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3 Tutorial Questions

The document contains tutorial questions for ACC1014 Principles of Financial Accounting, focusing on analyzing and recording transactions. It includes two main questions: calculating net profit for Matcha Drinks Enterprise based on assets, liabilities, and owner transactions, and correcting errors in a Trial Balance for Sedap Catering. Additionally, it requires preparation of journal entries, an adjusted Trial Balance, a Statement of Profit or Loss, and a Statement of Financial Position.

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49 views2 pages

3 Tutorial Questions

The document contains tutorial questions for ACC1014 Principles of Financial Accounting, focusing on analyzing and recording transactions. It includes two main questions: calculating net profit for Matcha Drinks Enterprise based on assets, liabilities, and owner transactions, and correcting errors in a Trial Balance for Sedap Catering. Additionally, it requires preparation of journal entries, an adjusted Trial Balance, a Statement of Profit or Loss, and a Statement of Financial Position.

Uploaded by

anmol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ACC1014 Principles of Financial Accounting

3 Analysing and Recording Transactions II


Tutorial Questions

Question 1 (Main Reference Chapter 3 Exercise Question 2)


Matcha Drinks Enterprise had the following assets and liabilities at the beginning and end of
the current year:
Assets Liabilities
RM RM
Beginning of the year 114,000 68,000
End of the year 135,000 73,000

If Roger Ong, the owner invested an additional RM12,000 in the business and withdrew
RM5,000 during the year, the amount of net profit earned by Matcha Drinks Enterprise is
RM_____.

Question 2 (Main Reference Chapter 3 Problem Question 6, with modifications)


Deli Yum owns a catering business that goes by the name Sedap Catering. Ms. Mi, the
bookkeeper, prepared a Trial Balance at the end of the financial year, 30 June 20X9, but it
was not balanced.
Sedap Catering
Trial Balance as at 30 June 20X9
Debit Credit
RM RM
Cash at Bank 8,780
Accounts Receivable 31,250
Food Supplies 7,320
Motor Vehicle 30,000
Office Furniture 70,000
Bank Loan 60,000
Accounts Payable 20,490
Salaries Expense 5,000
Revenue 40,000
Electricity Expense 450
Rent Expense 3,000
Interest Expenses 1,340
Sundry Expenses 2,000
Insurance Expenses 3,000
Deli Yum, Capital 48,610
Drawings 7,740
169,880 169,100

Ms Mi checked the accounts preparation in reverse order to trace the errors and found the
following:
(1) A RM3,540 salaries expense in cash was wrongly posted as RM3,450 in both of
the relevant accounts.
(2) A cash receipt of RM780 from customers in settlement of their accounts was
posted twice to the Cash at Bank account but correctly posted only once to
Accounts Receivable.
(3) A RM450 credit was credited to Accounts Receivable but should have been
credited to the Revenue account instead.
(4) A purchase of food supplies for RM980 on credit was not recorded.
(5) The purchase of a delivery truck for RM60,000 using a loan was posted as a
credit to the Bank Loan Account and as a debit to the Office Furniture Account.
(6) A RM3,780 contribution by the owner was posted wrongly as a drawings from
the business.
Required:
(a) Prepare journal entries to correct the errors, if necessary.
(b) Prepare an adjusted Trial Balance as at 30 June 20X9.
(c) Prepare Statement of Profit or Loss for the year ended 30 June 20X9.
(d) Prepare Statement of Financial Position as at 30 June 20X9.

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