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CONFIDENTIAL SULIT EBAB 123 Interim Semester 2020/2021 QUESTION 130 MARKS The following is a list balances in the general ledger of Eman Enterprises at 31 May 2020
CONFIDENTIAL SULIT EBAB 123 Interim Semester 2020/2021 QUESTION 130 MARKS The following is a list balances in the general ledger of Eman Enterprises at 31 May 2020. RM RM Purchases and Sales 29,000 59,900 Return inwards and outwards 2,300 1.700 Maintenance expenses 1.200 Rental income 4,500 Motorcar expenses 1,500 Discount allowed and received 600 900 1.300 2.400 Takaful expenses Salary and allowances Carriage inwards Carriage outwards Bad debts 270 650 380 Provision for doubtful debts (1 June 2019) 700 600 Drawings Long term loan 30,000 Inventories (1 June 2019) 7.100 Cash in hand 4.800 Cash at bank 27.700 Account Receivable 10.000 13,000 7.600 Account Payable Provision for depreciation - Equipment (1 June 2019) Equipment (Cost) Provision for depreciation - Plant and Machinery (1 June 2019) 19,000 45,000 114,500 Plant and Machinery (Cost) Capital 60.000 223,300 223,300 Page 2 of 3
CONFIDENTIAL/SULIT EBAB 123 Interim Semester 2020/2021 The following information needs to be taken into account in the preparation of the final accounts: 1. 2. 3. 4. Inventories as at the year end was valued at RM5,900. Provision for doubtful debts is to be adjusted at 5%. Takaful expenses paid cover up to June 2020. Rental received for the amount of RM330 is still owed. The owner took goods worth RM370 for his family use. Depreciation for the year ended 31 May 2020 has yet to be provided as follows: Plant & Machinery 20% reducing balance method Equipment 10% straight-line method 5. 6. Required: Prepare a Statement of Profit and Loss for the financial year ended 31 May 2020. [15 Marks] b) Prepare a Statement of Financial Position as at 31 May 2020. [10 Marks] Calculate the depreciation expenses for Plant & Machinery and Equipment from year 2020 until 2022 [5 Marks) -END OF QUESTION PAPER- Page 3 of 3
Expert Solution
(a)
| Statement for Profit and Loss for financial year ended 31 May 2020 | |||
| Particulars | Note | Amount (RM) | Amount (RM) |
| Revenue | |||
| Sales | 59,900.00 | ||
| Return inward | -2,300.00 | 57,600.00 | |
| Rental income | 4,500.00 | ||
| Owed Income | -330.00 | 4,170.00 | |
| Discount received | 900.00 | ||
| Total Income | 62,670.00 | ||
| Expenditure | |||
| Purchase | 29,000.00 | ||
| Return outward | -1,700.00 | ||
| Personal use of goods | -370.00 | 26,930.00 | |
| Maintainence expenses | 1,200.00 | ||
| Motor car Expenses | 1,500.00 | ||
| Discount allowed | 600.00 | ||
| Takaful expenses | 1,300.00 | ||
| Carriage inward | 270.00 | ||
| Carriage outward | 650.00 | ||
| Salaries and allowance | 2,400.00 | ||
| Bad debts | 380.00 | ||
| Change in inventory | Opening - Closing | 1,200.00 | |
| Depriciation: | |||
| Equipment | 1,900.00 | ||
| Plant and machinery | 13,900.00 | ||
| Provision for doubtful debt | 500.00 | ||
| Total expenditure | 52,730.00 | ||
| Net Income | 9,940.00 |
(b)
| Statement for Financial position for financial year ended 31 May 2020 | |||
| Particulars | Note | Amount (RM) | Amount (RM) |
| Equity and Liabilities | |||
| Capital | 60,000.00 | ||
| Add: Net profit | 9,940.00 | ||
| Less: Drawing | -970.00 | 68,970.00 | |
| Long term loan | 30,000.00 | ||
| Account Payable | 13,000.00 | ||
| Provision for Depriciation: | |||
| Equipment | 7,600.00 | ||
| 2019-20 | 1,900.00 | 9,500.00 | |
| Plant and machinery | 45,000.00 | ||
| 2019-20 | 13,900.00 | 58,900.00 | |
| Outstanding rent | 330.00 | ||
| Total Equity & Liabilities | 1,80,700.00 | ||
| Assests | |||
| Equipment (cost) | 19,000.00 | ||
| Plant and Machinery (cost) | 1,14,500.00 | ||
| Inventories | 5,900.00 | ||
| Cash in hand | 4,800.00 | ||
| Cash at bank | 27,700.00 | ||
| Account Receivables | 10,000.00 | ||
| Provision for doubtful debt | -1,200.00 | 8,800.00 | |
| Total Assests | 1,80,700.00 |
(c)
| Calculation of depriciation | ||||||
| Assests | Cost | Provision for Depriciation | WDV as on 1st june 2020 | Depriciation during the year | ||
| 2019-20 | 2020-21 | 2021-22 | ||||
| Equipment | 19,000.00 | 7,600.00 | 11,400.00 | 1,900.00 | 1,900.00 | 1,900.00 |
| Plant and machinery | 1,14,500.00 | 45,000.00 | 69,500.00 | 13,900.00 | 11,120.00 | 8,896.00 |
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