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ANSWER SCHEME
COURSE: FINANCIAL ACCOUNTING 1 (ACC 1013)
SET A
QUESTION 1 [15 MARKS]
(a)
i.
(b)
i.
Non current liabilities Debts that must be paid off after one accounting
period.
Example: Bank loan, mortgage
[3 marks]
(c)
i.
ii.
Accounting Period
This principles entails a business to complete the whole accounting
process of business over a specific time period, it may be monthly,
quarterly or annually.
[2 marks]
iii.
Monetary Unit
All transaction is recorded in the countrys monetary unit. The monetary
value is assume to be stable.
[2 marks]
ACC1013/FINAL/NOV14
i.
1/1/2013
31/12/201
3
31/12/201
3
Prepaid b/d
Cash
8100
Accrued c/d
900
RM
10800
10800
10800
[4/4 x 3 = 3 marks]
ii)
1/1/2013
31/12/210
3
Accrued b/d
SOCI
3 Cash
31/12/201
12000
3
Accrued c/d
14600
RM
12000
2600
14600
[4/4 x 3 = 3 marks]
iii)
31/12/201
3
SOCI
RM
1200
500
100
1800
[4/4 x 3= 3 marks]
iv)
Cash
1700
1700
1/1/2013
31/12/201
3
31/12/201
3
RM
Accrued b/d
800
SOCI
800
Prepaid c/d
100
1700
[4/4 x 3= 3 marks]
2
ACC1013/FINAL/NOV14
v)
Less: Expenses
Salary Expenses
10800
Utilities Expenses
800
100
2600
900
100
Current Liabilities :
Accrued Salary Expense
Prepaid Commission
Income
[8/8 x3 = 3 marks]
ACC1013/FINAL/NOV14
(a)
2012
Jan 1
2012
Nov 14
Nov 14
Balance b/d
Bank
Maybank
5 000
35 000
100 000
2013
Jan 1
2013
Apr 7
Balance b/d
100 000
Cash
5 000
105 000
100 000
100 000
2013
Dec 31
Balance c/d
105 000
105 000
6/6 x 2 = 2m
(b)
2012
Jan 1
May 1
2013
Jan 1
Jul 26
Balance b/d
Bank
Balance b/d
Fella Fitting
60 000
60 000
70 000
70 000
5/5 x 2 = 2m
ACC1013/FINAL/NOV14
(c)
2012
Dec 31
Balance b/d
20% x 60,000 =
12,000
20% x 60,000 =
12,000
New 1
20% x 40,000 x
2/12 =1,333
20% x 40,000
=8,000
New 2
20% x 5,000 x
9/12 = 750
20,750
Statement of
Comprehensive
Income (SOCI)
53,333
2013
Dec 31
Total Dep.
(SOCI)
13,333
Balance c/d
74,083
2013
Jan 1
Dec 31
74,083
Balance b/d
Statement of
Comprehensive
Income (SOCI)
13,3338
53,333
53,333
20,75011
74,083
23/23 x 8 = 8m
Formulae:
10% NBV x t
Accounting
Period
1/1/2012
31/12/2012
1/1/2013
31/12/2013
(d)
2012
Dec 31
Balance b/d
New 1
10% x (30,000) =
3,000
10%x(10,000)
= 1,000
New 2
10% x
(15,000) =
1,000
4,600
Statement of
Comprehensive
Income (SOCI)
24,000
2013
Dec 31
Total
Dep.
(SOCI)
4,000
Balance c/d
4,0007
24,000
2013
Jan 1
28,600
Dec 31
28,600
Balance b/d
Statement of
Comprehensive
Income (SOCI)
24,000
4,60012
28,600
23/23 x 8 = 8m
(e)
Muthu Trading
Statement of Comprehensive Income (extracted) for the year ended 31
December 2012 and 2013
6
ACC1013/FINAL/NOV14
2012
2013
Expenses:
Depreciation for Office
Equipment
13,333
4,000
20,750
4,600
Muthu Trading
Statement of Financial Position (extracted) as at 31 December 2012 and 2013
Non-current assets
Office Equipment
Less: Accumulated Depreciation of
Office Equipment
2012
2013
100,000
105,000
(53,333)
46,667
(74,083)
30,917
60,000
70,000
(24,000)
36,000
(28,600)
41,400
12/12 x 3 =3m
(f)
i.
Time Factors
ii.
Physical Factors
iii.
Depletion
iv.
