Account Answers utar tutorial

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  • UKAF 1033 Business Accounting 1 Jan 2011

    1

    Tutorial 1

    1.

    2. Accounting equation

    Assets = Capital + Liabilities

    A L = C

    - depicts the relationship between assets, liabilities and owners equity. - shows the financial position of a business entity at a particular date. - can be presented in the form of balance sheet. - the total of one part is always equal to the total of the other part.

    Statement of Financial Position as at XXX

    Assets Liabilities

    Capital

    3.

    4.Fatimah

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    5. Johari

    6.Kok Heng

    Tutorial 2

    Q.1

    Debited Credited Debited Credited

    (a) Lorry Cash (b) Siti Bank

    (c) Loan from Cash (d) Cash Van

    (e) Machinery Amal (f) Cash Ho

    (g) Bank Siva (h) Bank Capital

    (i) Cash Bala (j) Lam Cash

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    Q.2

    Date Particulars Dr Cr

    Mar 1 Dr Cash 750

    Dr Bank 9,000

    Cr Capital 9,750

    Mar 2 Dr Bank 2,000

    Cr Dala (Loan creditor) 2,000

    Mar 3 Dr Equipment (Computer) 600

    Cr Cash 600

    Mar 5 Dr Equipment (display equipment) 420

    Cr Chin Enterprise 420

    Mar 8 Dr Cash 200

    Cr Bank 200

    Mar 15 Dr Dala 500

    Cr Bank 500

    Mar 17 Dr Chin Enterprise 420

    Cr Bank 420

    Mar 24 Dr Dala 250

    Cr Cash 250

    Mar 31 Dr Equipment (Printer) 200

    Cr Lim 200

    Q.3 Fendy

    Bank Cash

    1 Capital 11000 5 Stationery 62 1 capital 1600 3 purchases 370

    24 Wong 250 16 biz rates 970 4 rent 75

    28 Biz rates 45 19 rent 75 7 wages 160

    28 ben 830 11 rent 75

    28 mardi 415 18 insurance 280

    28 betty 6100 21 motor exp 24

    23 wages 170

    Ben

    28 bank 830 2 Purchases 830 Sales

    6 tam 370

    betty 6 husin 290

    28 bank 6100 20 motor vehi 6100 6 wong 410

    15 lee 205

    mardi 15 sharee 280

    10 returns out 195 2 purchases 610 15 rashid 426

    28 bank 415

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    Returns Inwards

    lam 13 husin 35

    2 purchases 590

    Returns outwards

    tam 10 mardi 195

    6 Sales 370

    rent

    husin 4 cash 75

    6 sales 290 13 returns in 35 11 cash 75

    19 cash 75

    wong

    6 Sales 410 24 bank 250 biz rates

    16 Bank 970 28 bank 45

    lee

    15 sales 205 wages

    7 cash 160

    sharee 23 cash 170

    15 Sales 280

    stationery

    rashid 5 Bank 62

    15 sales 426

    insurance

    Capital 18 cash 280

    1 Bank 11000

    1 cash 1600 motor exp

    21 cash 24

    purchases

    2 ben 830 motor vehicle

    2 mardi 610 20 betty 6100

    2 lam 590

    3 cash 370

    Tutorial 3

    1. Joe Trading

  • UKAF 1033 Business Accounting 1 Jan 2011

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    2. Kim

    3. Gary

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    4.

    5. (a) Purpose of day books

    - segregation of duties different bookeepers - provides a means of internal control to prevent fraud - facilitates the location of errors and ensuring accuracy of ledgers

    (b) Sales day book: Invoice

    Purchases day book: Suppliers Invoice Sales return day book: Credit note

    Purchases return day book: Debit note

    Contents:- Date on which each transaction took place

    - Name and contact information of the addressee

    - Details or description relating to the sales/purchases/returns

    transaction (e.g: name of the goods, no. of items).

    - Folio column entry for cross referencing back to the original source

    documents

    - Monetary amounts of the goods

    Tutorial 4

    1.

