Answer what you required according to Malaysian perspective

Q1)

A

Cik Halimah is an entrepreneur who owned HD Cleaning Services Enterprise (HDCSE). Cik Halimah appointed you to manage the accounting records. You have been asked to complete part of the accounting cycle as she would apply for a bank loan. The following transactions had taken place in the first month (January 2020) of her business operation. 1 January The following assets were contributed by Cik Halimah into the business: Cash RM50,000 Furniture and Fitting RM40,000 Office Equipment RM14,000 ON Purchased office supplies from JD Enterprise for RM600 cash. Hired a part time worker to assist Cik Halimah with a salary of RM1,200 per month. 11 Paid insurance premium for six (6) months period for RM2,500 cash. Performed cleaning services to her customers and received RM10,000 cash. 13 Purchased a van for RM25,000 by paying RM14,000 cash and the remaining balance was on account. 16 Cik Halimah used RM5,500 of HDCSE's money for her vacation. 17 Paid RM4,000 for the transaction on 13 January. 22 Paid RM1,500 for utility bills. 27 Performed services to customers of RM15,000 and received RM7,000 cash. The remaining balance will be received in February 2020. 28 One of the customers paid HDCSE of RM10,000 for the services to be performed in February 2020. 30 Paid salary for RM1,200. REQUIRED: (a) Record the journal entry/entries for the above transactions during the month of January 2020. (Explanation is not required). (b) Post all relevant cash journal entries to the Cash Account ledger. Determine the Cash Account balance after all postings are completed.Cik Halimah is an entrepreneur who owned HD Cleaning Services Enterprise (HDCSE). Cik Halimah appointed you to manage the accounting records. You have been asked to complete part of the accounting cycle as she would apply for a bank loan. The following transactions had taken place in the first month (January 2020) of her business operation. 1 January The following assets were contributed by Cik Halimah into the business: Cash RM50,000 Furniture and Fitting RM40,000 Office Equipment RM14,000 ON Purchased office supplies from JD Enterprise for RM600 cash. Hired a part time worker to assist Cik Halimah with a salary of RM1,200 per month. 11 Paid insurance premium for six (6) months period for RM2,500 cash. Performed cleaning services to her customers and received RM10,000 cash. 13 Purchased a van for RM25,000 by paying RM14,000 cash and the remaining balance was on account. 16 Cik Halimah used RM5,500 of HDCSE's money for her vacation. 17 Paid RM4,000 for the transaction on 13 January. 22 Paid RM1,500 for utility bills. 27 Performed services to customers of RM15,000 and received RM7,000 cash. The remaining balance will be received in February 2020. 28 One of the customers paid HDCSE of RM10,000 for the services to be performed in February 2020. 30 Paid salary for RM1,200. REQUIRED: (a) Record the journal entry/entries for the above transactions during the month of January 2020. (Explanation is not required). (b) Post all relevant cash journal entries to the Cash Account ledger. Determine the Cash Account balance after all postings are completed.Budi Enterprise is a private investigation business owned by Mr. Budiman. The business is in operation since the last six years, but all accounts and financial statements have been prepared by an external accounting firm. It is your responsibility as a new manager with accounting background to prepare the accounts and financial statements to reduce the business's cost. It is normal practice for the business where some clients are pay in advance for the company's services, while other clients make payments after the services have been rendered. Advanced payments from clients are credited to the Unearned Fees account. The as follows: balances of the accounts appear in the ledger of Budi Enterprise as at 31 December 2019 are Accounts (RM) Cash 8.640 Accounts Receivables 2.650 Supplies 5,350 Prepaid Insurance 2,890 Motor Vehicles 45,000 Accumulated Depreciation- Motor Vehicles 27.000 Building 120,500 Accumulated Depreciation- Building 43,380 Accounts Payables 14,990 Unearned Fees 24,000 Wages Payables 1,760 Capital, Budiman 58,000 Drawings, Budiman 8.320 Revenue 46.480 Wages Expense 20,180 Insurance Expense 2,080 The following transactions are related to year-end adjustments: 1. The amount of insurance premiums expired during the year are RM1.240. 2. The estimated useful life for motor vehicles and buildings are 5 years and 10 years respectively. The scrap value for buildings is 10% of the original cost and there is no scrap value for motor vehicles, Budi Enterprise uses straight-line method to depreciate its fixed assets. 3. Wages accrued on December 31 are RM2,840. 4. Supplies on hand at December 31 are RM560. 5. Fees earned but unbilled on December 31 is RM7,500. 6. Unearned fees of RM20,000 is earned at 31 December 2019. REQUIRED: (a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Budi Enterprise for the year ended 31 December 2019. (b) Prepare the Statement of Financial Position of Budi Enterprise as at 31 December 2019.AM Enterprise, a merchandising business, has been in operation for a few years, The business used the perpetual inventory system in its transaction recording, Below is the business's Trial Balance as at 31 December 2019: AM Enterprise Trial Balance as at 31 December 2019 Debit Credit RM RM Cash 17,500 Account Receivable 6,200 Merchandise Inventory 8,000 Office Equipment 24,000 Accumulated Depreciation - Office Equipment 7.200 Account Payable 6,500 Capital 42,000 55.700 55,700 The transactions occurred during the month of January 2020 are as follows: 1. Purchased merchandise on account from LY San. Hhd, listed price of RM24,000. trade discount 15%, with credit term of 2/10, 1/30, FOB destination. Sold merchandise to NZ Enterprise for RM19,600 under credit terms of 3/15, n/30, FOB shipping point. The cost of merchandise sold was RM8,800. 