Economic
4/2 = 2m
a)
Date
2014
Item
Credit Transfer
RM
2,724
ACC1013/FINAL/NOV14
July 31
Credit Transfer
Dividend
Error by the firm
Sales
Balance c/d
150
100
90
242
1,687
July 31
Returned
Cheque
Standing Order
Charges
&Interest
Direct Debit
200
210
35
100
3,269
3,269
[12/12X9=9 marks]
b)
(1,687)
1,320
2500
3,820
1,200
445
(1,645)
Statement
488
[6/6X4=4 marks]
c)
Definition of :
i) Direct Debit : creditors inform the banks of the amount of bills to be paid
ii) Unpresented Cheques : Cheques that has been paid to supplier ( 3rd party). The
supplier has deposited the cheque in his bank but his bank still didnt collect the
money from the businesss bank until much later. (usually the subsequent month).
[ 1 mark each = 2 marks]
ANSWER 5 [30 marks]
WORKSHEET FOR ZIDANE TRADING FOR THE YEAR ENDING 31st DECEMBER 2013
PARTICULARS
UNADJUSTED TRIAL
ADJUSTMENTS
ADJUSTED TRIAL
BALANCE
BALANCE
Capital
111 500
111 500
Motor Vehicles
65 000
65 000
Fixtures and Fittings
43 000
43 000
Account Receivable
30 000
400
29 600
Account Payable
27 500
27 500
Purchases
35 800
2,000
33 800
Sales
53 080
53 080
8
ACC1013/FINAL/NOV14
Cash
Bank
Discount Allowed
Discount Received
Inventory (1 January
2013)
Carriage Inwards
28 000
40 000
4 200
Insurance (for
purchase of goods)
Carriage Outwards
10% loan from BCB
Fixed deposits with
MBB
Bad debts
Rates
Salaries
Water and electricity
Interest on fixed
deposit with MBB
Drawings
6 400
6 400
28 200
28 200
5 400
5 400
970
970
9 250
9 250
109 000
109 000
35 000
35 000
750
1 050
3 500
750
1 050
5 000
1
500
880
880
1 400
1 250
Accumulated
depreciation Motor
Vehicles
Accumulated
depreciation
Fixtures and Fittings
Allowance for
doubtful debt
Accumulated for
discount allowable
322 250
PARTICULARS
28 000
40 280
4 200
280
1 400
2,000
3 250
9 750
3315
13 065
12 900
4 300
17 200
450
380
830
270
30
300
322
250
UNADJUSTED TRIAL
BALANCE
Closing inventory
ADJUSTMENTS
30 200
Return inwards
Bad debt recovered
Increase in allowance
for doubtful debt
Increase in provision
for discount allowable
Interest on loan
Accrued interest on
loan
Accrued salaries
Depreciation :
30
200
400
ADJUSTED TRIAL
BALANCE
30 200
30 200
400
280
380
30
30
2 725
280
380
2 725
2 725
2 725
1 500
1 500
ACC1013/FINAL/NOV14
Motor Vehicles
Fixtures and fittings
3 315
4 300
10
3 315
4 300
10
25
14
( 58/58 x 10 = 10 marks)
ZIDANE TRADING
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31st DECEMBER
2013
Sales
53 080
Return inwards
(400)
52 680
Less: Cost of goods sold
Opening inventory
Purchases
Carriage Inwards
Insurance
28 200
33 800
5 400
970
Closing inventory
40 170
68 370
(30 200)
Gross profits
(38 170)
14 510
Add: Revenue
Discount received
Interest on fixed deposit
Bad debt recovered
6 400
1 400
280
10
8 080
22 590
ACC1013/FINAL/NOV14
Less: Expenses
Discount allowed
Carriage outwards
Bad debts
Rates
Salaries
Water and electricity
Increase in allowance for doubtful
debt
Increase in provision for discount
allowable
Interest on loan
Depreciation:
Motor Vehicles
Fixtures and fittings
4 200
9 250
750
1 050
5 000
880
380
30
2 725
3 315
4 300
Net loss
(31 880)
(9 290)
( 24/2= 12 marks)
ZIDANE TRADING
STATEMENT OF FINANCIAL POSITION AS on 31st DECEMBER 2013
Non current assets
Shop premises
65 000
Accumulated depreciation
(13 065)
51 935
Fixtures and fittings
Accumulated depreciation
43 000
(17 200)
25 800
35 000
112 735
Current assets
Closing inventory
Account receivable
Allowance for doubtful debt
Provision for discount allowable
Cash
Bank
30 200
29 600
(830)
(300)
28 470
28 000
40 280
126 950
239 685
Financed by:
Capital
Net loss
111 500
(9 290)
102 210
(3 250)
Drawings
98 960
ACC1013/FINAL/NOV14
109 000
Current liabilities
Account payable
Accrued interest on loan
Accrued salaries
27 500
2 725
1 500
31 725
239 685
( 18/18 x 8 = 8 marks)
12
ACC1013/FINAL/NOV14