1.At the beginning of the year, Rahman Marketing had total assets of RM450,000 and owner's equity of RM192,000. During the year, assets increased by RM72,000 and liabilities decreased by RM84,000. What is the owner's equity at the end of the year? a) RM366,000 b) RM258,000 c) RM348,000 d) RM462,000 2.The total of all the current assets of Intelligent Bhd is RM300,000. The following information is also available from the trial balance of the company. The only other current asset not included in the information above is cash and bank balance. What is the value of the cash and bank balance? Trade receivables Trade payables Bank borrowings Prepaid expense Office equipment RM85,500 RM16,400 RM150,000 RM12,000 RM39,000 a) RM163,500 b) RM202,500 c) RM152,900 d) RM232,600 3.Mr Mohan sold goods to Mr Raju for RM900. Mr Mohan also offered a further discount of RM50 for spot payment of cash. Mr Raju took delivery of goods by paying cash. What is the journal entry to record this transaction in the books of Mr Mohan? a) Dr Cash account RM850, Dr Discount allowed account RM50; Cr Sales account RM900 b) Dr Cash account RM900; Cr Sales account RM850, Cr Discount received account RM50 c) Dr Account receivable - Mr Raju RM900; Cr Sales account RM900 d) Dr Cash account RM850; Cr Sales account RM850 4.On 5 May 2014, Tomas pays a rent bill of RM3,600 for the 18 months ended on 30 June 2015. What is the charge to the statement of profit or loss and the amount to be carried in the statement of financial position in respect of rent for the year ended 31 March 2015 a) RM3,000 with prepayment of RM600 b) RM2,400 with accrual of RM1,200 c) RM3,000 with accrual of RM600 d) RM2,400 with prepayment of RM600 5.On 1 January 2014, a small company had an allowance of doubtful debts of RM1,000. During 2014, debts of RM600 were written off and RM80 was paid by the liquidator of a company whose debts had been written off completely in 2013. At the end of 2014, it was decided to adjust the allowance to RM900. What is the total expense for irrecoverable debts that should be included in the statement of profit or loss for 2014? a) RM420 b) RM780 c) RM580 d) RM620 6.A company acquired a new minicomputer system for RM50,000 on 1 November 2014. The computer's estimated useful life is five years, at the end of which it is expected to have a scrap value of RM4,550. The company's financial year ends on 31 March and straight-line depreciation is applied on a time-apportioned basis. What is the depreciation charge on the computer in statement of profit or loss for the year ended 31 March 2015? a) RM9,090 b) RM10,000 c) RM4,167 d) RM3,788 7.Pearl has trade receivables at the year-end amounting to RM150,000. An irrecoverable debt of RM3,500 is to be written off. Pearl has an opening allowance of doubtful debts of RM1,000 and wishes to maintain an allowance of 5% of year-end accounts receivable. What is the balance carried down on the allowance of doubtful debts account after dealing with the above item? a) RM10,825 b) RM6,325 c) RM7,325 d) RM3,825 8.A company pays rent quarterly in arrears on 1 January, I April, 1 July and 1 October each year. The rent was increased from RM90,000 per year to RM120,000 per year as from 1 October 2012. What rent expense and accrual should be included in the company's financial statements for the year ended 31 January 2013? a) Rental expense RM100,000; Accrual RM10,000 b) Rental expense RM100,000 ; Accrual RM20,000 c) Rental expense RM97,500 ; Accrual RM20,000 d) Rental expense RM97,500 ; Accrual RM10,000