35896 January 2013 Suggested answer Question 2 b Olumis Enterprise Statement of

35896 january 2013 suggested answer question 2 b

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35,896
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January 2013 Suggested answer Question 2 (b) Olumis Enterprise Statement of Financial Position as at 31 December 2012 Cost Accumulated depreciation Net book value Non-Current Asset Furniture & fittings 60,000 18,312 41,688 Office equipment 50,400 30,480 19,920 61,608 Current Asset Inventories 7,920 Trade receivables 54,720 ( ) Allowance for doubtful debts (5,472) 49,248 Prepaid rental expenses 700 Cash at bank (3,840 300 = 3,540) 3,540 61,408 123,016 Owner's equity Opening capital 66,000 (+) Net profit 35,896 101,896 (-) Drawings (720 + 300 = 1,020) (1,020) 100,876 Current Liabilities Trade payables 21,840 Accrued utilities 300 22,140 123,016
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January 2013 Suggested answer Question 3 Cash Book Date Particulars Cash Bank Date Particulars Cash Bank 2012 2012 Nov 1 Balance b/d 500 3,000 Nov 3 Rental 500 5 Sales 500 8 Purchases 600 6 Sales 600 12 Purchases 200 7 Sales 700 16 Advertising 300 16 Stationery 500 21 Wages 600 23 Utilities 300 25 Furniture 600 29 Drawings 100 30 Balance c/d 100 1,500 1,000 4,300 1,000 4,300 Dec 1 Balance b/d 100 1,500
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January 2013 Suggested answer Question 4 (a) Sales Journal Date Particular RM RM 2012 Dec 4 Siti 3,000 Less: Trade discount 4% (120) 2,880 11 Linus Sdn Bhd 2,200 18 Osindak Enterprise 2,000 27 Solibud Sdn Bhd 2,500 Less: Trade discount 4% (100) 2,400 31 Transferred to Sales account (Cr) 9,480 Purchases Journal Date Particular RM RM 2012 Dec 3 Colour Trading 2,200 Less: Trade discount 8% (176) 2,024 8 HP Sdn Bhd 1,500 14 Chan Sdn Bhd 1,800 Less: Trade discount 8% (144) 1,656 31 Transferred to Purchase account (Dr) 5,180 Return Inwards Journal Date Particular RM RM 2012 Dec 9 Solibud Sdn Bhd 200 Less: Trade discount 4% (8) 192 30 Osindak Enterprise 200 31 Transferred to Return Inwards account (Dr) 392
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January 2013 Suggested answer Question 4 (a) Return Outwards Journal Date Particular RM RM 2012 Dec 7 Colour Trading 400 Less: Trade discount 8% (32) 368 17 Chan Sdn Bhd 300 Less: Trade discount 8% (24) 276 31 Transferred to Return Outwards account (Cr) 644
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January 2013 Suggested answer Question 4 (b) SALES LEDGER TR Solibud Sdn Bhd A/c 2012 RM 2012 RM Dec 4 Sales 2,880 Dec 9 Return inwards 192 27 Sales 2,400 31 Balance c/d 5,088 5,280 5,280 2013 Jan 1 Balance b/d 5,088 TR Linus Sdn Bhd A/c 2012 RM 2012 RM Dec 31 Sales 2,200 Dec 31 Balance c/d 2,200 2013 Jan 1 Balance b/d 2,200 TR Osindak Enterprise A/c 2012 RM 2012 RM Dec 18 Sales 2,000 Dec 30 Return inwards 200 31 Balance c/d 1,800 2,000 2,000 2013 Jan 1 Balance b/d 1,800 PURCHASES LEDGER TR Colourful Trading A/c 2012 RM 2012 RM Dec 7 Return outwards 368 Dec 3 Purchases 2,024 31 Balance c/d 1,656 2,024 2,024 2013 Jan 1 Balance b/d 1,656 TP HP Sdn Bhd A/c 2012 RM 2012 RM Dec 31 Balance c/d 1,500 Dec 8 Purchases 1,500 2013 Jan 1 Balance b/d 1,500
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January 2013 Suggested answer Question 4 (b) TP Chan Sdn Bhd A/c 2012 RM 2012 RM Dec 17 Return outwards 276 Dec 3 Purchases 1,656 31 Balance c/d 1,380 1,656 1,656 2013 Jan 1 Balance b/d 1,380 GENERAL LEDGER Sales A/c 2012 RM 2012 RM Dec 31 Trade Receivables Control 9,480 Trade Receivables Control A/c 2012 RM 2012 RM Dec 31 Sales 9,480 Dec 31 Return Inwards 392 Return Inwards A/c 2012 RM 2012 RM Dec 31 Trade Receivables Control 392 Purchases A/c 2012 RM 2012 RM Dec 31 Trade Payables Control 5,180 Trade Payables Control A/c 2012 RM 2012 RM Dec 31 Return Outwards 644 Dec 31 Purchases 5,180 Return Outwards A/c 2012 RM 2012 RM Dec 31 Trade Payables Control 644
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August 2013 Suggested answer Question 2 (A) Mystic Enterprise Statement of Profit or Loss for the year ended 31 December 2012 RM RM RM Sales 153,180 Less: Return inwards (2,960) 150,220 Less: Cost of goods sold
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