Problem Questions
1.
a.
Date
31/12/10
31/12/10
Rent Expense
RM
Date
700
31/12/10
30
Particulars
Bank
Accrued rent
Particulars
Income statement
730
Date
Particulars
RM
31/12/10
Balance c/d
30
RM
730
730
Accrued Rent
Date
Particulars
31/12/10
1/1/11
RM
Rent expense
30
Balance b/d
30
b.
Date
31/12/10
Date
Particulars
Bank
Insurance Expense
RM
Date
Particulars
500
31/12/10 Prepaid insurance
31/12/10 Income statement
RM
40
460
500
500
Prepaid Insurance
RM
Date
Particulars
Particulars
RM
31/12/10
Balance c/d
40
Commission Revenue
RM
Date
750
31/12/10
Particulars
Bank
RM
650
Accrued
commission
revenue
100
31/12/10
1/1/11
Insurance Exp.
Balance b/d
Date
31/12/10
Particulars
Income
statement
40
40
c.
31/12/10
750
Date
Particulars
31/12/10
Commission
revenue
Balance b/d
1/1/11
750
Accrued Commission Revenue
RM
Date
Particulars
100
RM
31/12/10
Balance c/d
100
Rent Revenue
RM
Date
100
31/12/10
Particulars
Bank
RM
400
100
d.
Date
31/12/10
31/12/10
Particulars
Rent
revenue
received
in
advance
Income
statement
300
400
Date
31/12/10
400
Rent Revenue Received in Advance
Particulars
RM
Date
Particulars
RM
Balance c/d
100
100
31/12/10
Rent revenue
1/1/11
Balance b/d
100
2.
Date
1/4/09
1/4/09
Particulars
Prepaid
insurance
Bank
Date
Particulars
1/4/09
Bal b/d
Date
31/3/10
Particulars
Income
statement
Insurance Expense
RM
Date
Particulars
1,100
31/3/10
Income statement
RM
4,500
3,400
4,500
4,500
Prepaid Insurance
RM
Date
1,100
1/4/09
Rent Revenue
RM
Date
12,500
1/4/09
1/4/09
30/9/09
31/3/10
Particulars
RM
Insurance exp.
Particulars
Unearned
revenue
Bank
Bank
Accrued
revenue
1,100
rent
3,000
6,000
rent
12,500
Date
1/4/09
2,000
1,500
12,500
Unearned Rent Revenue (received in advance)
Particulars
RM
Date
Particulars
Rent revenue
RM
2,000
1/4/09
RM
Balance b/d
2,000
(By this date, from current liabilities become revenue)
Accrued Rent Revenue
31/3/10
Rent revenue
1,500
31/3/10
Balance c/d
1,500
1/4/10
Balance b/d
1,500
Date
1/5/09
31/12/09
Particulars
Bank
Bank
Motor Expense
RM
Date
1,500
1/4/09
750
31/3/10
31/3/10
Particulars
Accrued motor
expense
Prepaid motor
expense
Income statement
2,250
Date
Particulars
1/4/09
Motor expense
RM
350
500
1,400
2,250
Accrued Motor Expense
RM
Date
Particulars
RM
Balance b/d
350
(By this date, from current liabilities become expense for the year)
Prepaid Motor Expense
Date
Particulars
RM
Date
Particulars
RM
350
31/3/10
Motor expense
500
1/4/10
Balance b/d
500
1/4/09
31/3/10
Balance c/d
Income Statement for the year ended 31 March 2010
500
RM
Revenues
Rent revenue
12,500
Expenses
Insurance expense
4,500
Motor expense
1,400
Balance Sheet as at 31 March 2010
Current Assets
RM
Prepaid motor expenses
500
Accrued rent revenue
3.
1,500
PTL Trading
Income Statement for the year ended 31 March 2006
RM
RM
Sales
Less: Return inwards
Opening inventory
Purchases
Less: Return outwards
Less: Closing inventory
Cost of goods sold
Gross profit
Other revenue:
Discount received
Expenses:
Wages and salaries
Office expenses
Rent and insurance
Discount allowed
Carriage outwards
5,100
22,860
570
23,430
28,530
4,250
23,140
17,070
930
9,190
480
1,640
1,440
2,180
Balance Sheet as at 31 March 2006
RM
RM
Non-current Assets:
Fixtures and fittings
Delivery van
Current Assets:
Inventory
Accounts receivable
Cash
Prepaid rent and insurance
Owners Equity:
Capital at 1 April 2005
Add: Net profit
Less: Drawings
Current Liabilities:
RM
41,000
790
40,210
(8,980 +210)
(450+30)
(1,790-150)
14,930
3,070
RM
1,210
2,000
4,250
11,900
140
150
16,440
19,650
8,170
3,070
2,850
8,390
Bank overdraft
Accounts payable
Accrued wages and salaries
Accrued office expenses
4.
a.
b.
c.
