QUESTION 2 (20 MARKS) The trial balance for Smart Sports is given below. SMART SPORTS Trial Balance as at 31 December 2019 Accounts Titles Dr. (RM) Cr.(RM) Capital 10,000 Loan 12,000 Sales 51.000 Purchases 34,500 Electricity 1,920 Insurance 1.750 Telephone 1,500 Sundry expenses 1.650 Drawings 7.200 Rent 1,500 Delivery costs 1.200 Printing machine 5,500 Computer 3,500 Bank 11.080 Account Receivable 4,100 Account Payable 2,400 75,400 Total 75,400 1. The following information is available to use in making adjusting entries: Ahmad's loan to the business was interest free for the first six of the year, after which time interest was to be paid at the rate of 6% per annum. No interest had been paid during the year. 2. Purchases remaining unsold in inventory at the year-end amounted to RM 2,700 3. Electricity used but not yet paid for as at the year end amounted to RM480. Insurance had been prepaid by RM351 at the year end but not yet accounted for. Required: (a) Prepare the adjusting entries for the year ended 31 December 2019. (5 marks) (b) Prepare an adjusted trial balance as at 31 December 2019 in the APPENDIX 1. (7 marks) (c) Prepare Statement of Profit or Loss for the year ended 31 December 2019. (4 marks) (d) Prepare Statement of Financial Position as at 31 December 2019, (4 marks) INSTRUCTIONS: TIME: 2 HOURS Jan Answer ALL Questions in the Answer Booklet. (60 MARKS) QUESTION 1 (20 MARKS) The following are transactions that occurred during the month of January 2020 for Olive Trading 1 Invested RM20,000 cash in business. 2 Credit sales to Amin RM4,560. 2 Cash sales RM10,300. Cash purchases RM7,200. Paid rental expenses by cash RM1,500. 9 Credit purchases from Redha RM4,400. 10 Amin paid RM2,000 of his debt by cheque. Purchase photocopy machine RM15,000 from Merdeka Sdn Bhd by credit. 25 Received interest income RM2,100 from Suria Finance by cheque. 4 6 18 Required: (a) Prepare the general journal to record all transactions (9 marks) (b) Post them into a ledger and balance off the accounts. (7 marks) (c) Prepare a trial balance for the month ended 31 January 2020. (4 marks) INSTRUCTIONS: TIME: 2 HOURS Jan Answer ALL Questions in the Answer Booklet. (60 MARKS) QUESTION 1 (20 MARKS) The following are transactions that occurred during the month of January 2020 for Olive Trading 1 Invested RM20,000 cash in business. 2 Credit sales to Amin RM4,560. 2 Cash sales RM10,300. Cash purchases RM7,200. Paid rental expenses by cash RM1,500. 9 Credit purchases from Redha RM4,400. 10 Amin paid RM2,000 of his debt by cheque. Purchase photocopy machine RM15,000 from Merdeka Sdn Bhd by credit. 25 Received interest income RM2,100 from Suria Finance by cheque. 4 6 18 Required: (a) Prepare the general journal to record all transactions (9 marks) (b) Post them into a ledger and balance off the accounts. (7 marks) (c) Prepare a trial balance for the month ended 31 January 2020. (4 marks) QUESTIONS Part A 1. The average employee who came late in a particular plant is known (10 marks) to be 10 people a day. If the factory's policy is 5 days working a week, what is the probability that there are 45 to 65 people will be late in the week? 2 The average number of patients who sought treatment at a private (10 marks) clinic in one day was 55 people. Find the probability of at least 156 patients seeking treatment at the clinic within 3 days randomly selected? 3. A multiple-choice objective test has 80 questions each with 4 (10 marks) possible answers of which only one is the correct answer. What is the probability that sheer guesswork yields from 25 to 30 correct answers if the student has no knowledge
