Question 4 The Corona Enterprise is a sole proprietorship owned by Miss Carol which has been in operation for a year. Miss Carol has kept track of her transactions and wishes to know whether she earned a profit. The following is the balance of the accounts as at 31 December 2019. Utility expenses 480 Stocks as at 1 January 2019 12,450 Stationeries 425 Staff salaries 357,980 Sales 700,055 Purchases 423,080 Return outwards Return inwards 2,990 Office rental 32,500 Motor vehicles 125,000 Motor expenses 1 ,280 Land and building Interest received 2,300 Interest on loan 27,500 Import duty 1 ,200 General expenses 890 Furniture 280,000 Drawings 5,460 Discount received 3,345 Discount allowed 2,128 Debtors 65,700 Creditors 78,900 Capital Cash 26,350 Carriage outwards 2,000 Bank loan 600,000 Bank 350,300 Bad debts 2,820 Additional information: I . Depreciation are to be provided as follows: Motor vehicles at 20% per annum. ii. Furniture at 15% per annum. 2. Interest on loan is charged at 5% per annum and office rental is RM2,500 per month. 3. Accrued interest received as at the date is RM520. 4. Physical count of the stock at the end of the period amouned to a value of RM35,000. (BAAD1003) 5. On 31 December 2019, Miss Carol took out goods for personal use amounting RM3,800 and there is no record made in any books of accounts. Required: a) Calculate the capital amount by showing the Trial Balance as at 31 December 2019. (5 marks) b) Prepare an Income Statement for

the year ended 31 December 2019. (15 marks) c) Prepare a Statement of Financial Position (Balance Sheet) as at 31 December 2019. (20 marks) (Total: 40 Marks)

CONFIDENTIAL Introduction to Accounting (BAADIOS Apr 2020 Fnal Evan Question 4 The Corona Enterprise is a sole proprietorship owned by Miss Carol which has been in operation for a year, Miss Carol has kept track of her transactions and wishes to know whether she earned a profit. The following is the balance of the accounts as at 31 December 2019. RM Utility expenses 480 Stocks as at 1 January 2019 12,450 Stationeries 425 Staff salaries 357,980 Sales 700,055 Purchases 423,080 Return outwards 4,340 Return inwards 2,990 Office rental 32,500 Motor vehicles 125,000 Motor expenses 1,280 Land and building 1,000,000 Interest received 2,300 Interest on loan 27,500 Import duty 1,200 General expenses 890 Furniture 280,000 Drawings 5,460 Discount received 3,345 Discount allowed 2,128 Debtors 65,700 Creditors 78,900 Capital ? Cash 26,350 Carriage outwards 2,000 Bank loan 600,000 Bank 350,300 Bad debts 2,820 Additional information: 1. Depreciation are to be provided as follows: i. Motor vehicles at 20% per annum. ii. Furniture at 15% per annum. 2. Interest on loan is charged at 5% per annum and office rental is RM2,500 per month 3. Accrued interest received as at the date is RM520. 4. Physical count of the stock at the end of the period amouned to a value of RM35,000 7 Introduction to Accounting BAAD1003) April 2020 Final Evamo CONWDENTIAL 5. On 31 December 2019, Miss Carol took out goods for personal use amounting RM3,800 and there is no record made in any books of accounts. Required: a) Calculate the capital amount by showing the Trial Balance as at 31 December 2019, (5 marks) b) Prepare an Income Statement for the year ended 31 December 2019, (15 marks) c) Prepare a Statement of Financial Position (Balance Sheet) as at 31 December 2019, (20 marks) (Total: 40 Marks) CONFIDENTIAL Introduction to Accounting (BAADIOS Apr 2020 Fnal Evan Question 4 The Corona Enterprise is a sole proprietorship owned by Miss Carol which has been in operation for a year, Miss Carol has kept track of her transactions and wishes to know whether she earned a profit. The following is the balance of the accounts as at 31 December 2019. RM Utility expenses 480 Stocks as at 1 January 2019 12,450 Stationeries 425 Staff salaries 357,980 Sales 700,055 Purchases 423,080 Return outwards 4,340 Return inwards 2,990 Office rental 32,500 Motor vehicles 125,000 Motor expenses 1,280 Land and building 1,000,000 Interest received 2,300 Interest on loan 27,500 Import duty 1,200 General expenses 890 Furniture 280,000 Drawings 5,460 Discount received 3,345 Discount allowed 2,128 Debtors 65,700 Creditors 78,900 Capital ? Cash 26,350 Carriage outwards 2,000 Bank loan 600,000 Bank 350,300 Bad debts 2,820 Additional information: 1. Depreciation are to be provided as follows: i. Motor vehicles at 20% per annum. ii. Furniture at 15% per annum. 2. Interest on loan is charged at 5% per annum and office rental is RM2,500 per month 3. Accrued interest received as at the date is RM520. 4. Physical count of the stock at the end of the period amouned to a value of RM35,000 7 Introduction to Accounting BAAD1003) April 2020 Final Evamo CONWDENTIAL 5. On 31 December 2019, Miss Carol took out goods for personal use amounting RM3,800 and there is no record made in any books of accounts. Required: a) Calculate the capital amount by showing the Trial Balance as at 31 December 2019, (5 marks) b) Prepare an Income Statement for the year ended 31 December 2019, (15 marks) c) Prepare a Statement of Financial Position (Balance Sheet) as at 31 December 2019, (20 marks) (Total: 40 Marks)