1,

Required:

a. Statement of profit or loss for the year ended 30 June 2018.

b. Statement of financial position as at 30 June 2018

Notes:

  1. Use vertical format of presentation for both statements and show all calculations.

  2. Calculate to the nearest RM.

It is the policy of the business to provide 2% allowance on doubtful debt on the remaining account receivable.

During the year, the business has incurred and paid via cheque the carriage outward amounted to RM for goods delivered to a customer in another town. This transaction was omitted from the records.

Cost Accumulated Carrying

Depreciation Amount

RM RM RM

Non-Current Asset

Current Asset

Closing inventory

Accounts receivable

Less: Allowance for doubtful debts

TOTAL ASSETS

Financed by:

Owner's Equity

Capital (Opening)

Less: Net loss

Less: Drawings

Capital (Closing)

Non-Current Liabilities

Current Liabilities

TOTAL EQUITY AND LIABILITIES

Shazayra Enterprise

Statement of Financial Position as at 30 June 2018

Date Particular RM Date Particular RM

Allowance for doubtful debts

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ACC - Financial Statement tutorial work

Course: Financial and Management Accounting (ACC466)

49 Documents
Students shared 49 documents in this course

University: Universiti Teknologi MARA

Was this document helpful?
ACC407 Tutorial 3 – Financial Statements with Adjustments
QUESTION
Debit Credit
RM RM
Capital 65,000
Cash in hand 4,400
Cash at bank 26,095
Accounts receivable 20,000
Accounts payable 11,200
Sales 82,100
Purchases 35,600
Return inwards 1,800
Return outwards 2,000
Inventory as at 1 July 2017 33,000
Carriage inwards 500
Allowance for doubtful debt as at 1 July 2017 100
Office equipment at cost 10,000
Motor vehicle at cost 50,000
Accumulated depreciation as a 1 July 2017:
Office equipment 4,000
Motor vehicle 18,000
Salary expenses 21,600
Rental expenses 13,000
Insurance expenses 1,295
Water and electricity expenses 1,350
Discount allowed 250
Commission received 2,790
10% Loan from MM bank 30,000
Discount received 3,700
218,890 218,890
Shaza is the owner of Shazayra Enterprise, a sport boutique. The business is engaged in selling various
sport items and located at a strategic location. She plans to secure a bank loan to open up another branch.
Since you have knowledge in accounting, she requested your assistance to prepare the final accounts of
her business for the year ended 30 June 2018, in order to support her bank loan application. The following
information is made available to you.

Students also viewed

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