4,300
6,720
210
30
Prepaid rent = 1,200
Dr
Prepaid rent
Cr
Rent expense
1,200
Prepaid insurance = 9,600/12 x 3 = 2,400
Dr
Prepaid insurance
Cr
Insurance expense
2,400
11,260
19,650
1,200
Accrued wages = 800
Dr
Wages
Cr
Accrued wages
2,400
800
800
5.
Date
1/10/09
30/9/10
Advertising Expense
RM
Date
Particulars
5,625
30/9/10
Income statement
Particulars
Prepaid
advertising
Bank
Accrued
advertising
6,000
2,500
14,125
Date
1/10/09
Date
Bal b/d
5,625
30/9/10
Bal c/d
Date
30/9/10
Particulars
Income
statement
Unearned
revenue
14,125
Prepaid Advertising
RM
Date
Particulars
Particulars
RM
14,125
1/10/09
Accrued Advertising
RM
Date
2,500
30/9/10
Rent Revenue
RM
Date
14,400
1/10/09
rent
1,200
30/9/10
Particulars
RM
Advertising exp.
Particulars
5,625
RM
Advertising exp.
2,500
Particulars
Unearned
revenue
Bank
RM
1,200
rent
15,600
14,400
15,600
Unearned Rent Revenue
Particulars
RM
Date
Particulars
RM
1/10/09
Rent revenue
1,200
1/10/09
Balance b/d
1,200
30/9/10
Balance c/d
1,200
30/9/10
Rent revenue
1,200
Date
2,400
Income Statement for the year ended 30 Sept 2010
2,400
RM
Revenues
Rent revenue
14,400
Expenses
Advertising expense
14,125
Balance Sheet as at 30 Sept 2010
Current Liabilities
Unearned rent revenue
1,200
Accrued advertising expense
2,500
6.
Date
31/7/10
Date
Particulars
Bank
Accrued salaries
and wages
Particulars
31/7/10
Bal c/d
Date
31/7/10
Particulars
Bank
Salaries and Wages
RM
Date
Particulars
6,000
31/7/10
Income statement
2,400
RM
8,400
8,400
8,400
Accrued Salaries and Wages
RM
Date
Particulars
2,400
31/7/10
Stationery
RM
Date
400
31/7/10
Salaries and wages
Particulars
Income statement
Prepaid stationery
400
Date
Particulars
RM
31/7/10
Stationery
100
Date
31/7/10
Particulars
Income
statement
Unearned
commission
revenue
Prepaid Stationery
Date
Particulars
31/7/10
Bal c/d
Commission Revenue
RM
Date
Particulars
3,000
31/7/10
Bank
31/7/10
Date
RM
300
100
400
RM
100
RM
4,000
4,000
Unearned Commission Revenue
Particulars
RM
Date
Particulars
Balance c/d
2,400
1,000
4,000
Date
RM
1,000
31/7/10
Unearned Rent Revenue
Particulars
RM
Date
RM
Commission
revenue
1,000
Particulars
RM
31/7/10
Balance c/d
Date
31/7/10
Particulars
Income
statement
Unearned
commission
revenue
500
31/7/10
Rent Revenue
RM
Date
8,000
31/7/10
Rent revenue
500
Particulars
Bank
RM
8,500
500
8,500
Date
31/7/10
8,500
Interest Revenue
RM
Date
3,800
31/7/10
Particulars
Income
statement
Particulars
Bank
Accrued
revenue
RM
3,000
rent
3,800
Date
Particulars
31/7/10
Interest rev.
3,800
Accrued Rent Revenue
RM
Date
Particulars
800
800
31/7/10
Balance c/d
RM
800
Income Statement for the year ended 31 July 2010
RM
Revenues
Commission revenue
3,000
Rent revenue
8,000
Interest revenue
3,800
Expenses
Salaries and wages
8,400
Stationery
300
Balance Sheet as at 31 July 2010
Current Assets
Prepaid stationary
100
Accrued interest revenue
800
Current Liabilities
Unearned commission revenue
Unearned rent revenue
Accrued salaries and wages
1,000
500
2,400
