QUESTION 1

You are required to classify the following costs according to their behavior whether it is Fixed Cost, Variable Cost or Semi-variable cost Multi Cakes.

1. Flour

2. Electricity expenses

3. Sugar

4. Salary of baker

5. Salary of cashier

6. Depreciation of machine

7. Insurance

8. Telephone expenses

9. Directors salary

10. Baking powder

Question 2

Below are the transaction in relation to Mutiara Enterprise for January 2020

Transactions Effects Double entry

Eg: Paid stationeries by cheque Increase expenses Decrease asset Dr Stationery Cr Bank

1. Owner brought in cash into the business

2. Owner brought in furniture into the business

3. Purchased goods on credit from Sweety Enterprise

4. Received a loan from ABC Bank

5. Paid employees wages by chequea)

a)Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses.

b) Identify the double entry for the above transactions

Question 3

RM

Capital ???

Drawings 22,500

Sales 2,000,000

Purchases 1,040,000

Return inwards 20,000

Return outwards 10,000

Inventory, as at 1 January 2020 300,000

Delivery van 60,000

Office equipment 120,000

Accounts receivable 376,500

Accounts payable 80,000

General expenses 3,000

Insurance 10,000

Cash in hand 15,000

Cash in bank 40,000

Commision received 5,000

Wages and salaries 100,000

Long term investments 600,000

Rent received 12,000

The closing inventory was valued at RM240,000

Required:

a. Prepare a Statement of Profit and Loss for the year ended 31 December 2020 for Blooming Florist.

b. Prepare a Statement of Financial Position as at 31 December 2020 for Blooming Florist.

c. Find out what is the Capital value.