TEST 1 (40 MARKS) Answer ALL questions QUESTION 1 Sihat Cergas Sdn. Bhd. operates a sports business providing sports services and selling sports goods. The following balances were extracted from the trial balance of Sihat Cergas Sdn. Bhd. on 31 December 2020. DI (RM) (RM) Premises 1,500,000 Purchases of sports merchandise 300,000 450,000 Sport Equipment Office Equipment Previous year outstanding consultation fees 75,000 18,750 Salary & Wages 120,000 Cash in Hand 12,000 Maintenance 2.250 Advertising 4,800 Telephone Expenses 1,200 Sport Merchandise Stock as at 1 January 2020 150,000 Water Expenses 375 Stationery 240 Cash at Bank 18,000 Owners' Equity as at 1 January 2020 1,803,615 Sales of goods at shop 240,000 Consultation fees received 75,000 Receipts from events organized 24,000 Loan from Bank Islam Malaysia Bhd 375,000 Al Jujur Sdn Bhd 135,000 2,652,615 2,652,615 Hak Cipta Universiti Teknologi MARA CONFIDENTIAL CONFIDENTIAL SRIJUN 2021/SRB201 Additional information for consideration: Annual depreciation is as follows based on cost for Office Equipment at 20% per annum, and based on book value method for Sports Equipment at 10% per annum Telephone expenses of RM 120 is due and yet to be paid. Consultation fees for the current year of RM37.500 is due and not yet received. Receipts from events organized are accrued of RM 7 200 40% of sponsorships still outstanding from the previous year are to be written off as bad debt 20% of water expenses was paid in advance. Stationery of RM 48 is accrued and yet to be paid Accrued salary and wages for the year ended 31 December 2020 is RM 48,000. 10% of maintenance was paid in advance. Sports merchandise stock as at 31 December 2020 is RM 240,000 You are required to prepare and provide for Sihat Cergas Sdn. Bhd.: 1. Income Statement for the year ended 31 December 2020. (17 marks) 2. Balance Sheet as at 31 December 2020. (23 marks) END OF QUESTION PAPER Hak Cipta Universiti Teknologi MARA CONFIDENTIAL