8
POLITEKNIK TUANKU SULTANAH BAHIYAH COMMERCE DEPARTMENT P 4201 Financial Accounting 3 Presentation (Chapter 3) Name: Lecture: Pn. Hasmida Bt Mohamad Hassan Submit Date: 29 August 2010 Phanuwat A/L Suni 16DAT08F1018 Kum Pha A/L Ke Ang 16DAT08F1015 Vichai A/L Eh Bok 16DAT08F1017

Group 3 Presentation (Chapter 3)

Embed Size (px)

Citation preview

Page 1: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 1/7

POLITEKNIK TUANKU 

SULTANAH BAHIYAH

COMMERCE DEPARTMENT

P 4201

Financial Accounting 3

Presentation (Chapter 3)

Name:

Lecture: Pn. Hasmida Bt Mohamad Hassan

Submit Date: 29 August 2010

Phanuwat A/L Suni 16DAT08F1018

Kum Pha A/L Ke Ang 16DAT08F1015

Vichai A/L Eh Bok 16DAT08F1017

Page 2: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 2/7

Question 1

The information below relating to Syarikat Haqimi Berhad for the year ended 31

December 2007.

Jan 15 Bought 7 500 units RM1 ordinary shares in Hamka Berhad at RM 1.40 each.

Feb 14 Bought RM20 000 ordinary shares in Faez Berhad at RM15 000

 Apr 28 Hamka Berhad issued two units bonus shares for every five units held.

May 31 Sold 4 200 units ordinary shares in Hamka Berhad at RM1.10 each.

Jun 30 Received 2. 5 % dividend from Faez Berhad

Nov 30 Hamka Berhad paid an interim dividend of 4% on the existing ordinaryshares, and made one right issue for every three held at RM1. 20 each.

Haqimi Berhad took up ½ of its right and sold the remaining rights for RM0.

30 each.

Dec 20 Sold 3 150 units ordinary shares in Hamka Berhad at RM1. 40 each.

Dec 30 Received 3 % ordinary shares dividend from Faez Berhad.

It is the policy of Haqimi Berhad to use the weighted average method of calculation the

cost of each investment sold, when determining the profit or loss rising at the time of 

each disposal.

Prepare the investment account in the books of Syarikat Haqimi Berhad for the year 

ended 31 December 2007.

Page 3: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 3/7

 

Investment Account ± Faez Berhad

Date Particular Nom Income

Cost Date Particular 

Nom Income

Cost

(RM) (RM) (RM) (RM) (RM) (RM)14/02/07 Bank -

Bought 20000

- 15000

31/06/07 Bank -dividen - 500 -

30/12/07 Profit &Loss Acct - 1100 -

31/12/07 Bank -dividen - 600 -

31/12/07 Balancec/d 2000

0- 15000

20000

1100 15000

20000

1100 15000

01/01/08 Balanceb/d 2000

01500

0

Investment Account ± Hamka Berhad

Date Particular Nom Income

Cost Date Particular 

Nom Income

Cost

(RM) (RM) (RM) (RM) (RM) (RM)15/01/07 Bank -

Bought 7500 - 10500

31/05/07 Bank -

Sold 4200 - 4620

28/04/07 Bonus 3000 - - 30/11/07 Bank - 252 -31/05/07 Profit on

sale - - 420Bank - - 315

30/11/07 Bank 1015 - 1260 20/12/07 Bank 3150 - 441020/12/07 Profit on

sale - - 130530/12/07 Profit &

Loss Acct - 252 -31/12/07 Balance

c/d 4200 - 4140

11550

252 13485

11550

252 13485

01/01/08 Balanceb/d 4200 2880

Page 4: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 4/7

Hamka Berhad

Faez Berhad

Date Particular Calculation

15/01/07 Bank ( Bought) 7500 x 1.4 = 10500 (Cost)

28/04/07 Bonus 7500 x 2/5 = 3000 (Nom)

31/05/07 Bank (Sold) 4200 x 1.1 = 4620 (Cost)

Profit on sale 10500X 4200 = 4200(7500+3000

)4620 ± 4200= 420 (Cost)

30/11/07 Bank (dividen) (7500+3000)-4200=6300

6300 x 4% = 252 (Income)

Bank (Right Issue)Sold

6300 x 1/3 = 21002100 / 2 = 10501050 x 0.3 = 315 (Cost)

Bank (Held) 6300 x 1/3 = 21002100 / 2 = 10501050 x 1.2 = 1260 (Cost)

20/12/07 Bank (Sold) 3150 x 1.4 = 4410 (Cost)

Profit on sale (10500+1260+420) ±(4620+315) X 3150 = 3105

(7500+3000+1050) ± 42004410 ± 3105 = 1305(Cost)

Date Particular Calculation

31/06/07 Bank ± dividen 20000 x 2.5% = 500 (Income)

30/12/07 Bank ± dividen 20000 x 3% = 600 (Income)

Page 5: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 5/7

Question 2

Sekuriti Awana Berhad is an investment company located in KL. Besides its investment

activities in capital market of the Malaysian Bourse, the company made some investment in

other companies. The investment transactions for the year ended 30/06/2006 were as follows :

Date Transactions

01/07/2005 Bought RM 20,000 10% government stock at 60.5 cum-div. Interest is

payable half yearly on 1 February and August.

