W AutoSave Off File Accounts Search (Alt+Q) Mailings Review View Help Acrobat Home Insert Draw Design Layout References 11 AA Aa PA A Calibri (Body) Paste BIU ab x x A v Undo Clipboard Font w A v Paragraph Adrian Quek AQ Comments Share Normal No Spacing Heading 1 Editing Dictate Editor Styles Question 2 (Total: 23 marks) Hamid calculated his net profit for the year as RM151,772, but is not sure how to treat the RM900 (debit) balance on the suspense account. Control accounts are not maintained. On reviewing Hamid's records you note the following errors and omissions: i. ii. iii. iv. V. A cash sale for RM1,800 was recorded in the cash book, but no other entry was made. A cheque received from a customer for RM23,400 was accepted in full settlement of a balance of RM23,580. No entries were made for the discount. The purchase daybook was undercast by RM1,800 but entries to the suppliers' accounts were posted correctly. Travel expenses included payment of RM810 for Hamid's holiday. A cheque paid to a supplier was correctly entered in the cash book as RM5400, but RM4500 was posted to the supplier's account. Required a) (i) Show the joumal entries to correct the errors and omissions. (5 marks) (ii) Indicate whether or not Hamid's calculation of net profit was affected by the errors, and calculate his corrected net profit for the year. (5 marks) (iii) Show Hamid's suspense account including the correction of the errors. (2 marks) 110 words English (Malaysia) Accessibility: Investigate Focus Page 6 of 8 26C Sunny Voice Editor ENG ^ US 9:11 AM 26/7/2022 100% W AutoSave Off Accounts Search (Alt+Q) File Home Insert Draw Design Layout References Mailings Review View Help Acrobat Calibri (Body) 11 A A Aa PA A Paste BIU A v A@ Undo Clipboard Font Paragraph Adrian Quek AQ Comments Share Normal No Spacing Heading 1 Editing Dictate Editor Styles b) During the month of June, the following were the purchases and sales of Hamid:- Date Receipts Quantity Unit Price Sales Unit Price RM Quantity RM Jun-01 100 4 Jun-05 60 10 Jun-08 80 5 Jun-12 40 6 Jun-14 80 11 Jun-21 50 7 Jun-25 100 12 Jun-28 Jun-30 100 8 100 12.5 Required (i) Prepare the inventory movement records and construct trading income accounts for the month of June showing gross profit, using the FIFO (first in, first out) (6 marks) (i) Comment on this statement" The use of LIFO for inventory record cannot be wrong as the United States of America allows LIFO." 110 words English (Malaysia) Accessibility: Investigate Page 6 of 8 26C Sunny (5 marks) Focus Voice Editor + 100% ENG ^ US 9:12 AM 26/7/2022