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QUESTION 1

On 1 May 2019, Madam Natasya established Natasya Interior Design Enterprise. The following
transactions had taken place during the first month of operation.

May
1 Invested RM15,000 cash and RM5,000 office equipment to the business.
4 Purchased office supplies RM1,500 on credit.
5 Purchased used photocopy machine for RM3,800. Paid RM3,000 in cash and
the balance on account.
16 Performed services to customers for RM9,000 and received RM5,000 in cash.
20 Paid creditors RM1,000 for the office supplies purchased on 4 April.
28 Received full settlement from a client for the transaction on 16 April.
30 Made full settlement for the photocopy machine purchased on 5 April.
30 Paid RM1,200 for employee salaries.
30 Paid rent and utility expenses for the month RM600 and RM300, respectively.
30 Withdrew cash RM1,800 for personal use.

REQUIRED:

(a) Journalise the transactions for the month of May. (Explanation is not required).

(b) Prepare Cash Account and determine the account balance.

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QUESTION 1 ANSWER

a) General Journal

GENERAL JOURNAL
Debit Credit
Date Description RM RM
May 1 Cash / 15,000 /
Office equipment / 5,000 /
Capital / 20,000 /

4 Office supplies / 1,500 /

Accounts payable / 1,500 /

5 Photocopy machine / 3,800 /

Cash / 3,000 /
Account payable / 800 /

16 Cash / 5,000 /
Accounts receivable / 4,000 /
Service Revenue / 9,000 /

20 Accounts payable / 1,000 /

Cash / 1,000 /

28 Cash / 4,000 /
Accounts receivable / 4,000 /

30 Accounts payable / 800 /

Cash / 800 /

30 Salaries expense / 1,200 /

Cash / 1,200 /

30 Rent expenses / 600 /

Utility expenses / 300 /
Cash / 900 /

31 Drawing / 1,800 /
Cash / 1,800 /

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(b) Cash Account

ACCOUNT Cash /
Date Item Debit Credit Balance
2019
May 1 Capital 15,000 / 15,000
5 Photocopy machine 3,000 / 12,000
16 Service revenue 5,000 / 17,000
20 Accounts payable 1,000 / 16.000
28 Accounts receivable 4,000 / 20,000
30 Accounts payable 800 / 19,200
30 Salaries expense 1,200 / 18,000
30 Rent expense 600 / 17,400
30 Utility expenses 300 / 17,100
31 Drawing 1,800 / 15,300 /

12 / x ¼ =3 Marks

Cash Account /
Date RM Date RM
2019 2018
May 1 Capital 15,000 / May 5 Photocopy machine 3,000 /
16 Service revenue 5,000 / 20 Accounts payable 1,000 /
28 Accounts 4,000 / 30 Accounts payable 800 /
receivables
30 Salaries expense 1,200 /
30 Rent expense 600 /
30 Utility expenses 300 /
31 Withdrawal 1,800 /
31 Balance 15,300 /
24,000 24,000
Balance 15,300

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QUESTION 2

The unadjusted trial balance of Zahida Enterprise as at 31 December 2018 is as follows:

Zahida Enterprise
Unadjusted Trial Balance
31 December 2018
Debit Credit
RM RM
Cash 70,330
Accounts receivable 9,700
Office supplies 3,550
Prepaid insurance 6,720
Motor vehicle 120,000
Salaries payable 5,000
Accounts payable 13,800
Capital 105,000
Revenue 168,900
Salaries expense 60,700
Other operating expenses 21,700
292,700 292,700

The followings are information related to year-end adjustments.

1. Salaries accrued at 31 December 2018 were RM5,000.
2. Insurance premium expired during the year were RM2,240.
3. Office supplies on hand at 31 December 2018 were RM1,550.
4. Unbilled customer at the end of the year amounted to RM7,000.
5. Motor vehicle is purchased on 1 July 2018. It is estimated that the vehicle has expected
useful life of 20 years and has RM10,000 scrap value. The business uses straight line
method to depreciate the asset.

REQUIRED:

(a) Prepare the Statement of Profit or Loss and Other Comprehensive Income of Zahida
Enterprise for the year ended 31 December 2018.

(b) Prepare the Statement of Financial Position of Zahida Enterprise as at 31 December 2018.

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QUESTION 2 ANSWER)

(a) Statement of Profit or Loss and Other Comprehensive Income

Zahida Enterprise
Statement of Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 31 December 2018 /

RM RM
Revenue (168,900 + 7,000) 175,900 //

Less:
Salaries expense (60,700 + 5000) 65,700 //
Insurance expense 2,240 /
Supplies expense (3,550 – 1,550) 2,000 //
Depreciation expense – office equipment 2,750 //
Other operating expense 21,700 /
94,390

Net profit 81,510 /

(b) Statement of Financial Position

Zahida Enterprise
Statement of Financial Position
As at 31 December 2018 /
RM RM
Current Assets:
Cash (70,330) 70,330 /
Accounts receivable (9,700 + 7,000) 16,700 //
Office supplies 1,550 /
Prepaid insurance (6,720 – 2,240) 4,480 //
93,060
Non-current Assets:
Office equipment 120,000
Less: Accumulated depreciation (2,750)
117,250
Total Assets 210,310
Current Liabilities:
Accounts payable 13,800
Salaries payable (5,000 + 5,000) 10,000

Equity:
Capital (105,000 + 81,510) 186,510

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Total Liabilities & Equity 210,310

QUESTION 3

The information provided below is for the Golden Roll Berhad for year ended 31 March 2019.

RM
Indirect Labour 10,000
Factory Water and Electricity 4,000
Factory Maintenance 3,000
Factory Supplies Used 1,500
Factory Building Tax 500
Factory Insurance Premium 1,300
Factory Depreciation 4,300
Other Factory Expenses 5,000
Raw Materials as at 1 April 2018 10,000
Purchases of Raw Materials 95,000
Raw Materials as at 31 March 2019 7,500
Direct Labour 100,000
Work in progress as at 1 April 2018 4,500
Work in Progress as at 31 March 2019 5,500
Bank Balances 83,000

REQUIRED:

(a) Prepare a Statement of Cost of Goods Manufactured for the year ended 31 March 2019.
Show calculation for Cost of Direct Materials Used in Production and Total Factory
Overhead Costs.

(b) Explain TWO (2) basic management processes from the managerial accounting
perspective. .

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A GOLDEN ROLL BERHAD

STATEMENT OF COST OF GOODS MANUFACTURED
FOR YEAR ENDED 31 MARCH 2019
Raw Materials as at 1 April 2018 10,000
Add: Purchases of Raw Materials 95,000
Cost of Raw Materials available for use 105,000
Less: Raw Materials as at 31 March 2019 7,500
Direct Material used in production 97,500
Direct Labour 100,000
Indirect Labour 10,000
Factory Water and Electricity 4,000
Factory Maintenance 3,000
Factory Supplies Used 1,500
Factory Building Tax 500
Factory Insurance Premium 1,300
Factory Depreciation 4,300
Other Factory Expenses 5,000
Total Factory Overhead Costs 29,600.00
Total manufacturing costs for the period 227,100.00
Work in progress as at 1 April 2018 4,500.00
Total cost of work in progress 231,600.00
Work in Progress as at 30 March 2019 5,500.00
Cost of Goods Manufactured 226,100.00

(a)

i. Planning
ii. Directing
iii. Controlling
iv. Improving
v. Decision making