Final Examination Semester 2 / Year 2012

Transcription

1 Final Examination Semester 2 / Year 2012 COURSE : ACCOUNTING COURSE CODE : ACCT1023 TIME : 2 1/2 HOURS DEPARTMENT : COMPUTER SCIENCE/INFORMATION TECHNOLOGY LECTURER : CHUAH SWEE AUN Student s ID : Batch No. : Notes to candidates: 1) The question paper consists of Section A 10 MCQs and Section B 3 compulsory questions covering 6 pages. 2) Answer all questions. 3) Return the question paper with your answer booklet.

2 SECTION A : 10 MCQs (25 marks) Question 1 Rosli introduces his car into her business. Which parts of the business accounting equation will change? A Assets and capital B Capital and profit C Liabilities and assets D Capital and liabilities Question 2 Rosyati has prepared the following journal entry: Debit Cash RM800 Credit Muthu RM800 What is the correct narrative for the journal entry? A Cash sale to T Simpkins B Cash purchase from T Simpkins C Cash paid to T Simpkins D Cash received from Muthu Question 3 Which of the following is a record of prime entry? A Debtors ledger control account B Journal C Purchase invoice D Trial balance Question 4 Which journal entry correctly records the credit purchase of plant and equipment? A Dr the supplier s personal account, Cr Plant and Equipment B Dr Cash, Cr Plant and Equipment C Dr Plant and Equipment, Cr the supplier s personal account D Dr Plant and Equipment, Cr Cash Page 1/6

3 Question 5 Which item will appear as a debit balance in the ledger accounts? A Capital B Bank overdraft C Creditors D Stock Question 6 Which of the following balance sheet summaries is correct? Capital Assets Liabilities A RM35,000 RM24,000 RM11,000 B RM21,000 RM15,000 RM36,000 C RM32,000 RM42,000 RM10,000 D RM33,000 RM25,000 RM8,000 Question 7 Which of the following is the correct posting to record a discount received from a supplier? A Dr Creditors Cr Bank B Dr Debtors Cr Bank C Dr Creditors Cr Discounts received D Dr Debtors Cr Discounts received Question 8 Which of the following is the correct posting to record a cash purchase of RM300 from Ahmad? A Debit Purchases RM300 Credit Ahmad RM300 B Debit Ahmad RM300 Credit Purchases RM300 C Debit Purchases RM300 Credit Bank RM300 D Debit Bank RM300 Credit Purchases RM300 Page 2/6

4 Question 9 East buys goods from South on credit. Which one of the following is the correct double entry for this transaction in East s books? A Dr Purchases, Cr Cash B Dr Purchases, Cr South C Dr Cash, Cr Purchases D Dr South, Cr Purchases Question 10 Which is the correct double entry for the write-off of a bad debt? A Dr Debtors Cr Bad debts B Dr Creditors Cr Bad debts C Dr Bad debts Cr Debtors D Dr Bad debts Cr Creditors Page 3/6

5 SECTION B : 3 COMPULSORY QUESTIONS Question 1 (20 marks) a) (12 marks) Molly has the following purchases for the month of 2011: 1 From K.King: 4 radios at RM40 each, 3 music centres at RM180 each. Less 25 % trade discount. 3 From A.Bell: 3 washing machines at RM250 each, 5 vacuum cleaners at RM70 each, 2 dish dryers at RM150 each. Less 20 % trade discount. 15 From J. Kelly: 1 music centre at RM300 each, 2 washing machines at RM350 each. Less 25 % trade discount. 20 From B.Powell: 6 radios at RM70 each, less 20 % trade discount. 30 From B.Lewis: 4 dish dryers at RM300 each, less 20 % trade discount. Required: i. Enter up the purchases day book for the month.(5 marks) ii. iii. Post the transactions to the suppliers accounts. (5 marks) Transfer the total to the purchases account in general ledger. (2 marks) b) (8 marks) Explain what you understand by non-current assets and long-term liability. Page 4/6

6 Question 2 (25 marks) a) Chong Li owns and operates a handphone repair store and had the following transactions. Show the journal entries for the July transactions.(20 marks) Jul 1 Invested RM50,000 to start the business. 5 Purchased supplies on account, RM Purchased equipment for RM9,200 with cash. 9 Received RM1200 cash for repairs. 11 Paid rent for the month, RM Paid electric bill, RM Withdrew RM400 for personal use. 25 Received RM1500 cash for repairs. 29 Paid wages, RM A loan of RM2300 cash is received from Muthu. b) Rearrange the following list of accounts to produce a trial balance.(5 marks) RM Accounts Payable 12,300 Accounts Receivable 8,420 Machinery 32,000 Capital 44,940 Drawing 12,450 Sales 55,300 Petrol expenses 450 Salaries 46,500 Printing cost 320 Cash at bank 12,400 Page 5/6

7 Question 3 (30 marks) Encik Mohd runs a small food provisions shop. The following is his trial balance as at 31 December Trial balance as at 31 December 2010 Premises 25,000 Carriage outwards 200 Carriage inwards 310 Returns inwards 205 Returns outwards 322 Purchases 11,874 Sales 18,600 Salaries and wages 3,862 Rent 304 Insurance 78 Motor expenses 664 Office expenses 216 Light and heat 166 General expenses 314 Stock on 1 Jan ,368 Motor vehicles 1,800 Fixtures and fittings 350 Debtors 3,896 Creditors 1,731 Cash at bank 482 Drawings 1,200 Capital 32,636 53,289 53,289 The following additional information is to be taken into account: Stock at 31 December 2010 was RM2946. The insurance included RM 18 worth of cover which related to the next financial year. Required: a) Prepared Mohd s Trading and Profit & Loss Account for the year ended 31 December (15 marks) b) Prepare Mohd s Balance Sheet as at 31 December (15 marks) Page 6/6