PLEASE SOLVE THIS HERE, WILL UPVOTE

Question 1

OHara Pan Enterprise is a retailer of kitchen items like cabinets, pots, pans etc. It is owned by Ann-Varn Eng. Besides sales, it conducts healthy cooking lessons. OHara Pans assets and liabilities at respective year end (31 March) were as follows:

	2021			2022	2023
			RM	RM	RM
Accum. depreciation Building			12,000	16,000	??
Accum. depreciation Fixtures & Fittings			9,000	10,800	13,800
Accum. depreciation O/Equipment			9,500	13,000	??
Allowance for doubtful debts			1,000	1,500	??
Building improvements			-	-	50,000
Cash at bank			10,000	(14,000)	??
Customers on account balance			33,000	44,000	55,000
Fixed deposit account balance			-	-	15,000
Fixtures & Fittings			16,000	16,000	36,000
Land and building (Land cost RM70,000)			220,000	220,000	220.000
Office equipment			19,500	32,000	32,000
Other payables (Building improvements)			-	25,000	50,000
Petty cash			100	200	500
Repairs and maintenance expense unpaid			1,000	2,000	3,000
Salaries and employee benefits			7,000	6,000	5,000
Suppliers on account balance			21,000	32,000	20,000
Transport expenses paid in advance		15,000		28,800	18,000
Unexpired insurance			18,000	15,200	10,200
Unsold goods in hand			20,000	35,000	27,000
Unused supplies in hand			1,500	3,000	4,500

OHara Pans cash at bank summary for the year ended 31 March 2023, is as follows:

Receipts	RM		Payments	RM
Cash sales	44,000		Drawings by owner	120,000
Collection from cooking lessons	33,000		Fixed deposit account	15,000
Contribution by owner	99,000		Fixtures &fittings	20,000
Loan payable	220,000		Freight charges	44,000
Receipts from customers on account	550,000		Local council rates	7,700
			Miscellaneous expenses	13,300
			Payment to suppliers for goods	166,000
			Petty cash	300
			Repairs and maintenance	11,100
			Salaries and employee benefits	55,000
			Supplies	26,600

OHara Pan also provided the following additional information:

1. Two cheques amounting RM24,000 and RM10,000 received from two credit customers Linda and Kunda respectively during the final week of March 2023. They were deposited into the business bank account on 30 March 2023 but did not appear on the bank statement for March 2023.

1. One cheque amounting to RM8,800 was returned by the bank stating, Refer to the Drawer.

1. Three cheques for RM1,100 (Cheque No. 12345), RM2,200 (Cheque No. 12355) and RM4,400 (Cheque No. 12361) were issued by OHara Pan in February and March 2023 were not paid by the bank.

1. The bank statement had the following items but were not in the cash at bank summary above.
2. Received a credit transfer of RM14,500 for cooking lessons to be provided for the HELP University staff in May 2023
3. Bank charges amounted to RM111
4. Interest income on fixed deposit account RM1,000
5. Standing instruction for insurance RM36,000

1. The bank statement also showed a cheque for RM7,777 issued by Bah Ree San Trading, (another client of the bank) was debited. OHara Pan has notified the bank of this error.

1. The bank loan was taken on 1 January 2023 at an interest rate of 5% per annum. Interest is payable quarterly beginning 1 April 2023. Also, 10% of the loan is repayable half yearly beginning 1 July 2023.

1. For the year ended 31 March 2023, the following summary were also provided:

1. Total value of goods returned by customers on account was RM10,000
2. Total value of goods returned to suppliers on account was RM11,000
3. Total value of settlement discount from suppliers on account as shown on the payment receipts received RM5,250
4. Total value of settlement discount claimed by customers on account as shown on the receipts issued RM2,320
5. 10% from the receipts from customers on account were received for cooking lessons conducted.
6. Quantity discount received from credit suppliers were RM11,000 and quantity discount allowed to credit customers were RM22,000.

1. Bee Anne is a credit supplier as well as a credit customer of OHara Pan. During the year, a memo was prepared to indicate that both Bee Anne and OHara Pan agreed to offset/ contra their owing. OHara Pan owed Bee Anne RM12,000 while Bee Anne owed OHara Pan RM12,345. A cheque was received from Bee Anne for the difference and banked in.

1. Pea Ann and Beh Buz are OHara Pans customers on account, owing RM9,000 and RM7,000 respectively. Both became insolvent. On 31 March 2022, 40% of the debt owed by Pea Ann and 70% of the debt owed by Beh Buz were written off as uncollectible. The remaining debt was collected, recorded and banked in.

1. 50% of freight charges expense was related to freight on delivering goods to customers.

1. The bad debts expense for the year ended 31 March 2022 is estimated to be 2% of the net credit sales (round up to the nearest RM).

1. The cooking lessons were carried out in a rented kitchen next door. Hence an improvement was done to the existing building to accommodate a new kitchen. It was completed on 31 December 2022.

1. Other payables of RM25,000 was paid during the year but it was not recorded in the books.

1. The depreciation is 2% per annum and (on cost) of building, 5% per annum on building improvements and 10% per annum (on carrying amount) of office equipment.

1. Unsold goods in hand at 31 March 2023, included some slow moving goods costing RM10,000; but the net realisable value of that goods was RM11,000.

# Note: In answering the following questions, students must use the appropriate terms for the items to be presented on the financial statements.

REQUIRED:

(a) Accounts receivable control account for the year ended 31 March 2023;

(b) Accounts payable control account for the year ended 31 March 2023;

(c) Updated cash at bank summary for the year ended 31 March 2023;

(d) Bank reconciliation statement as at 31 March 202;

(e) The Income statement for OHara Pan for the year ended 31 March 2023;

(f) The Statement of changes in equity for the year ended 31 March 2023;

(g) The Balance Sheet as at 31 March 2023;

(h) The Statement of cash flows for the year ended 31 March 2023.