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    ACC2124 Mid-Term Test S2/17

    Uploaded by

    Niz Ismail
    The document contains a trial balance for a partnership between Tan and Lim sharing profits and losses in a 3:2 ratio. It also provides additional financial information for the partnership. The second question provides a trial balance for Alpha Ltd and requests preparation of financial statements for the year ended March 31, 2017. Students are asked to prepare an income statement, statement of division of profit, and statement of financial position for the partnership; and an income statement, appropriation account, and statement of financial position for the company.

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    ACC2124 Mid-Term Test S2/17

    Uploaded by

    Niz Ismail
    91 views2 pages
    The document contains a trial balance for a partnership between Tan and Lim sharing profits and losses in a 3:2 ratio. It also provides additional financial information for the partnership. The second question provides a trial balance for Alpha Ltd and requests preparation of financial statements for the year ended March 31, 2017. Students are asked to prepare an income statement, statement of division of profit, and statement of financial position for the partnership; and an income statement, appropriation account, and statement of financial position for the company.

    Original Description:

    ACC2124 Accounting Mid Term Test by Mr. Kishan Krishen from Kolej Aman Batu Pahat

    Original Title

    ACC212-MT-S217-Q

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    The document contains a trial balance for a partnership between Tan and Lim sharing profits and losses in a 3:2 ratio. It also provides additional financial information for the partnership. The second question provides a trial balance for Alpha Ltd and requests preparation of financial statements for the year ended March 31, 2017. Students are asked to prepare an income statement, statement of division of profit, and statement of financial position for the partnership; and an income statement, appropriation account, and statement of financial position for the company.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    91 views2 pages

    ACC2124 Mid-Term Test S2/17

    Uploaded by

    Niz Ismail
    The document contains a trial balance for a partnership between Tan and Lim sharing profits and losses in a 3:2 ratio. It also provides additional financial information for the partnership. The second question provides a trial balance for Alpha Ltd and requests preparation of financial statements for the year ended March 31, 2017. Students are asked to prepare an income statement, statement of division of profit, and statement of financial position for the partnership; and an income statement, appropriation account, and statement of financial position for the company.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    ACC2124 Mid-Term Test S2/17

    Answer both questions.

    Question 1

    Tan and Lim are in partnership sharing profits and losses in the ratio 3:2 respectively.
    The following is their trial balance at 30 June 2017.

    Dr. (RM) Cr. (RM)


    Building 210, 000
    Accumulated depreciation for building 50, 000
    Fixtures at cost 8, 200
    Provision for depreciation: Fixtures 4, 200
    Accounts receivable 61, 400
    Accounts payable 26, 590
    Cash at bank 6, 130
    Opening inventory 62, 740
    Sales 363, 111
    Purchases 210, 000
    Carriage outwards 3, 410
    Discount allowed 620
    Loan expense 3, 900
    Office expenses 4, 760
    Salaries and wages 57, 809
    Bad debts 1, 632
    Provision for doubtful debts 1, 400
    Long term loan 65, 000
    Capital: Tan 100, 000
    Capital: Lim 75, 000
    Current: Tan 4, 100
    Current: Lim 1, 200
    Drawings: Tan 31, 800
    Drawings: Lim 28, 200

    690, 601 690, 601


    Additional information:

    (a) Inventory at 30 June 2017 is RM74, 210.


    (b) Accrued office expenses RM215, accrued wages RM720.
    (c) Fixture is depreciated at 15% reducing balance, building RM5, 000.
    (d) Reduce provision for doubtful debts to RM1, 250.
    (e) Partnership salary: RM30, 000 to Tan.
    (f) Interest on drawings: Tan RM900, Lim RM600.
    (g) Interest on capital at 5%.

    Page 1 of 2
    ACC2124 Mid-Term Test S2/17

    Required:

    Prepare an income statement and statement of division of profit for the year ended 30
    June 2017 and a statement of financial position at that date.
    (5 Marks)

    Question 2

    The following trial balance was obtained from the books of Alpha Ltd on 31 March 2017.
    Dr. (RM) Cr. (RM)
    200, 000 Ordinary shares of RM1 each 200, 000
    Land and building at cost 170, 000
    Accounts receivable 42, 100
    Furniture and fittings at cost 80, 000
    Accounts payable 25, 000
    Closing inventory 42, 000
    Bank 12, 000
    Gross profit 98, 050
    Office salaries and expenses 25, 000
    Accumulated depreciation for furniture and fittings 32, 000
    Share premium 20, 000
    Advertising and selling expenses 5, 000
    Bad debts 250
    Provision for doubtful debts 600
    Retained profit brought forward 12, 000
    Directors’ remuneration 11, 300
    387, 650 387, 650

    Additional information:

    (a) The provision for doubtful debts is to be adjusted to RM700.


    (b) Depreciation is to be provided in respect of furniture and fittings at 10% on cost.
    (c) Final dividend proposed at 10 sen per ordinary share.

    Required:

    Prepare an income statement and appropriation account for the year ended 31 March
    2017 and a statement of financial position at that date.
    (5 Marks)

    Page 2 of 2

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