I Removing the old air conditioning system of the factory and installing a new
CONFIDENTIAL
AC/OCT 2004/ACC100/105
107/111/114/115
UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION
COURSE
FINANCIAL ACCOUNTING
COURSE CODE
ACC100/105/107/111/114/115
DATE
6 OCTOBER 2004
TIME
3 HOURS (9.00 a.m -12.00 p.m)
FACULTY
Accountancy / Administrative Science and Policy Studies /
Business Management / Office Management and
Technology / Information Technology and Science
Computer
June 2004 - October 2004
Diploma in Accountancy/AC110
Diploma in Public Administration / AM110
Diploma in Business Studies / BM111
Diploma in Banking / BM112
Diploma in Investment Analysis / BM114
Diploma in Business Studies (Insurance) / BM115
Diploma in Business Studies (Transport)/ BM117
Diploma in Office Management and Technology / OM114
Diploma in Science Computer/CS110
Diploma in Statistic / CS111
Diploma in Planting Industry Management/AS110
Diploma in Actuarial Science / CS112
Diploma in Quantitative Sciences / CS113
SEMESTER
PROGRAMME/CODE
INSTRUCTIONS TO CANDIDATES
1.
Answer ALL questions in the answer booklet.
2.
Start each answer on a new page.
3.
Do not bring any material into the examination room unless permission is given by the invigilator.
4.
Please check to make sure that this examination pack consists of:
i)
the Question Paper
ii)
an Answer Booklet - provided by the Faculty
iii)
an Objective Answer Sheet
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 11 printed pages
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
2
AC/OCT 2004/ACC100/1057
107/111/114/115
SECTION A
This section consists of 10 multiple-choice questions. Choose the most suitable
answer and shade the corresponding alphabet representing the answer in the multiple
choice answer sheet provided.
1.
AZAR Enterprise maintains a petty cash float of RM200 per month. What would be
the amount to be reimbursed to the petty cashier if he had spent RM48 for cleaning,
RM32 for maintenance, RM35 for stamps and RM45 for transportation, during a
particular month
a.
b.
c.
d.
RM200
RM40
RM160
RM80
(1 mark)
2.
Which of the following about a Sales Journal is not true?
a.
b.
c.
d.
It is a subsidiary book.
It is the original entry for credit sales only.
It is recorded with the amount of credit sales after cash discount.
At the end of the period, its total is transferred to sales account.
(1 mark)
3.
The stock of a business decreases when there are
a.
b.
c.
d.
Sales and returns outwards
Sales and returns inwards
Purchases and returns outwards
Purchases and returns inwards
(1 mark)
4.
Which of the following is a Capital Expenditure?
I
II
III
IV
Removing the old air conditioning system of the factory and installing a new
one.
Repainting the outside wall of the premises.
Replacing the wall-to wall carpet of the office.
Putting up billboard an neon signs outside the main entrance of the shop.
a.
b.
c.
d.
I, II, III
I, III
II, III, IV
I, II, IV
(1 mark)
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
5.
c.
d.
An instruction to a bank to pay specified amounts at given dates.
Cash received has been debited in the cash book but not yet deposited into
the bank.
Cash deposit / cheque received on behalf of the business by the bank,
Cheque issued by the firm and has been credited in the cash book but not yet
recorded by the bank.
(1 mark)
For accounting purposes, the term "asset" can be best defined as
a.
b.
c.
d.
7.
AC/OCT 2004/ACC100/1057
107/111/114/115
A standing order means
a.
b.
6.
3
An economic resource that is expected to be of benefit to the organization.
Money that a bank accepts at face value.
An economic obligation payable to an individual or an organization outside
the business,
Property of a business that cannot be disposed off.
(1 mark)
What is the main function of financial statements?
a.
b.
c.
d.
To show the expenses incurred and revenue earned by a particular business.
To show the profit gained or loss suffered by a particular business.
To provide accounting information concerning the business performance for a
specific period,
To provide information on how a particular business spends its cash.
(1 mark)
Use the following information to answer questions 8, 9,10
The bank account in Syawal's books appears as follows:
1/1/2004
3/1/2004
4/1/2004
7/1/2004
8.
Capital
Johan
Cash
Sales
Bank a/c
RM
10,000 2/1/2004
600 5/1/12004
400 6/1/2004
200
Furniture
Purchases
Amin
RM
1,600
400
600
The above account indicates all of the following except:
a.
b.
c.
d.
Capital of RM10,000 was contributed by the owner,
Johan paid the amount he owed, RM600 to Syawal.
A transfer of cash was made from the bank account to the cash account,
amounting to RM400.
The owner bought furniture for office use, RM1,600.
(1 mark)
© Hak Cipta Universitl Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
9.
4
AC/OCT 2004/ACC100/1057
107/111/114/115
All of the following are not true about the entries in the above account, except:
a.
b.
c.
d.
