INSTRUCTION: 1. You may consult the learning materials that are provided to you in UNIEC Virtual - the textbook and reference book stated in the course plan, the notes, and videos. No other external sources are acceptable. I will not grade answers that are taken from other sources. 2. Your answer can be type-written directly onto the ANSWER BOOKLET provided. 3. You have the responsibility to make sure that what you submitted is the complete FINAL version of your answer as no resubmission or correction is allowed. Follow the instruction given on the cover page when submitting your answer. 4. Submit your answers in ONE (1) file. Do not submit multiple files. Submission must only be in Microsoft Word format. 5. This question book consists of only ONE (1) section. You are required to answer ALL questions. (100 MARKS) There are FOUR (4) questions in this question paper. Answer ALL questions. Question 1 Below are the transactions that Rose Sdn. Bhd. incurred during the month of January 2020. Write in the appropriate boxes the title of the accounts to be debited and credited together with the amount Accounting Transactions Accounts to be debited Accounts to be credited Bank RM50,000 Capital RM50,000 4. Example: Started a business with RM50,000 cash in bank as capital. 1. Started a business with RM10,000 cash in hand, RM30,000 in bank and a bank loan worth RM50,000 2. Bought a computer worth RM5,500 on credit from Hi-Tech Supply 3. Cash sales of goods worth RM2,000 to Sunflower Enterprise. Purchased goods on credit from Lily Trading worth RM48,000. Received a discount of 10% from Lily Trading Sold goods on credit to Morning Glory Company worth RM12,000. 6. Morning Glory Company returned goods worth RM900. 7. Cash sales of RM2,000 to Orchid Sdn. Bhd. 8. Bought a van worth RM70,000 from Jasmine Motors. Paid a deposit of RM10,000 by cheque and agreed to pay the balance by installment for the period of 5 years to Jasmine Motors. 9. The owner took cash worth RM10,000 for his personal house rental. 10. Paid salary RM5,000 and advertisement RM2,000 by cheque. 5. (20 Marks) Question 2 RM The following accounts balances were extracted from the books of FaceMask Enterprise as at 31 December 2020. RM Cash in hand 10,000 Prepaid advertising expenses 2,000 Cash at bank 24,000 Sundry expenses 1,700 Trade receivables 23,500 Utilities expenses 3,000 Trade payables 25,200 Vehicles 55,000 Machinery 42,000 Carriage inwards 2,000 Capital Commission revenue 2,100 Land 800,000 Drawings 4,200 Sales 820,000 Salaries 23,400 Purchases 610,000 Electricity expenses 4,900 Bank overdraft 5,800 Discount received 3,100 Accrued rent expenses 3,000 Accrued interest received 2,000 ? Required: a) Calculate the capital amount. b) Prepare a Trial Balance for FaceMask Enterprise as at 31 December 2020. (3 marks) (7 marks) (Total: 10 Marks) Question 3 Balances of accounts for Ketupat Palas Enterprise on 1 June 2020 are as follows: RM Cash in hand 7,800 Cash at bank 38.000 Computers 5.800 Rendang Sdn. Bhd. 4,200 Lontong Trading 5.100 Bank loan 35,000 Capital 15.700 1 4 8 The following transactions took place in the month of June: Date Transactions Purchased goods on credit from Lontong Trading RM4,700. Sold RM1,800 worth of goods for cash. 6 Paid office rental through cheque ampunted to RM2,700 Sold goods on credit to Rendang Sdn. Bhd. net worth of RM8,000 after discount allowed of RM800. 15 The owner tooks cash amounted to RM3,000 for his personal use. Rendang Sdn. Bhd. returned goods worth RM500 due to incorrect specification. 20 Purchased goods worth RM2,000 by cash. 22 Returned RM450 worth of goods to Lontong Trading 26 Purchased a computer for RM5,800 from Orange Computer. Issued cheque worth RM5,000 for the computer and the balance will be paid by cash. 28 Sold goods for cash RM2,000. 30 Paid salary amounting to RM5,000 and sundry expenses of RM700 by cheque. 30 Paid RM400 cash for telephone bills. Received payment from Rendang Sdn. Bhd. worth RM5,000. 18 30 Required: a) Record the above transactions in the appropriate journals. (10 marks) b) Record the above transactions in the necessary ledger accounts. Close and balance all the ledger (20 marks) c) Transfer the balance of your ledger accounts in (b) into the Trial Balance as at 30 June 2020 for Ketupat Palas Enterprise. (10 marks) (Total: 40 Marks) Question 4 The Trial Balance of Virus Enterprise, a sole proprietorship on 31 December 2020 is as follows: Trial Balance as at 31 December 2020 Debit RM Credit RM 280,600 189,200 1,020 2.100 220 2.000 Sales Purchases Return outwards Return inwards Carriage inwards Rental incomes Beginning inventory as at 1 January 2020 Carriage outwards Custom duties Salaries Prepaid rental expenses Telephone expenses Motor vehicles at cost Accumulated depreciation - Motor vehicles Trade receivables Trade payables Capital Bank Drawings 23,000 190 1,000 11,800 1,200 890 102,000 14.400 17,300 21,000 70.800 37,520 3,400 389,820 389,820 Additional information: 1. Inventory in hand as at 31 December 2020 was RM25,000. 2. Accrued salaries amounted to RM2,200. 3. Telephone prepaid was RM220. 4. Depreciation of motor vehicle is at 20% per annum using reducing balance method. Required: a) Prepare a Statement of Profit or Loss (Income Statement) for Virus Enterprise for the year ended 31 December 2020. (20 marks) b) Draw up a Statement of Financial Position (Balance Sheet) as at 31 December 2020 for Virus Enterprise. (10 marks) (Total: 30 Marks)