Multiple financial accounting questions

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1. In early May 2019, ABC Sdn Bhd received the bank statement from Maybank Berhad. The newly- appointed accounts clerk found that the bank ledger account balance did not tally with the bank statement balance. He sought your advice and provided you with the following information: Cash book (Bank ledger column) Date Details RM Date Details Ref No. RM April 1 Balance b/f 5,327.00 April 1 Purchases 512330 71o.7o 2 Fatin Syaz 1,892.00 2 Electricity 512331 238.82 10 Sales 4,997.50 5 Purchases 512332 1,780.21 15 Sales 2,472.75 8 Rental 512333 750.00 17 Abirami 2,804.00 12 Johan Farid 512334 1,250.00 22 Sales 2,133.30 14 Salary 512335 1,500.00 25 Kaison Mun 2,250.00 30 Nora Husin 512336 525.00 28 Bela Envo 1,177.50 30 Balance c/f 16,299.32 23,054.05 23,054.05 Maybank berhad Statement as at 30 April 2019 Date Description Debit (RM) Credit (RM) Balance (RM) April 1 Balance b/d 5,327.00 5,327.00 5 512330 710.70 4,616.30 8 Cheque cleared 1,892.00 6,508.30 9 512332 1,780.21 4,728.09 10 Bank charges 15.00 4,713.09 12 512331 238.82 4,474.27 14 Cheque cleared 2,472.75 6,947.02 16 512335 1,500.00 5,447.02 18 Standing order 325.00 5,122.02 20 Cheque cleared 4,997.50 10,119.52 23 512336 527.50 9,592.02 25 Cheque cleared 2,804.00 12,396.02 26 Cheque cleared 2,133.30 14,529.32 26 Cheque returned 2,133.30 12,396.02 27 Interest credited 304.00 12,700.02 30 Dividend 206.00 12,906.02 On checking, you found the payment to creditor (cheque no. 512336) which amounted to RM527.50 was wrongly recorded in the cash book as RM525.00. You are required: a. Briefly explain the reasons for the final balance of a bank statement usually different from the final balance of the cash book (bank ledger column) at the end of month. b. Update the cash book (bank ledger column) and bring down the revised balance at 1 May 2 c. Prepare the bank reconciliation statement for ABC Sdn Bhd as at 30 April 2019. 2. Iris, Hui Ying and Joe Lin are three partners who established a partnership called IHJ Enterprise on 1 January 2019. The details of their partnership agreement are as follows: i. Iris contributes the largest capital that is 70%. ii. Hui Ying is well-versed in management and is wholly responsible on planning and managing the business operation. She contributes only 15% of capital. iii. Joe Lin used to run a business similar to the partnership; therefore she has existing clients and is experienced in marketing. She also contributes 15% of capital. iv. Overall total capital is RM100,000. v. Profit and loss are divided as the following: · Interest on capital at 10% per annum. · Interest on drawings to be charged at 5% per annum. · Hui Ying and Joe Lin to be allowed annual salaries of RM18,000 each for their services and expertise contributed. · The residual profit and loss to be distributed equally among the partners. The drawings by partners and current account showed the following: Drawings (RM) for the year Current account (RM) as at J January 20J 9 Iris 6,000 12,600 (Cr) Hui Ying 12,000 21,000 (Cr) Joe Lin 15,000 11,100 (Cr) Iris made a loan at the rate of 12% per year with total loan of RM20,000. The net profit (before interest on loan) for the current year is RM74,560. You are required to prepare: a. The statement of profit or loss appropriation account for the year ended 31 December 2019. b. The current account of each partner. c. The extract of the statement of financial position (partnership’s equity) as at 31 December 2019. 3. Parteeban commenced as manufacturers of window frames on 1 August 2017. The following balances were extracted from the company’s book on 31 July 2019: Debit (RM) Credit (RM) Sales 700,000 Inventory on 1 August 2018: Raw materials 5,000 Work-in-progress 3,800 Finished goods 1,200 Raw materials 115,000 Carriage inwards 400 Direct labor 200,000 Indirect materials 10,000 Indirect labor 25,000 Rent and rates: Factory 35,000 Office 15,000 Electricity: Factory 8,000 Office 2,000 Salaries: Factory 20,000 Office 40,000 Office sundry expenses 2,000 Additional information: i. Inventory as at 31 July 2019 as follows: · Raw materials RM13,000 · Work-in-progress RM9,500 · Finished goods RM2,800 Provision of depreciation for the factory machinery and office equipment during the year are RM12,000 and RM1,000 respectively You are required to prepare: The statement of manufacturing account. a. The statement of profit or loss for the year ended 31 July 2019. b. The statement of profit or loss for the year ended 31 July 2019. 4. The following balances of Tharshini Corporation Ltd for the year ended 30 September 2019: RM Retained earnings at 1 October 2018 17,400 Net profit before interest and tax for the year 36,720 Issued share capital: 150,000 ordinary shares at RMI par 150,000 3% 200,000 preference shares at RM1 par 200,000 Premise and building at cost 212,500 Office equipment at cost 6,750 Vehicles at cost 30,000 Accumulated depreciation as at 30 September 2019: Premise and building 14,000 Office equipment 2,550 Vehicles 18,750 Share premium account 15,000 8% debentures 73,975 Dividend paid in the year: Ordinary shares 17,500 Preference shares 6,000 Interest on debentures paid 5,918 General reserves 7,500 Trade receivables 60,375 Trade payables 38,900 Inventories at 30 September 2019 49,730 Accrued expenses 1,365 Prepaid expenses 1,800 Bank balance 170,587 Assumed corporation tax for the year was payable at RM8,813. You are required to prepare: a. The statement of profit or loss appropriation account for the year ended 30 September 2019. b. The statement of financial position as that date. 5. The following trial balance was extracted from the books of Simsons Enterprise as at 3J March 2019. Debit (RM) Credit (RM) Capital 180,000 Motor vehicles 120,000 Accumulated depreciation — Motor vehicles 16,000 Freehold premises 240,000 Purchases 100,000 Purchases returns 1,260 Sales Sales returns 2,400 340,000 Inventory as at 1 April 2018 Loan from RHB Rent 68,000 8,920 30,000 Debtors Provision for doubtful debts 15,900 280 Creditors Carriage inwards 2,700 20,520 Carriage outwards 1,200 General expenses 800 Bank 6,500 Wages and salaries 19,000 Rates and insurance 3,040 Discount allowed 3,500 Discount received 4,700 Drawings 800 592,760 592,760 Other data: i. Inventory on 31 March 2019 was RM26,000. ii. Prepaid rates and insurance was RM100. iii. Wages and salaries of RM500 are still accrued. iv. Bad debt to be written off is RM150. v. A provision for doubtful debts is to be adjusted to 2% of debtors after bad debt. vi. Depreciation for motor vehicles at the rate of 20% per annum by reducing balance. You are required to prepare a. The statement of profit or loss for the year ended 31 March 2019. b. The statement of financial position as at 31 March 2019.

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