Sales of RM200 was on cash basis.
Amin is a debtor.
Furniture is for resale.
Drawings of RM10,000 was made by the owner.
(1 mark)
10.
All of the following are true except:
a.
b.
c.
d.
Furniture is for the owner's home use.
Purchases, RM400 were paid for immediately,
Payment of RM600 was made to Amin by cheque,
There is a balance of RM8,600 in the account.
(1 mark)
(Total: 10 marks)
© Hak Cipta Unlverslti Teknologl MARA
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
CONFIDENTIAL
SECTION B
Question 1
The following Trial Balance is extracted from the books of Titi Gantung Enterprise, a sole
trader.
Titi Gantung Enterprise
Trial Balance as at 30 June 2004
Debit
RM
Capital (1 July 2003)
Sales
Purchases
Sales Returns
Purchases Returns
Stock at 1 July 2003
Wages and Salaries expenses
Miscellaneous expenses
Electricity and water expenses
Telephone expenses
Insurance expenses
Shop Premises
Fixtures and Fittings (at cost)
Delivery van (at cost)
Debtors
Creditors
Bad debts expenses
Cash
Bank
Drawings
Carriage inwards
Carriage outwards
Import duties
Discounts
Rental income
Loan from RHB Bank
Fixed Deposit in RHB Bank
Interest income on Fixed Deposit
Accumulated Depreciation:
Fixtures and Fittings
Delivery van
89,700
315,000
222,000
5,000
3,000
45,000
12,500
500
440
300
900
100,000
30,000
13,000
6,200
10,900
200
1,000
8,180
700
430
550
200
200
600
550
25,000
5,000
250
6,000
1,300
452,300
© Hak Clpta Unlverslti Teknologl MARA
Credit
RM
452,300"
CONFIDENTIAL
CONFIDENTIAL
6
AC/OCT2004/ACC100/105/
107/111/114/115
Additional information:
1.
Closing stock as at 30 June 2004 is worth RM38,000.
2.
The owner took goods worth RM880 from the shop for personal consumption.
3.
Fixtures & Fittings and Delivery Van are depreciated at 10% per annum on cost.
4.
Bad debts amounting to RM300 is to be written off.
5.
Interest due from the fixed deposit amounting to RM300 is yet to be received from
RHB Bank.
6.
The following are accrued expenses as at 30 June 2004:
Electricity and water expenses
Telephone expenses
7.
RM280
RM330
The insurance expenses was paid in November 2003 for the period 1 November
2003 to 31 October 2004.
Required:
a)
The Trading and Profit and Loss accounts for the year ended 30 June 2004; and
(15 marks)
b)
The Balance Sheet as at 30 June 2004.
(10 marks)
(Total: 25 marks)
FORMAT: VERTICAL PRESENTATION
© Hak Clpta Unlverslti Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 2
A)
The following information are extracted from the books of Aimi's Trading.
Type of Asset
Office
Equipment
Machinery
Cost of
Asset
Net Book Value
as at 31 December
2002
RM 10,000
RM8.500
RM36.000
RM26.244
Method of
Depreciation
Straight Line
Rate of
depreciation
5%
Reducing
Balance
10%
During the year 2003, additional assets purchased were as follows:
Assets
Office Equipment
Machinery
Land
Cost of purchase
RM32,000
RM25.000
RM 130,000
All purchases are made on cash basis.
The company's financial year-end is 31st December every year.
Required:
i)
ii)
iii)
iv)
The accounts for each asset as at 31 December 2003.
Compute the depreciation expenses for each type of assets.
The accumulated depreciation accounts for each type of assets as at
31 December 2003.
The Balance Sheet extract as at 31 December 2003.
(121/2marks)
B)
i)
H)
iii)
State the accounting concepts applied for providing for depreciation on fixed
assets.
(1 Vz marks)
Explain the meaning of residual value.
(2 marks)
Why the asset land is not depreciated?
(2 marks)
iv)
State two (2) causes of depreciation.
(2 marks)
(Total: 20 marks)
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
8
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 3
A)
Syarikat Amanah is a retailer dealing in electrical goods. You are presented with the
following information:
For the year ended 31 December 2003:
(i)
(ii)
(iii)
(iv)
(v)
Total sales
Total Operating Expenses
Debtors
Bank balance
Creditors
RM
526,500
77,070
5,000
15,000
25,000
Additional information:
i)
ii)
iii)
Gross profit margin is 24%
Net profit margin is 38%
Current ratio is 2 1 /2:1
Required:
Based on the information given above, determine the value of each of the following:
i)
Gross Profit;
ii)
Cost Of Goods Sold;
iii)
Net profit;
iv)
Closing stock;
v)
Total Current Assets.
