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Tutorial_6_-_Incomplete_Records.doc

Tutorial_6_-_Incomplete_Records.doc - UNIVERSITI TUNKU...

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UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF BUSINESS AND FINANCE ACADEMIC YEAR 2017 / 2018 BACHELOR OF BUSINESS ADMINISTRATION (HONS) BACHELOR OF BUSINESS ADMINISTRATION (HONS) ENTREPRENEURSHIP BACHELOR OF ECONOMICS (HONS) FINANCIAL ECONOMICS UBAF 1173 BUSINESS ACCOUNTING 2 TUTORIAL 6 Q1. Mr. Bala is a trader who has not kept proper books of accounts. On 31 October 2003, his state of affairs was as follows: RM Cash 210 Bank 4,700 Fixtures 2,800 Inventory 18,200 Trade receivables 26,600 Trade payables 12,700 Van (at valuation) 6,800 During the year to 31 October 2004 his drawings amounted to RM 32,200. Winnings from the Lottery of RM 7,600 were put into the business. Extra fixtures were bought for RM900. On 31 October 2004, his assets and liabilities were: RM Cash 190 Bank overdraft 1,810 Inventory 23,900 Trade payables 9,100 Accrued expenses 320 Fixtures 3,700 Depreciation - Fixtures 370 Van 5,440 Trade receivables 29,400 Prepaid expenses 460 Required: Draw up a statement showing the profit or loss for the year ended 31 October 2004.
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Q2. Jason Wong runs a furniture shop. He does not keep proper accounting records. He
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