15/07/2005 Bought 4,000 units ordinary shares from Wawa Bhd, at nominal RM 0.50

per share at cost RM 8,000.00

01/08/2005 Received half yearly interest from 10% government stock.

15/08/2005 Wawa Bhd, declares a bonus of 2 unit share for every 2 units held.

Sekurity

 Awana Berhad sold 2500 units bonus shares at cost RM 2.00 per share.

03/10/2005 Bought 5,000 units ordinary shares from MFW Berhad with nominal price of 

RM 1.00 per shares at cost of RM 0.75 per share.

02/01/2006 Sold RM 12,000.00, 10% government stock at 62 ex-div.

01/02/2006 Received half yearly interest from 10% government stock.

01/03/2006 Received 20% dividend from Wawa Berhad.

01/04/2006 MFW Bhd made a right issue of 1 for every 2 shares held at RM 0.50. The

market price for the right is RM 0.25 per share.

01/06/2006 Received 20% dividend from MFW Bhd.

You are required to prepare the investment accounts as it would appear in the book of 

Sekuriti Awana Bhd for the year ended 30/06/2006.

Page 6: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 6/7

Answer :

InvestmentAccount-10% Government Stock 

Date Particular Nom Income Cost Date Particular Nom Income Cost

1/7/05 Bank-Bought 20,000 833 11,276 1/8/05 Bank-dividend - 1,000 -

2/1/06 Contra - 100 - 2/1/06 Bank-sold 12,000 - 7,44

Profit on sale - - 780 2/1/06 contra - - 100

30/6/06 Profit & loss - 1,400 - 1/2/06 Bank-dividend - 1,000 -

30/6/06 Balance c/f 8,000 333 450

20,000 2,333 12,047 20,000 2,333 12,0

InvestmentAccount-or dinary share Wawa Bhd

Date Particular Nom Income Cost Date Particular Nom Income Cost

15/7/05 Bank-Bought 2,000 - 8000 15/8/05 Bank - sold 1,250 - 50,0

15/8/05 Bonus 2,000 - - 1/3/06 Bank - dividend - 550 -

Profit on sale - - 2,500 30/06/06 2,750 - 5,50

30/6/06 Profit & loss - 550 -

4,000 550 10,500 4,000 550 10,5

InvestmentAccount-or dinary share MFW Bhd

Date Particular Nom Income Cost Date Particular Nom Income Cost

3/10/05 Bank-Bought 5,000 - 3,750 1/6/06 Bank-dividend - 1,500 -

1/4/06

Bank-right

issue 2,500 - 1,250 30/6/06 Balance c/f 7,500 - 5,00

30/6/06 Profit & loss - 1,500 -

7,500 1,500 5,000 7,500 1,500 5,00

Page 7: Group 3 Presentation (Chapter 3)

8/8/2019 Group 3 Presentation (Chapter 3)

http://slidepdf.com/reader/full/group-3-presentation-chapter-3 7/7

Note:

InvestmentAccount-10% Government Stock

Date Particular Calculation

01/07/2005 Bank bought cum 20,000 x 60.5% = 12,100

NIO- 20,000 x 10%x5/12= 833

11,267

01/08/2005 Bank -dividend 20,000 x 10% x 6/12 = 1000

02/01/2006 Bank Sold ex

Profit on sale

Sold EX: 12,000 x 62% = 7440

Control :12,000 x 10% x 1/12 = 100

Profit /loss = 11,267/20,000 x 12,000 = 12,000

= 6,760 vs 7,540

Profit =780

01/02/2006 Bank -dividend 20,000 x10%X 6/12 =1,000

30/06/2006 Profit & loss 2005 : 20,000 x 10% x 6/12 = 1,000

2006 : (20,000 12000) x 10%x6/12 = 8331,400

InvestmentAccount-ordinary share Wawa Bhd

Date Particular Calculation

15/07/2005 Bank Bought

ordinary share

4,000 x 0.50 = 2,000-Nom

8,000-Cost

15/08/2005 Bonus 2/2 x 4,000 = 4,000 unit

4,000 x 0.50 = 2,000-bonus

Bank-sold (o/s) 2,500 x 0.50 = 1,250-Nom

2,500 x 2.00 = 5,000-CostProfit on sold Profit / loss: 8,000 / 4,000 x 1250

= 2,500 vs 5,000

Profit =2,500

01/03/2006 Bank dividend (4,000-1250) x 20% =550

InvestmentAccount-or dinary share MFW Bhd

Date Particular Calculation

03/10/20065 Bank bough (o/s) 5,000 unit X 1.00= 5,000-nom

5,000 unit x 0.75= 3,750-cost

01/04/2006 Bank right issue ½ X 5,000 = 2,500 unit2,500 unit x 1 =2,500-nom

2,500 unit x 0.50 =1,250-cost

01/06/2006 Bank -dividend 20% x ( 5,000 x 2,500) = 1500