3. Returned faulty merchandise to LY Sun, Bad. of RM6,000, 4. Sold merchandise to ED Enterprise for cash RM10,000, The cost of merchandise sold was RM5,400. 5. Paid LY Sin. Bbd. the amount due within the discount period. Paid salaries expense of RM3,600, rent expense of RM2,800, and miscellaneous expense of RM3,200. 7. Office equipment is depreciated at RM2,400 per year. REQUIRED: (a) Prepare journal entries to record the above transactions and adjustment. (b) Prepare Statement of Profit or Loss and Other Comprehensive Income ( multiple step) for the month ended 31 January 2020 and Statement of Financial Position as at 31 January 2020, (c) Explain the difference between the nature of AM Enterprise as a merchandise business and EDC Hotels and Resorts as a service business.Assume that Covidabravo Sdi. Bhad. is a large merchandising wholesale business operating in Malaysia. The company is affected by the Covid-19 pandemic. Hence, the top management has called for ideas on potential strategies recommendation to overcome potential negative impact of the pandemic on profitability and solvency of the company. As one of the bright new management executives, you are eager to present your recommendation in the next coming online management niecting. To do that, you need to show some calculations, based on prior years' financial statements, that support your recommendations. You concentrated your study of financial statements on the company's statement of profit or loss and other comprehensive income. The statement of profit or loss and other comprehensive income for Covidabravo Sdn, Hhd of selected prior years is presented below; Covidabravo Sdn. Bhd. Statement of Profit or Loss and Other Comprehensive Income Year Ended 31 December 2019 2018 2017 RM ((HIO) RM (090) RM (600) Sales* * 32,376 30.601 27.799 Cost of merchandise sold 17,405 16.534 15,353 Gross profit 14.971 14,067 12,446 Sales expense 3.27H 3.213 3,031 Administrative expense 7,191 6,679 5,735 Total selling and administrative expense 10,469 9.892 8,766 Interest experise 19 28 33 Other income 140 -103 Income before income taxes 4,623 4.205 3.544 Income tax expense 932 851 Net income 3,760 3.273 2,693 Assume that all sales are on account Below is the excerpt of Covidabravo Sdn. Bhd.'s statement of financial position's data. 2019 2018 Assets RM (000) RM 1000) Current Assets: Cash and equivalents 3.138 3.852 Short-term investments 2.319 2.072 Accounts receivable (net) 3.241 3,358 laventories 4.438 4.337 Prepaid expenses and other current assets 1.489 1,968 Total current assets 17.464 18,174 Property, plant and equipment 3.520 3.011 Intangible assets (net) 412 412 Total Assets 21.396 21.597 The following is additional information (in thousands) related to the company: RM 1060) Accounts receivable at 31 December 2017 3.117 Merchandise inventories at 31 December 2017 4.142 Total assets at 31 December 2017 18,594 Accounts payable at 31 December 2017 2.131 Total current liabilities at 31 December 2017 6,332 Stockholders' equity at 31 December 2017 12,000 REQUIRED: "a) Determine the following measures for the fiscal years ended 31 December 2019 and 2018, Round ratios and percentages to one decimal place. (1) Accounts receivable turnover (#1) Number of days' sales in receivables (Hil) Inventory turnover (iv) Number of days' sales in inventory (v) Ratio of sales to asset (b) What conclusion(s) can be drawn from each of the analysis done in part (a)? (c) Based on your answer in part (b), recommend TWO (2) potential strategies that can be used to maintain or improve the efficiency of inventory, sales and accounts receivables management to minimise the impact of Covid-19 pandemic on its profitability and cash flows.TG Son. End. is an electrical manufacturing company located in Pagoh. It is a well established company with a favorable reputation for the quality of their products. The company manages to increase its production to meet their customer's demand. Among the company's goals is to have a better management in controlling product costs. Presented below is the information for the year ended 3| December 2019: RM Sales 6.300.000 Sales Expenses 2 [0.000 Administration Expenses [35.000 income Tax Expenses 75.000 Direct Material Purchased |.650.000 Direct Labour 840,000 Indirect Labour 360.000 Depreciation Expenses - Factory Machine 45.000 Utilities Expenses [35.000 Depreciation Expenses Factory Building 90.000 Insurance Expenses 60.000 Supplies Expenses 75,000 Other Expenses 90.000 Finished Goods Inventory. 3| December 2019 390.000 Work-in-proeess inventory, 3! December 2019 [62.000 Direct Material Inventory. 3] December 2019 [05.000 Additional information: I. The opening inventory on 1 January 20 I 9 for nished goods. work-in-process and direct materials are RM540.000. RM [95.000 and RM90.000. respectively. 2. Utility. insurance. supplies and other expenses for factory and ofce are allocated as below: EsmeQatar. Utility expenses 40% 60% Insurance expenses 50% 50% Supplies expenses 20% 80% Other expenses IO% 90% REQUIRED: (a) Prepare the Statement of Cost of Goods Manufactwed for the year ended 31 December 20l9. (b) Prepare the Statement of Prot or Less and Other Comprehensive income for the year ended 31 December 2019