Subject :Accounting

QUESTION 3

Puan Rohani, the owner of Blooming Florist has the following accounts balance on 31 December 2020.

The closing inventory was valued at RM240,000

Required:

a. Prepare a Statement of Profit and Loss for the year ended 31 December 2020 (10 marks)

b. Prepare a Statement of Financial Position as at 31 December 2020 (5 marks)

(Total: 15 marks)

Multi Cakes Sdn Bhd is involved in selling cakes. You are required to classify the following costs according to their behaviour. No. Cost items Fixed cost Variable costs Semi-variable costs 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Flour Electricity expenses Sugar Salary of baker Salary of cashier Depreciation of machine Insurance Telephone expenses Directors salary Baking ppowder (5 marks) QUESTION 2 Below are the transaction in relation to Mutiara Enterprise for January 2020 Eg: Transactions Paid stationeries by cheque Effects Increase expenses Decrease asset Double entry Dr Stationery Cr Bank 1. 2. 3. Owner brought in cash into the business Owner brought in furniture into the business Purchased goods on credit from Sweety Enterprise Received a loan from ABC Bank Paid employees wages by cheque 4. 5. Required: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (5 marks) b) Identify the double entry for the above transactions (5 marks) (Total: 10 marks) Puan Rohani, the owner of Blooming Florist has the following accounts balance on 31 December 2020. Capital Drawings Sales Purchases Return inwards Return outwards Inventory, as at 1 January 2020 Delivery van Office equipment Accounts receivable Accounts payable General expenses Insurance Cash in hand Cash in bank Commision received Wages and salaries Long term investments Rent received RM ??? 22,500 2,000,000 1,040,000 20,000 10,000 300,000 60,000 120,000 376,500 80,000 3,000 10,000 15,000 40,000 5,000 100,000 600,000 12,000 Multi Cakes Sdn Bhd is involved in selling cakes. You are required to classify the following costs according to their behaviour. No. Cost items Fixed cost Variable costs Semi-variable costs 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Flour Electricity expenses Sugar Salary of baker Salary of cashier Depreciation of machine Insurance Telephone expenses Directors salary Baking ppowder (5 marks) QUESTION 2 Below are the transaction in relation to Mutiara Enterprise for January 2020 Eg: Transactions Paid stationeries by cheque Effects Increase expenses Decrease asset Double entry Dr Stationery Cr Bank 1. 2. 3. Owner brought in cash into the business Owner brought in furniture into the business Purchased goods on credit from Sweety Enterprise Received a loan from ABC Bank Paid employees wages by cheque 4. 5. Required: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (5 marks) b) Identify the double entry for the above transactions (5 marks) (Total: 10 marks) Puan Rohani, the owner of Blooming Florist has the following accounts balance on 31 December 2020. Capital Drawings Sales Purchases Return inwards Return outwards Inventory, as at 1 January 2020 Delivery van Office equipment Accounts receivable Accounts payable General expenses Insurance Cash in hand Cash in bank Commision received Wages and salaries Long term investments Rent received RM ??? 22,500 2,000,000 1,040,000 20,000 10,000 300,000 60,000 120,000 376,500 80,000 3,000 10,000 15,000 40,000 5,000 100,000 600,000 12,000