Practical Test 1

(1)

(2)
Practical Test 1

Prepare Comparative Balance Sheet and Income Statement for the year ended 31 Dec 2021

(1.1) Using the "working" worksheet, extend to the correct account all the transactions as per sales, cost, expenses, bank
and jv.

(1.2) Prepare the FINAL Comparative Balance Sheet and Income Statement for year 2021 using the "BS_PL 2021"
worksheet, fill in details for YR 2021 (columns highlighted in yellow)

Notes:
Presentation currency is in SGD. Convert all USD/RMB denominated sales, purchases, expenses and bank transactions in SG
Bank charges in working column N are all in USD, convert to SGD using the conversion rate provided.
No foreign exchange gain or loss on sales/collection and purchases/payment as all sales and purchases were collected and pa
Translate USD bank balance to SGD using Dec 2021 forex rate (1.2653) and recognize (gain)/loss on foreign exchange transla
Working column R balance should be 1,349.58 (as per Note 3)
Working column R + Column S total should be equal to 1,707.62 (computed as per Note 3)
Working column T balance should be 1,180.50 (as per Note 2)

Prepare General Ledger from 1 Jan 2021 to 31 Dec 2021 (all accounts).
nsactions in SGD using the conversion rate provided.

ollected and paid on the same month.

xchange translation .
(1) All sales and purchases paid using Company's bank accounts were collected/paid during the year. (No outstanding

(2) UOB SGD bank balance as of 31 Dec 2021

(3) UOB USD bank balance as of 31 Dec 2021

converted to SGD

(4) Office equipment is depreciated over 3 yrs every 31 Dec (effective YR 2020)

(5) 2020 accrual details:

Combine Services P/L Professional fee for year ended 31 Dec 2020

(6) 2021 expenses to be accrued:

Combine Services P/L Acctg charges for 2021

Professional charges for 2021
uring the year. (No outstanding receivables or payables during the year)

SGD 1,181.50

USD 1,349.58 (forex to sgd 1.2653)

converted to SGD 1,707.62

SGD 306.67

SGD 1,250.00

SGD 450.00
SGD 800.00
1,250.00
ABC PTE. LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

2021 2020
S$ S$
SALES 500,069.00
COST OF SALES
PURCHASES (492,771.56)
GROSS PROFIT - 7,297.44

OTHER INCOME
INTEREST INCOME 4.12
GAIN ON FOREIGN EXCHANGE DIFFERENCE -
- 7,301.56
OPERATING COST
MARKETING AND DISTRIBUTION COSTS
COMMISSION 602.01
TELEPHONE AND INTERNET 281.87
TRANSPORTATION AND TRAVELLING 2,480.78
ADMINISTRATIVE EXPENSES
ACCOUNTING FEE 450.00
BANK CHARGES 435.00
DEPRECIATION OF PLANT AND EQUIPMENT 306.67
LOSS ON FOREIGN EXCHANGE DIFFERENCE 1,437.92
ENTERTAINMENT 1,540.03
GENERAL EXPENSES 320.00
PRINTINGS AND STATIONERY 8.01
PROFESSIONAL FEE 800.00
- 8,662.29

NET LOSS BEFORE TAX - (1,360.73)

INCOME TAX EXPENSE -
NET LOSS AFTER TAX - (1,360.73)
-

Certified true and correct:

_____________________
Director
ABC PTE. LTD.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021 2020
S$ S$
ASSETS

CURRENT ASSETS
CASH AT BANK - UOB (SGD 330-304-249-9) 205.00
CASH AT BANK - UOB (USD 330-900-652-4) 6,279.76
- 6,484.76
PLANT AND EQUIPMENT
OFFICE EQUIPMENT 920.00
ACC. DEP - OFF EQUIPMENT (306.67)
- 613.33

TOTAL ASSETS - 7,098.09

LIABILITIES AND EQUITY

CURRENT LIABILITIES
ACCRUAL 1,250.00
DIRECTOR ACCOUNT 7,108.82
- 8,358.82

EQUITY
SHARE CAPITAL 100.00
ACCUMULATED LOSSES (1,360.73)
- (1,260.73)

TOTAL LIABILITIES AND EQUITY - 7,098.09

- -

Certified true and correct:

_____________________
Director
 Txn No Date Invoice Company

31-Dec-12 OPENING BALANCES

sales 1 15-Jan-21 PRO-FORMA A & S Lube World S/B

sales 2 19-Feb-21 PRO-FORMA A & S Lube World S/B
sales 3 19-Mar-21 PRO-FORMA A & S Lube World S/B
sales 4 12-Apr-21 PRO-FORMA A & S Lube World S/B
sales 5 03-May-21 PRO-FORMA A & S Lube World S/B
sales 6 25-Apr-21 PRO-FORMA Amagtive S/B
sales 7 25-Apr-21 PRO-FORMA A & S Lube World S/B
sales 8 31-May-21 PRO-FORMA A & S Lube World S/B
sales 9 25-Jul-21 PRO-FORMA A & S Lube World S/B
sales 10 12-Jul-21 DPSG2013005 A & S Lube World S/B
sales 11 08-Aug-21 DPSG2013006 A & S Lube World S/B
sales 12 02-Sep-21 DPSG2013007 A & S Lube World S/B
sales 13 20-Sep-21 DPSG2013008 A & S Lube World S/B
sales 14 11-Oct-21 DPSG2013009 A & S Lube World S/B
sales 15 02-Nov-21 DPSG2013010 A & S Lube World S/B
sales 16 18-Dec-21 DPSG2013011 A & S Lube World S/B

cost 17 11-Jan-21 GPPL/BO-13008A Gulf Petrochem P/L

cost 18 20-Feb-21 GPPL/BO-13033 Gulf Petrochem P/L
cost 19 06-Mar-21 113103852 Lubrizol
cost 20 04-Mar-21 GPPL/BO-13042 Gulf Petrochem P/L
cost 21 12-Apr-21 GPPL/BO-13070 Gulf Petrochem P/L
cost 22 24-Apr-21 Excellence Trade Resources
cost 23 08-May-21 113107134 Lubrizol
cost 24 02-May-21 6083/2013 TK Petroleum
cost 25 26-May-21 6090/2013 TK Petroleum
cost 26 27-May-21 2013024 DNA Petrochem S/B
cost 27 06-Jun-21 00000060 Amagtive S/B
cost 28 22-Jul-21 00000084 Amagtive S/B
cost 29 19-Jul-21 13080 Way Chemicals & Services P/
cost 30 31-Jul-21 80976 Jurong Barrel & Drums Ind P
cost 31 07-Aug-21 7454 Way Chemicals & Services P/
cost 32 29-Jul-21 GPPL/BO-13128 Gulf Petrochem P/L
cost 33 05-Aug-21 00000094 Amagtive S/B
cost 34 29-Jul-21 GPPL/BO-13128 Gulf Petrochem P/L
cost 35 02-Sep-21 00000110 Amagtive S/B
cost 36 19-Sep-21 00000118 Amagtive S/B
cost 37 07-Oct-21 00000131 Amagtive S/B
cost 38 31-Oct-21 GPPL/BO-13220 Gulf Petrochem P/L
cost 39 02-Dec-21 00000154 Amagtive S/B
cost 40 04-Dec-21 113119194 Lubrizol

expenses 41 13-Jun-21 Cash

expenses 42 05-Jul-21 Cash
expenses 43 31-Jan-21 Mr X
expenses 44 28-Feb-21 Mr X
expenses 45 31-Mar-21 Mr X
expenses 46 30-Apr-21 Mr X
expenses 47 31-May-21 Mr X
expenses 48 30-Jun-21 Mr X
expenses 49 31-Jul-21 Mr X
expenses 50 31-Aug-21 Mr X
expenses 51 30-Sep-21 Mr X
expenses 52 31-Oct-21 Mr X
expenses 53 30-Nov-21 Mr X
expenses 54 31-Dec-21 Mr X

bank-usd 55 14-Aug-21 Cash

bank-usd 56 31-Jan-21 UOB
bank-usd 57 28-Feb-21 UOB
bank-usd 58 30-Mar-21 UOB
bank-usd 59 30-Apr-21 UOB
bank-usd 60 31-May-21 UOB
bank-usd 61 29-Jun-21 UOB
bank-usd 62 31-Jul-21 UOB
bank-usd 63 31-Aug-21 UOB
bank-usd 64 30-Sep-21 UOB
bank-usd 65 31-Oct-21 UOB
bank-usd 66 30-Nov-21 UOB
bank-usd 67 31-Dec-21 UOB

