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TABLE OF CONTENT

NUM. CONTENTS
1. APRIL 2009

PAGES
24

2.

OCTOBER 2009

57

3.

APRIL 2011

8 11

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APRIL 2009 QUESTION 5 The summarized Income Statement for the year ended 31 December 2008 and the Balance Sheet as at 31 December 2008 for Huzai Trading were as follows: HUZAI TRADING Income Statement for the year ended 31 December 2008 RM Sales 220,000 Less: Cost Of Goods Sold Opening stock 26,000 Add: Purchase 150,000 176,000 Less: Closing Stock 14,000 190,000 Gross profit 30,000 Expenses 19,000 Net profit 11,000 HUZAI TRADING Balance Sheet as at 31 December 2008 RM 60,000

RM

RM

Non-Current Asset Current Asset Inventory Accounts Receivable Cash Owner's Equity Capital Net Profit Non-Current Liabilities Loan Current Liabilities Accounts Payable

14,000 10,000 8,000

32,000 92,000 60,000 11,000 71,000 12,000

9,000 92,000

Required: a) Calculate and comment on the following ratios for Huzai Trading: i. Acid test ratio ii. Net profit margin iii. Stock turnover iv. Return on investment. b) Explain why these users need financial accounting information: i. Managers ii. Owner iii. Creditors. Page | 2

ANSWERS: a) i. Acid test ratio = current asset closing inventory prepaid expenses current liability = 32,000 14,000 0 9,000 = 2:1

ii. Net profit margin

= Net profit x 100% Net sales = 11,000 x 100% 220,000 = 0.05 : 1

iii. Stock turnover Inventory turnover ratio = Cost of goods sold Average stock = Purchase purchase return + opening inventory closing inventory ( Opening stock + closing stock ) 2 = 150,000 0 + 26,000 14,000 ( 26,000 14,000 ) 2 = 162,000 6000 = 27 times

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iv. Return on investment Net profit __ = Net profit___________ x 100% Capital employed ( opening capital + closing capital ) 2 = 11,000_______ x 100% 60,000 + (60,000 + 11,000 - 0 ) 2 11,000_____ x 100% (71,000 + 60,000) 2

= 11,000 x 100% 65,500 = 0.168 x 100% = 16.8%

b) i. Managers: To analyse the performance of the company. ii. Owner : To measure the efficiency of the business operation.

iii. Creditors : To overcome and improve financial situation in the future.

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OCTOBER 2009 QUESTION 4 Below is the information appearing on 31 December 2008 that has been extracted from an Enterprise. Sales Expenses Revenue Current liability Current asset excluding stock Additional information: Sales return is 10% of total sales Cost of sales is 25% of net sales Stock turnover ratio is 5 times Opening stock is RM20,000 Using the above information, calculate: i. Gross Profit Ratio ii. Net Profit Ratio iii. Closing stock iv. Current Ratio RM350,000 RM45,000 RM28,000 RM30,000 RM54,500

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ANSWERS: i. Gross profit ratio Sales returned Sales returned = 10% x sales = 10 x 350,000 100 = 35,000

Cost of goods sold = 25% x Net sales = 25% x (sales sales returned) = 25 x (350,000 35,000) 100 = 78,750 Gross profit ratio = Gross profit x 100% Net sales = (Net sales cost of goods sold) x 100% (sales sales returned) = 315,000 78,750 x 100% 315,000 = 0.75 x 100% = 75%

ii. Net profit ratio Net profit ratio = Net profit x 100% Net sales = (gross profit - expense) x 100% Net sales = (236,250 45,000) x 100% 315,000 = 191,250 x 100% 315,000 = 60.71%

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iii. Closing stock Inventory turnover ratio = Cost of goods sold Average stock = cost of goods sold______ (Opening stock + closing stock) 2 78,750________ (20,000 + closing stock) 2

5=

5 x (20,000 + closing stock) = 78,750 2 (20,000 + closing stock) = 78,750 2 5 20,000 + closing stock = 31,500 Closing stock = 11,500

iv. Current ratio current ratio = current asset current liability = 54,500 + 11,500 30,000 = 2.2 : 1

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APRIL 2011 QUESTION 4 Spicecraft Trading had the following financial statements as at 31 March 2011: Spicecraft Trading Income Statement for the year ended 31 March 2011 RM RM (i) 105,000 32,000 (iv) 75,000 (ii) 44,000 (iii) 63,000 42,000

Sales Less: Cost Of sales Opening inventories Add: Purchases Less: Closing inventories Cost of goods sold Gross profit Less: Operating expenses Administrative Selling and distribution Financial Net profit

13,050 (v) 10,500 5,240 (vi) 13,210 Spicecraft Trading Balance Sheet as at 31 March 2011 RM

RM (vii) 72,000

Non-Current Asset Current Asset Inventory Accounts Receivable Owner's Equity Capital Add: Net Profit Less: Drawings Current Liabilities Creditors

(iii) 44,000 15,240 59,240 (viii) 92,850 (vi) 13,210 4,440

29,620 131,240

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Additional information: 1. Selling expenses is 10% of sales. 2. Gross profit ratio is 40%. 3. Current ratio is 2:1. Required: a) Complete the financial statements above. b) If all expenses remained unchanged, but purchases increased by 5%, calculate the percentage increase or decrease on net profit of Spicecraft Trading. Show the workings.

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ANSWERS: Gross profit ratio = Gross profit x 100% Net sales 40% = 42,000_ Net sales 0.4 Net sales = 42,000 Net sales = 105,000 (i) Selling expense = 10% of sales = 10 x 105,000 100 = 10,500 (v) Current ratio = Current assets Current liabilities 2 = current assets 29,620 = 59, 240 = 59,240 15,240 = 44,000 (iii) balance sheet

Current assets Inventories

Gross profit = Net sales cost of goods sold Cost of goods sold = Net sales Gross profit = 105,000 42,000 = 63,000 (iii) income statement Non-current assets = 131,240 -59,240 = 72,000 (vii) Current assets = inventories + account receivable = 44,000 + 15, 240 = 59,240 = gross profit expenses = 42,000 - (13,050 + 10,500 + 5,240) = 42,000 - 28,790 = 13,210 (vi)

Net profit

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Capital

= net profit drawing + creditor = 13,210 4,440 + 29,620 = 131,240 (13,210 4,440 + 29,620) = 92, 850 (viii)

Owners equity

Cost of goods sold = opening inventory + purchase closing inventory 63,000 = 32,000 + purchase 44,000 Purchase = 63,000 32,000 + 44,000 = 75,000 (iv) Cost of goods sold = opening inventory + purchase closing inventory 63,000 = 32,000 + 75,000 closing inventory Closing inventory = 32,000 + 75,000 63,000 = 44,000 (ii)

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