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    Mid-Term Test Pas1143

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    abilaa thuzairah

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    © All Rights Reserved
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    Mid-Term Test Pas1143

    Uploaded by

    abilaa thuzairah
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    Mid-term test pas1143

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    4 views6 pages

    Mid-Term Test Pas1143

    Uploaded by

    abilaa thuzairah

    Copyright:

    © All Rights Reserved
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    of 6

    MID-TERM TEST (30%)

    NOVEMBER 2023 SEMESTER

    COURSE : PRINCIPLES OF ACCOUNTING


    COURSE CODE : PAS1143
    DURATION : 2 HOURS 30 MINUTES
    FACULTY : BUSINESS AND ACCOUNTANCY
    PROGRAMME : BACHELOR OF BUSINESS MANAGEMENT (HONS)
    BACHELOR OF FINANCE (HONS)
    BACHELOR OF INDUSTRIAL MANAGEMENT(HONS)
    LECTURER : PN SALBIAH HANUM BT MOHD HAJALI

    INSTRUCTIONS TO CANDIDATES

    This paper consists of one (1) section:


    Section A - 2 questions

    Answer ALL questions.

    NAME :

    ID NUMBER :

    DATE :

    CLO Outcome Question Marks

    2 Analyze business transactions towards basic and extended


    accounting equation.Use double entry system to record business
    transactions, prepare journal, ledger and trial balance and prepare 1
    pre-adjusted Financial Satements.(C3,PLO3)

    Perform financial statement analysis using relevant financial ratios


    4 and make appropriate interpretations based on information 2
    available.(C4, PLO7)

    This Question Paper consists of 5 PAGES.


    SECTION A (60 MARKS)
    ANSWER ALL QUESTIONS.

    QUESTION 1 (45 MARKS)

    Encik Ammar, the owner of Smart Solution Trading, has given you the following balances taken
    from his business books as at 31 December 2023.

    RM

    Purchases 195,000

    Sales 300,000

    Discount allowed 900

    Discount received 1,500

    Carriage inwards 1,050

    Carriage outwards 600

    Return inwards 9,000

    Return outwards 13,500

    Inventory at 1 January 2023 36,000

    Advertisement 2,550

    Dividend received 400

    Insurance 3,700

    Utilities 1,500

    Rent received 2,700

    Salary 3,750

    Account receivables 101,700

    Account payables 135,000

    Cash 750

    Bank 10,200

    Drawings 3,000

    Capital 159,600

    2
    Loan from UOB Bank Berhad 180,000

    Land and building 360,000

    Office equipment 4,500

    Motor vehicles 49,500

    Fixtures and fittings 9,000

    Required:

    a. Prepare a Trial Balance as at 31 December 2023.


    (15 marks)

    b. The ending inventory on 31 December 2023 is RM105,000, prepare a Statement of Profit or


    Loss for the year ended 31 December 2023.
    (15 marks)

    c. Prepare a Statement of Financial Position as at 31 December 2023.


    (15 marks)

    QUESTION 2 (15 MARKS)


    The following are the summarized Statement of Profit or Loss for the year ended 31 March 2023
    and a Statement of Financial Position as at 31 March 2023 of Elmina Enterprise:
    Elmina Enterprise
    Statement of Profit or Loss for the year ended 31 March 2023
    RM RM
    Sales 213,800
    -) Return inwards (2,000)
    211,800
    Less: Cost of Goods Sold
    Opening stock 23,600
    Purchases 118,700
    -) Return outwards (3,200) 115,500
    139,100

    3
    +) Carriage inwards 3,100
    142,200
    -) Closing stock 29,400 (112,800)
    Gross Profit 99,000
    Less: Expenses 54,900
    Net Profit 44,100
    =====
    Elmina Enterprise
    Statement of Financial Position as at 31 March 2023
    RM RM
    NON-CURRENT ASSETS
    Motor Vehicles 81,000
    Fixtures and Fittings 18,000
    99,000
    CURRENT ASSETS:
    Inventories 29,400
    Account Receivables 15,500
    Cash in bank 39,000
    83,900
    Less: CURRENT LIABILITIES
    Account Payables 35,300 48,600
    147,600
    =====
    FINANCED BY:
    Capital 108,300
    +) Net Profit 44,100
    152,400

    4
    -) Drawings 4,800
    147,600
    =====
    From the above information, you are required to calculate the following ratios:
    a. Gross profit ratio
    (3 marks)
    b. Net profit ratio
    (3 marks)
    c. Inventories turnover
    (3 marks)
    d. Current ratio
    (3 marks)
    e. Quick (acid test) ratio
    (3 marks)

    END OF QUESTION PAPER

    5
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