bank-sgd 68 09-Jan-21 UOB

bank-sgd 69 28-Jan-21 Mr X
bank-sgd 70 31-Jan-21 UOB
bank-sgd 71 05-Feb-21 Mr X
bank-sgd 72 09-Feb-21 UOB
bank-sgd 73 28-Feb-21 UOB
bank-sgd 74 09-Mar-21 UOB
bank-sgd 75 30-Mar-21 UOB
bank-sgd 76 09-Apr-21 UOB
bank-sgd 77 30-Apr-21 UOB
bank-sgd 78 09-May-21 UOB
bank-sgd 79 31-May-21 UOB
bank-sgd 80 08-Jul-21 Combine Services Pte Ltd
bank-sgd 81 10-Jun-21 UOB
bank-sgd 82 29-Jun-21 UOB
bank-sgd 83 09-Jul-21 UOB
bank-sgd 84 31-Jul-21 UOB
bank-sgd 85 10-Aug-21 UOB
bank-sgd 86 31-Aug-21 UOB
bank-sgd 87 16-Aug-21 Mr X
bank-sgd 88 19-Sep-21 Mr X
bank-sgd 89 10-Sep-21 UOB
bank-sgd 90 30-Sep-21 UOB
bank-sgd 91 31-Oct-21 UOB
bank-sgd 92 30-Nov-21 UOB
bank-sgd 93 31-Dec-21 UOB

jv 94 31-Dec-21 ABC Company

jv 95 31-Dec-21 ABC Company
jv 96 31-Dec-21 Combine Services Pte Ltd
 Foreign Forex per
Job / Item Description Cur currency invoice date SGD Amount

SN150 USD 31,250.00 1.2389 38,715.63

SN500 USD 31,250.00 1.2363 38,634.38
SN500 USD 12,500.00 1.2436 15,545.00
SN150 USD 26,000.00 1.2342 32,089.20
SN500 USD 27,472.50 1.2613 34,651.06
SN500 USD 24,000.00 1.2342 29,620.80
SN500 USD 54,000.00 1.2342 66,646.80
J150 USD 30,960.00 1.2613 39,049.85
BS150 USD 27,400.00 1.2738 34,902.12
600N USD 33,250.00 1.2738 42,353.85
150N GROUP II USD 30,960.00 1.2757 39,495.67
600N GROUP II USD 31,920.00 1.2572 40,129.82
600N GROUP II USD 31,920.00 1.2572 40,129.82
150N GROUP II USD 30,960.00 1.2394 38,371.82
600N GROUP II USD 31,920.00 1.2555 40,075.56
600N GROUP II USD 31,920.00 1.2653 40,388.38
-
Purchase - Base Oil SN150 USD 26,250.00 1.2389 32,521.12
Purchase - Base Oil SN500 USD 9,700.00 1.2363 11,992.11
Purchase USD 3,842.46 1.2436 4,778.48
Purchase - Base Oil SN 500 USD 26,500.00 1.2436 32,955.40
Purchase - Base Oil SN 150 USD 22,300.00 1.2342 27,522.66
Purchase USD 16,178.40 1.2342 19,967.38
Purchase USD 5,524.01 1.2613 6,967.43
Purchase - Base Oil SN 500 USD 46,805.00 1.2613 59,035.15
Purchase - Base Oil SN 500 USD 23,400.00 1.2613 29,514.42
Purchase - Base Oil SN 150 USD 13,300.00 1.2613 16,775.29
Purchase - Base Oil J150 USD 30,720.00 1.2652 38,866.94
Purchase - Base Oil SN 600 USD 33,000.00 1.2738 42,035.40
Purchase - Base Oil SN150 USD 4,665.00 1.2738 5,942.28
Purchase - IBC SGD 695.50
GST payment USD 326.59 1.2757 416.63
Purchase Base Oil BS150 USD 10,877.00 1.2738 13,855.12
Purchase Base Oil SN150 USD 30,720.00 1.2757 39,189.50
Purchase Base Oil BS150 USD 13,466.15 1.2738 17,153.18
Purchase Base Oil SN 600 USD 31,680.00 1.2572 39,828.10
Purchase Base Oil SN 600 USD 31,680.00 1.2572 39,828.10
Purchase Base Oil SN 150 USD 30,720.00 1.2394 38,074.37
Purchase Base Oil SN 500 USD 27,500.00 1.2394 34,083.50
Purchase Base Oil SN 600 USD 31,680.00 1.2653 40,084.70
Purchase USD 4,489.18 1.2653 5,680.16