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    2. Kedai Runcit Shaari

    3. Purpose of trial balance

    (a) to ascertain whether the total of the accounts with debit balances equals the

    total of the accounts with credit balances (matching credit entry for every debit

    entry).

    (b) to prove arithmetic accuracy of the ledger accounts.

    (c) to assist in the preparation of financial statements.

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    4.

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    Tutorial 5

    1. Trial Balance as at 31 Dec 2007

    RM RM

    Capital 39,980

    Drawings 14,760

    Loan- Public Bank 20,000

    Leasehold premises 52,500

    Motor vehicles 13,650

    Investment 4,980

    Trade debtors 2,630

    Trade creditors 1,910

    Cash 460

    Bank overdraft 3,620

    Sales 81,640

    Purchases 49,870

    Returns outwards 960

    Returns inwards 840

    Carriage 390

    Wages and salaries 5,610

    Rent and rates 1,420

    Light and heat 710

    Telephone and postage 540

    Printing and stationery 230

    Bank interest 140

    Interest received 620

    148,730 148,730

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    2

    .

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    Tutorial 6

    1. Cash Book

    Balance b/d 2,740 Bank charges 32

    Beh 201 Gina 93

    Balance c/d 2816

    2,941 2,941

    Bank Reconciliation statement as on 31 March 2008

    Balance as per cash book 2816

    Add: Unpresented cheque 131

    2947

    Less: Lodgements not yet credited 410

    Balance as per bank statement 2537

    2.Hogan

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    3. Thomas Lee

    4. King

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    5. Han Chung Trading

    (a) Cash Book

    RM RM

    Balance b/f 1,470 Payments (15,520+47) 15,567

    Receipts (15,073-47-18) 15,008 Bank charges 35

    Balance c/f 876

    16,478 16,478

    (b) Bank Reconciliation Statement as on 31 Oct 2007

    RM RM

    Balance as per cash book 876

    Add Unpresented cheques (214+370+30) 614 614

    1,490

    Less Uncredited lodgements 1,542

    Bank error in debiting account 72 1,614

    Balance as per bank statement (124)

    6. Factors causing the differences:-

    (a) Timing differences

    Uncredited lodgements and unpresented cheques

    (b) Omissions and errors Omissions of transactions such as bank charges, standing order, direct debit,

    credit transfer, dishonoured cheque of third parties; and errors in cash book.

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    Tutorial 7

    1.

    2.

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    3.

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    4.

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    Tutorial 8

    1.

    2.

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    3.Didi

    4.

    (a) Journal

    Debit Credit

    RM RM

    Bank 500

    Thong 500

    (Being receipt of RM500 towards debt previously written off)

    Thong 500

    Bad debts recovered account 500

    (Being reversal of debt previously written off)

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    (b) Provision for doubtful debts

    RM RM

    Balance c/d 1,045 Balance b/d 900

    (22,000-800-300)*5% P+L 145

    1,045 1,045

    (c) Balance Sheet as at 30 Nov 2007

    RM

    Current Asset

    Trade Debtors (22,000-1,100) 20,900

    Less: Provision for doubtful debts 1,045

    19,855

    5.

    .

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    Tutorial 9

    1. Hikmat Trading

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    2. Bakti Enterprise

    3. Ori Sdn Bhd

    Rent and Rates

    2006 RM 2006 RM

    1-Jun Prepaid rent b/d 200 1-Jun Accrual rates b/d 340

    1-Jul Bank- Q3 600

    30-Sep Bank- Rates 2,040

    1-Oct Bank- Q4 600

    2007

    1-Jan Bank- Q1 750 31-May P+L (Rates) 2,080

    1-Apr Bank- Q2 750 31-May P+L (Rent) 2,650

    Accrual rates c/d 380 31-May Prepaid rent c/d 250

    5,320 5,320

    1-Jun Prepaid b/d 250 1-Jun Accrual rates b/d 380

    Workings: P+L (Rent) = 7*200 (Jun-Dec'06) +

    5*250 (Jan-May'07)

    = 2,650

    P+L (Rates) = 10*170 (Jun'06-Mar'07) +

    2*190 (Apr'07-May'07)

    = 2,080