SET 1

Solution ACC407

Multiple Choice Questions (15 MARKS)

1 C 5 D 9 B 13 C
2 B 6 B 10 D 14 D
3 C 7 A 11 D 15 C
4 A 8 B 12 B

PART B
QUESTION 1
Aidil Enterprise
Statement of Profit or Loss for the year ended 31 March 2022
RM RM RM
Sales 185,000 √
(-) Return Inwards (8,750) √
(-) Discount allowed (3,500) √
Net Sales 172,750

LESS: COST OF GOODS SOLD

Opening Inventory 12,000 √
Purchases (94000-500) 93,500 √ √
(-) Return outwards (3,750) √
(-) Discount received (1,500) √
(+) Duty on purchases 940√
(+) Carriage Inwards 750√ 89,940
Cost of Goods available for sale 101,940
(-) Closing inventory (15,000) √ (86,940)
GROSS PROFIT √ 85,810

ADD: REVENUE
Commission revenue (7,540+600) 8,140 √√
Interest on 3% Fixed Deposit 3% x 50000 1,500
√√
95,450

LESS: EXPENSES
Increase in All. For DD (500+750-600) 650√ √ √
Carriage outward 250√
Motor vehicle expenses 1,000√
Salary expenses (19,500-1,500) 18,000√ √
Advertisement expenses 1,500√
General expenses 700√
Stationery 275√
Utilities Expenses (500+500) 1,000√√
Rental expenses 12,000√
Interest on loan (1,500 x 8/12 ) 1,000√ √
Insurance 2,400√
 Repairs and maintenance 1,500√
Depreciation – F&F (10% * 7,000) 700√ √
Depreciation - Motor Vehicle (20% * 25,000) 5,000√ √
Depreciation – Machinery [10% * (45,000- 3,600√ √
9,000)]
(49,575)
NET PROFIT √ 45,875
(40√ x ½ = 20 mark)

Aidil Enterprise
Statement of Financial Position as at 31 April 2022
RM RM RM
NON-CURRENT ASSETS
Fixture & Fittings 7,000 √ (2,100) √ 4,900
Motor vehicles 25,000 √ (10,000) √ 15,000
Machinery 45,000 √ (12,600) √ 32,400

52,300
3% Fixed Deposit 50,000 √

CURRENT ASSETS
Inventory 15,000 √
Account receivable (12,500-500) 12,000 √ √
(-) AFDD (600+150) (750) √ 11,250
Cash at bank 5,475 √
Cash in hand 4,250 √
Accrued commission revenue 600 √
Accrued interest on fixed deposit 1,500√
Prepaid salary 1,500√
Prepaid interest on loan 500 √ 40,075
142,375
OWNER'S EQUITY
Capital 55,000 √
(+) Net Profit 45,875√of
(-) Drawings (3,500+500) (4,000) √ √
97,875
NON-CURRENT LIABILITIES
5% Bank Loan 30,000 √

CURRENT LIABLITIIES
Account Payables 15,000 √
Accrued utilities 500 √ 15,500
142,375

(24√ x ½ = 12 mark)
(Total: 32 marks)
*-----

QUESTION 2

Appropriation Statement of Profit or Loss for the year ended 31

December 2021
Net Profit 106,1
 80 √
Less: Interest on loan (3%x 100,000x
11/12) (2,750) √√
Less: depreciation (500) √ 102,930

Add: Interest on Drawings

Hani (30,000 x 6% x 6/12) √√ 900
Teha(20,000 x 6% x 1/12) √√ 100
103,930
Less: salary
Hani (2500x12) (30,000) √
Teha (2500 x12) (30,000) √
Less: Interest in capital
Hani 5% x 200000 (10,000) √
Teha 5% x 100000 (5,000) √

Net profit for appropriation 28,930

Share of profit (2:1)
Hani (2/3x28,930) √ 19,287 - 357√ of 18,930
Teha (1/3x 28,930) √ 9,643 +357√ of 10,000
28,930
16 ticks/2 √ = 8 marks

Current account
Hani Teha Hani Teha
32,000
Bal b/f √ Bal b/f 30,000√
20,000
Drawings 30,000√ √ Interest on loan 2,750√
Interest on drawings
√ 900 100 Interest on capital√ 10,000 5,000
18,93
Share of profit√ 0 10,000

30,780√o 37,100√o
Bal c/f f - Bal c/f - f

61,680 52100 61,680 52100

10 √ x ½ = 5 marks
(Total : 13 marks)