Commission USD 6,060.00 1.2652 7,667.11

Commission USD 5,400.00 1.2738 6,878.52
Travel Claims RM 1,125.71 39.97 449.95
Travel Claims RM 597.98 39.99 239.13
Travel Claims RM 543.17 40.07 217.65
Travel Claims RM 338.90 40.71 137.97
Travel Claims RM 660.55 40.88 270.03
Travel Claims RM 313.94 39.80 124.95
Travel Claims RM 447.61 39.21 175.51
Travel Claims RM 1,019.85 38.66 394.27
Travel Claims RM 1,090.63 38.59 420.87
Travel Claims RM 1,488.33 39.25 584.17
Travel Claims RM 434.83 38.91 169.19
Travel Claims RM 303.72 38.56 117.11

Transfer from USD to to SGD account USD 2,984.53 1.2605 3,762.00

Interest income from usd account USD 0.42 1.2389 0.52
Interest income from usd account USD 0.40 1.2363 0.49
Interest income from usd account USD 0.45 1.2436 0.56
Interest income from usd account USD 0.47 1.2342 0.58
Interest income from usd account USD 0.75 1.2613 0.95
Interest income from usd account USD 0.59 1.2652 0.75
Interest income from usd account USD 0.57 1.2738 0.73
Interest income from usd account USD 0.87 1.2757 1.11
Interest income from usd account USD 0.22 1.2572 0.28
Interest income from usd account USD 0.09 1.2394 0.11
Interest income from usd account USD 0.35 1.2555 0.44
Interest income from usd account USD 0.13 1.2653 0.16

bank service charge-BIB fee SGD (20.00)

Advances from director SGD 1,050.00
bank service charge SGD (25.00)
Advances from director SGD 800.00
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (25.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (25.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (25.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (25.00)
Payment for Professional fee for year ended 31 SGD (1,250.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (25.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (35.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (35.00)
Repayment to director SGD (150.00)
Repayment to director SGD (2,000.00)
bank service charge SGD (35.00)
bank service charge-BIB fee SGD (20.00)
bank service charge SGD (35.00)
bank service charge SGD (35.00)
bank service charge SGD (35.00)

To recognise forex difference on 31 Dec 2021 uob usd account

To recognise depreciation of office equipment for the year ended 31 Dec 2021
Professional fee for year ended 31 Dec 2021

1,228,087.81
 AMOUNT
CREDITED/
Bank clearing (DEBITED) TO bank
date THE BANK credited/debited Bank charges checker
IN USD IN USD
5,138.50 -

18-Jan-21 usd 31,215.77 uob usd 34.23 -

26-Feb-21 usd 31,215.88 uob usd 34.12 -
21-Mar-21 usd 12,465.94 uob usd 34.06 -
17-Apr-21 usd 25,965.84 uob usd 34.16 -
23-May-21 usd 27,438.56 uob usd 33.94 -
30-Apr-21 usd 23,969.00 uob usd 31.00 -
30-Apr-21 usd 53,965.84 uob usd 34.16 -
31-May-21 usd 30,925.95 uob usd 34.05 -
25-Jul-21 usd 27,392.06 uob usd 7.94 -
16-Jul-21 usd 33,216.02 uob usd 33.98 -
07-Aug-21 usd 30,926.06 uob usd 33.94 -
03-Sep-21 usd 31,886.09 uob usd 33.91 -
19-Sep-21 usd 31,885.90 uob usd 34.10 -
08-Oct-21 usd 30,925.94 uob usd 34.06 -
01-Nov-21 usd 31,885.90 uob usd 34.10 -
04-Dec-21 usd 31,885.97 uob usd 34.03 -

