170 e General Journal Date Particular RM RM 2013 DR CR Aug 7 Dr Office

170 e general journal date particular rm rm 2013 dr

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170
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(e) General Journal Date Particular RM RM 2013 DR CR Aug 7 Dr Office equipment 2,500 Cr Capital 2,500 Brought personal computer into business 25 Dr Drawing 123 Cr Purchases 123 Took inventories for personal use January 2014 Suggested answer Question 3 (B) Source documents Explanation Invoice To inform customer the amount to be paid and the amount of discount given in the credit term. Credit note To deduct an amount overcharged in the invoice and returns of goods from customers. Memo A written message/note from management /boss to inform about decision on certain transaction.
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January 2014 Suggested answer Question 4 (A) 4(A)(a)(i) Bad debts A/c 2013 RM 2013 RM Dec 31 Trade receivables 5,500 Dec 31 Statement of Profit or Loss 5,500 (a)(ii) Trade receivables A/c 2013 RM 2013 RM Jan 1 Balance b/d 54,600 Dec 31 Bad debts 5,500 Balance c/d 49,100 54,600 54,600 2014 Jan 1 Balance b/d 49,100 (a)(iii) Doubtful debts A/c 2013 RM 2013 RM Dec 31 Allowance for doubt. debt 464 Dec 31 Statement of Profit or Loss 464 (a) (iv) Allowance for doubtful debts A/c 2013 RM 2013 RM Dec 31 Balance c/d 1,964 Jan 1 Balance b/d 1,500 Doubtful debts 464 1,964 1,964 2014 Jan 1 Balance b/d 1,964 4(b) Raman Enterprise Statement of Profit or Loss (Extract) for the year ended 31 December 2012 Less: Expenses RM Bad debts 5,500 Doubtful debt 464
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January 2014 Suggested answer Question 4 (A) (c) Raman Enterprise Statement of Financial Position (Extract) as at 31 December 2013 Current Asset RM RM Trade receivables 49,100 (-) Allowance for doubtful debts (1,964) 47,136 January 2014 Question 4 (B) 4(B)(a) Commission received A/c 2012 RM 2013 RM Oct 1 Commission receivable 1,950 Sept 30 Bank 9,100 2013 Sept 30 Commission received in advance 1,300 Sept 30 Statement of Profit or Loss 5,850 9,100 9,100 (b) Salaries A/c 2013 RM 2012 RM Sept 30 Bank 24,150 Oct 1 Accrued salaries 8,625 2013 Sept 30 Prepaid salaries 3,450 Sept 30 Statement of Profit or Loss 12,075 24,150 24,150 (c) Smith Enterprise Statement of Profit or Loss (Extract) for the year ended 30 September 2013 Add: Income RM Commission received 5,850 Less: Expenses Salaries 12,075
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January 2014 Suggested answer Question 4 (B) (d) Smith Enterprise Statement of Financial Position (Extract) as at 30 September 2013 Current Assets RM Prepaid salaries 3,450 Current Liabilities Commission received in advance 1,300
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April 2013 Suggested answer Question 2 (a) Siva Book Store Statement of Profit or Loss for the year ended 31 December 2012 RM RM RM Sales 340,000 Less: Return inwards (3,200) 336,800 Less: Cost of goods sold Inventory 1 January 2012 12,000 Purchases 180,000 (-) Return outwards (1,800) Net purchases 178,200 Cost of goods available for sale 190,200 (-) Inventories 31 December 2012 (20,000) (170,200) Gross profit 166,600 Add: Revenues Discount received 1,500 Less: Expenses Discount allowed 2,000 Salaries (RM1,600 + RM600 = RM2,200) 2,200 Commission 500 Utility (RM1,000 + RM400 = RM1,400) 1,400 Depreciation - Office equipment (15% x 90,000) 13,500 - Motor vehicle (10% x 56,700) 5,670 Doubtful debts [(10% x 45,000) - 4,000] 500 (25,770) Net profit 142,330
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April 2013 Suggested answer Question 2 (b) Siva Book Store Statement of Financial Position as at 3 1 December 2012 Cost Accumulated depreciation Net book value Non-Current Asset Premises 140,000 - 140,000 Office equipment 90,000 54,000 36,000 Motor vehicles 70,000 18,970 51,030 227,030 Current Asset Inventories 20,000 Trade receivables 45,000 (-) Allowance for doubtful debts (4,500) 40,500 Cash at bank (RM24,000 RM400 = RM23,600) 23,600 84,100 311,130 Owner's equity Opening capital 108,800 (+) Net profit 142,330 251,130 (-) Drawings (RM600 + RM400) (1,000) 250,130 Current Liabilities Trade payables 60,000 Accrued utilities 400 Accrued salaries 600 61,000 311,130
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