Tunku Abdul Rahman College School of Business Studies ABFA2013 Financial Accounting 2011/2012 Tutorial 1 Incomplete Records and Single Entry - Part I
Question 1
Capital as at 1 April 2010 House computer transfer in Profit Drawings Capital as at 31 March 2011
Star RM 69,660 43,720 40,000 To compute
Sun RM 152,200 3,000 To compute 24,198 163,400
Required: Fill the missing figures above.
Question 2
William list downs his records as following balances: 30 June 2011 RM Fixture and fittings 15,000 Motor vehicles To compute Cash at bank 2,250 Accounts receivable 5,100 Inventory 7,500 Accounts Payable 6,000 Loan from Public Bank Berhad -
1 July 2010 RM 15,000 60,000 1,500 3,975 3,750 7,500 30,000
Additional notes: 1. During During the year, goods goods RM100 RM100 per per month withdr withdrawn awn by William William and cash cash of RM300 RM300 was paid to a kindergarten as his son’s annual tuition fee. 2. He brought brought in a motorbik motorbikee RM3,900 RM3,900 from his his house house to the business business to to deliver deliver goods to customer on 1 February 2011. 3. All assets assets are are subject subject to a charge of of depreciation depreciation at 20% p.a. on on cost. cost. 4. Allowance Allowance for doubtful doubtful debts debts of of 5% on on Account Account Receivab Receivable le to be created. created.
Required: (a) Prepare a statement statement to compute compute the opening opening and closing closing capital
(b) Prepare a statement to ascertain the profit/loss for the year. Question 3 Andrew, a retailer, did not keep proper books on the double entry system, but the following are the valuation of his assets and liabilities on the dates below:
Office equipment (book value) Motor van (cost) Inventories Receivables Cash and Bank Prepaid insurance Payables
1 November 2010 RM 2,000 15,000 4,250 850 7,250 4,500
31 October 2011 RM 1,900 15,000 7,350 1,150 8,800 250 1,500
Additional information: 1. He withdrew RM2,250 from the bank during the year for personal use. 2. Motor van to be depreciated by 10% using straight-line method. 3. RM450 monthly rental for the last quarter of the year and electricity bill of RM150 for October 2011 has not yet been paid. 4. He introduced fresh capital amounting to RM7,500 during the year. 5. 6% allowance for doubtful debts to be created.
Required: (a) Prepare a statement to compute the opening and closing capital. (b) Prepare a statement to ascertain the profit/loss for the year. (c) Prepare a statement of financial position as at 31 October 2011.
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