21-Jan-21 usd (26,282.82) uob usd 32.82 -

20-Feb-21 usd (9,730.43) uob usd 30.43 -
06-Mar-21 usd (3,866.73) uob usd 24.27 -
06-Mar-21 usd (26,532.74) uob usd 32.74 -
17-Apr-21 usd (22,330.26) uob usd 30.26 -
24-Apr-21 usd (16,718.40) uob usd 540.00 -
03-May-21 usd (5,548.48) uob usd 24.47 -
06-May-21 usd (46,850.61) uob usd 45.61 -
21-May-21 usd (23,433.17) uob usd 33.17 -
23-May-21 usd (13,300.00) uob usd - -
07-Jun-21 usd (30,755.42) uob usd 35.42 -
23-Jul-21 usd (33,036.56) uob usd 36.56 -
25-Jul-21 usd (4,689.39) uob usd 24.39 -
31-Jul-21 uob sgd -
01-Aug-21 usd (350.32) uob usd 23.73 -
31-Jul-21 usd (10,900.73) uob usd 23.73 -
13-Aug-21 usd (30,755.12) uob usd 35.12 -
31-Jul-21 usd (13,466.15) uob usd - -
06-Sep-21 usd (31,715.56) uob usd 35.56 -
20-Sep-21 usd (31,735.74) uob usd 55.74 -
09-Oct-21 usd (30,755.30) uob usd 35.30 -
31-Oct-21 usd (27,533.38) uob usd 33.38 -
05-Dec-21 usd (31,715.85) uob usd 35.85 -
06-Dec-21 usd (4,513.26) uob usd 24.08 -

13-Jun-21 usd (6,060.00) uob usd -

05-Jul-21 usd (5,400.00) uob usd -
director acc -
director acc -
director acc -
director acc -
 director acc -
director acc -
director acc -
director acc -
director acc -
director acc -
director acc -
director acc -

14-Aug-21 (2,984.53) -
31-Jan-21 usd 0.42 uob usd -
28-Feb-21 usd 0.40 uob usd -
30-Mar-21 usd 0.45 uob usd -
30-Apr-21 usd 0.47 uob usd -
31-May-21 usd 0.75 uob usd -
29-Jun-21 usd 0.59 uob usd -
31-Jul-21 usd 0.57 uob usd -
31-Aug-21 usd 0.87 uob usd -
30-Sep-21 usd 0.22 uob usd -
31-Oct-21 usd 0.09 uob usd -
30-Nov-21 usd 0.35 uob usd -
31-Dec-21 usd 0.13 uob usd -

09-Jan-21 uob sgd -

28-Jan-21 uob sgd -
31-Jan-21 uob sgd -
05-Feb-21 uob sgd -
09-Feb-21 uob sgd -
28-Feb-21 uob sgd -
09-Mar-21 uob sgd -
30-Mar-21 uob sgd -
09-Apr-21 uob sgd -
30-Apr-21 uob sgd -
09-May-21 uob sgd -
31-May-21 uob sgd -
08-Jul-21 uob sgd -
10-Jun-21 uob sgd -
29-Jun-21 uob sgd -
09-Jul-21 uob sgd -
31-Jul-21 uob sgd -
10-Aug-21 uob sgd -
31-Aug-21 uob sgd -
16-Aug-21 uob sgd -
19-Sep-21 uob sgd -
10-Sep-21 uob sgd -
30-Sep-21 uob sgd -
31-Oct-21 uob sgd -
30-Nov-21 uob sgd -
31-Dec-21 uob sgd -

-
-
-

1,349.58 -
0.00
 - -

ACCUM
CASH AT BANK DEPRECIATION -
CASH AT BANK - UOB USD - CASH AT BANK OFFICE OFFICE DIRECTOR
- UOB USD Forex - UOB SGD EQUIPMENT EQUIPMENT ACCRUALS ACCOUNT
(As per bank
statement)
5,138.50 1,141.26 205.00 920.00 (306.67) (1,250.00) (7,108.82)
5,138.50 1,141.26 205.00 920.00 (306.67) (1,250.00) (7,108.82)
 TELEPHONE
SHARE ACCUMULATED INTEREST PURCHASES COMMISSION AND
CAPITAL LOSSES REVENUE INCOME INTERNET

(100.00) 1,360.73 - - - - -
(100.00) 1,360.73 - - - - -
 DEPRECIATION
OF
TRANSPORTATION ACCOUNTING BANK PLANT AND ENTERTAINMENT GENERAL
AND TRAVELLING FEE CHARGES EQUIPMENT EXPENSES

- - - - - -
- - - - - -
(GAIN)/ LOSS ON PRINTING AND INCOME
EXCHANGE STATIONERIES PROFESSIONAL TAX
FEE EXPENSE

- - - -
- - - -