BAC1034/BAC1014 1

Principles of Financial Accounting/Financial Accounting 1

Tutorial 4
1. The following transactions were extracted from the books of Jaya Enterprise. Enter the
transactions below intro three-column cash book. ( Please Refer Lecture 3&4)
2014
July
1
2
3
5
8
9
10
13
15
16
19
20
20
21
24
26
28
28
29
31

Transactions
Start business with cash in hand RM3,000 cash at bank RM1,000
Purchased goods by cheque RM400
Paid rates to Dewan Bandaraya kuala Lumpur by cheque RM500
Bought goods on credit from Qin Co. RM200
Sold goods to Masli on credit RM300
Cash sales RM400
Paid for stationary in cash RM40
Credit sales to Masli RM200
Paid transport by cash RM20
Introduced further capital RM2,000 by cheque
Masli paid for the amount owing by cheque, less 5% discount
Withdrew cash for own use RM120
Purchased goods with office cash RM260
Paid Qin Co. a cheque in full settlement of the amount owing, less 5% discount
Sold good on credit to Jasmien RM450
Paid for wages by cheque RM500
Transferred cash from office to bank RM300
Credit purchase from Qin Co. RM270
Received a loan RM5,000 from Hong Leong Bank.
Withdrew goods RM100 for personal use

2. You are provided with the following information for Amen & Associates architects for
the month ended 30 April 2014.

Cash
Account receivable
Building
Furniture
Bank
Account payable
Salaries payable
Long-term loan
Capital
Drawings
Consultation fees
Interest received
Salaries

Amen & Associates Architects

Trial Balance as at 30 April 2014
Debit(RM)
Credit(RM)
10,000
4,500
60,000
10,000
3,000
5,600
600
25,000
30,000
1,200
34,500
2,900
4,700

Prepared by Mohamad Iruwan Ghuslan

BAC1034/BAC1014 2
Principles of Financial Accounting/Financial Accounting 1

Utilities
Advertising
Insurance
Repair and maintenance

1,200
1,600
1,400
1,000
98,600

98,600

Required:
(a) Prepare the income statement for the month ended 30 April 2014.
(b) Prepare the balance sheet as at 30 April 2014.

3. The following trial balance was extracted from the financial statements of Sendayu Enterprise as
at 31 December 2013

Debit (RM)
Capital
Accounts receivable and Accounts payable
Land and building
Motor vehicles
Machinery
Accumulated depreciation - Motor vehicles
Accumulated depreciation - Machinery
Opening inventory, 1 January 2013
Cash at bank
Purchases and sales
Return inwards and return outwards
Carriage expenses
Discount Allowed and discount received
Rental income
Insurance expense
Electricity and water
Salaries expense
Miscellaneous expense
Long term loan
Drawings

34,400
150,000
60,000
50,000

12,000
5,000
15,000
80,000
70,000
2,500
3,000
500

150,000
1,500
800
6,000

2,000
2,300
9,600
3,500
100,000
1,500
484,300

Closing inventory as at 31 December 2013 was RM35,000

Required:
(a) Prepare the income statement for the year ended 31 December 2013.
(b) Prepare the balance sheet as at 31 December 2013.

Prepared by Mohamad Iruwan Ghuslan

Credit (RM)
189,000
20,000

484,300

BAC1034/BAC1014 3
Principles of Financial Accounting/Financial Accounting 1

Extra Exercise Question (For students own practice)

4. The following trial balance was extracted from the books of See Mei Enterprise as at 31
December 2013

Debit (RM)
Capital
Land and building
Plant and machinery
Furniture and fittings
Motor vehicles
Accumulated depreciation - Plant and machinery
Accumulated depreciation - Furniture and fittings
Accumulated depreciation Motor vehicles
Loan from Union Bank
Purchases and sales
Duty on purchase
Inventories, 1 January 2013
Return inwards and return outwards
Carriage inwards
Carriage outwards
Discount allowed and discount received
8% Fixed deposit
Cash in hand
Bank overdraft
Commission received
Account receivable and account payable
Salaries and wages
Electricity and water
Rental expenses
Interest on fixed deposit
Drawings

150,000
65,000
30,000
89,000

35,000
500
29,000
3,500
2,000
1,500
500
50,000
33,000

18,730
20,000
10,000
10,400

6,500
5,700
17,800
70,000
100,500

2,000

700

1,000
450
9,000

4,000
700
548,830

Closing inventory as at 31 December 2013 was RM19, 000

Required:
(c) Prepare the income statement for the year ended 31 December 2013.
(d) Prepare the balance sheet as at 31 December 2013.

Prepared by Mohamad Iruwan Ghuslan

Credit (RM)
331,180

548,830

BAC1034/BAC1014 4
Principles of Financial Accounting/Financial Accounting 1

5. You are provided with the following information for Tresh Corporation, effective as of its
September 30, 2014, year end.

Account payable
Account receivable
Equipment
Accumulated depreciation Equipment
Cash
Common stock
Cost of goods sold
Depreciation expense
Dividends
Income tax expense
Income tax payable
Insurance expense
Interest expense
Inventory
Land
Mortgage payable
Notes payable
Prepaid insurance
Retained earnings ( Beginning)
Salaries and wages expense
Salaries and wages payable
Sales revenue
Stock investment (Short-term)

Balance (RM)
834
810
2,420
670
1,270
900
1,060
335
325
165
135
210
400
967
3,100
3,500
61
60
1,600
700
222
5,100
1,200

Required:
(a) Prepare an income statement and a retained earnings statement for the year ended
30 September 2014.
(b) Prepare the balance sheet as at 30 September 2014.

Prepared by Mohamad Iruwan Ghuslan

BAC1034/BAC1014 5
Principles of Financial Accounting/Financial Accounting 1

QUESTION 2 (a) (b)

Amen & Associates Architects
Income Statement
For the month ended 30 April 2014
RM

RM

RM

RM

Amen & Associates Architects

Balance Sheet
As at 30 April 2014

Prepared by Mohamad Iruwan Ghuslan

BAC1034/BAC1014 6
Principles of Financial Accounting/Financial Accounting 1

QUESTION 3(a)
Sendayu Enterprise
Income Statement
For the year ended 31 December 2013
RM
RM

Prepared by Mohamad Iruwan Ghuslan

RM

BAC1034/BAC1014 7
Principles of Financial Accounting/Financial Accounting 1

QUESTION 3(b)
Sendayu Enterprise
Balance sheet
As at 31 December 2013
RM

Prepared by Mohamad Iruwan Ghuslan

RM

RM