(7 marks)
B)
Explain what do you understand by: i)
ii)
iii)
Stock turnover
Mark up
Margin
(3 marks)
(Total: 10 marks)
© Hak Clpta Unlverslti Teknologl MARA
CON FIDENTIAL
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 4
Kyra Bhd, a wholesaler, provided you with the following information:
Year ended
31 March
Total debtors before bad debts
(RM)
Bad debts written off during the year
(RM)
2002
10,500
500
2003
12,400
400
2004
9,600
600
The provision for doubtful debts and provision for discounts allowable were RM180 and
RM120 respectively as at 31 March 2001.
It is the company's policy to provide for doubtful debts at the rate of 2% on the remaining
total debtors and 1.5% provision for discounts allowable on only 30% of the remaining total
debtors.
Required:
a)
i)
For the year ending 31 March 2002, 2003, 2004, prepare the Provision for
Doubtful Debts account and Provision for Discounts Allowable account.
ii)
The Balance Sheet (extract) as at 31 March 2004.
(Show all workings)
(12 marks)
b)
Distinguish between trade discounts and cash discounts.
(4 marks)
c)
Distinguish between bad debts and bad debts recovered.
(4 marks)
(Total: 20 marks)
© Hak Clpta Unlversitl Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
10
AC/OCT2004/ACC100/105/
107/111/114/115
Question 5
A)
The following information is obtained from the Cash Book (Bank Column) of Kedai
Gemilang for the month of April 2004:
Balance b/d
Receipts for the month
Payments for the month
RM600
RM10,370
RM5.970
On receiving the Bank Statement, the owner of Kedai Gemilang, Encik Yussaini
discovered the following differences between the Cash Book (bank Column) and the
Bank Statement:
1.
The opening balance stated in the cash book summary was understated by
RM100.
2.
Bank charges amounting to RM70 shown in the bank statement was not
recorded in the cash book.
3.
The bank had returned a cheque for RM560 received from a debtor.
However, no adjustment was made in the cash book.
4.
A cheque drawn for RM2,600 had not been presented to the bank for
payment.
5.
A cheque for the amount of RM320 paid by the bank had been incorrectly
entered in the cash book as RM220.
6.
Cheques received totaling RM3,740 had been deposited in the bank but the
amount was not yet credited by the bank.
7.
A receipt of RM150 was recorded as payment in the Cash Book.
8.
There was a standing order for the sum of RM876.
Required:
a)
The adjusted Cash Book and
b)
The Bank Reconciliation Statement as at 30 April 2004.
(6 marks)
(4 marks)
© Hak Cipta Unlversitl Teknologl MARA
CONFIDENTIAL
CONFIDENTIAL
B)
i)
11
AC/OCT2004/ACC100/105/
107/111/114/115
Why is it importance to perform a bank reconciliation when a bank statement
is received?
(2 marks)
ii)
Why are cheques being dishonoured and what is the effect on the bank
balance?
(3 marks)
(Total: 15 marks)
END OF QUESTION PAPER
© Hak Cipta Unlversltl Teknologl MARA
CONFIDENTIAL
AC/OCT 2004/ACC100/105
107/111/114/115
UNIVERSITI TEKNOLOGI MARA
FINAL EXAMINATION
COURSE
FINANCIAL ACCOUNTING
COURSE CODE
ACC100/105/107/111/114/115
DATE
6 OCTOBER 2004
TIME
3 HOURS (9.00 a.m -12.00 p.m)
FACULTY
Accountancy / Administrative Science and Policy Studies /
Business Management / Office Management and
Technology / Information Technology and Science
Computer
June 2004 - October 2004
Diploma in Accountancy/AC110
Diploma in Public Administration / AM110
Diploma in Business Studies / BM111
Diploma in Banking / BM112
Diploma in Investment Analysis / BM114
Diploma in Business Studies (Insurance) / BM115
Diploma in Business Studies (Transport)/ BM117
Diploma in Office Management and Technology / OM114
Diploma in Science Computer/CS110
Diploma in Statistic / CS111
Diploma in Planting Industry Management/AS110
Diploma in Actuarial Science / CS112
Diploma in Quantitative Sciences / CS113
SEMESTER
PROGRAMME/CODE
INSTRUCTIONS TO CANDIDATES
1.
Answer ALL questions in the answer booklet.
2.
Start each answer on a new page.
3.
Do not bring any material into the examination room unless permission is given by the invigilator.
4.
Please check to make sure that this examination pack consists of:
i)
the Question Paper
ii)
an Answer Booklet - provided by the Faculty
iii)
an Objective Answer Sheet
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 11 printed pages
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
2
AC/OCT 2004/ACC100/1057
107/111/114/115
SECTION A
This section consists of 10 multiple-choice questions. Choose the most suitable
answer and shade the corresponding alphabet representing the answer in the multiple
choice answer sheet provided.
1.
AZAR Enterprise maintains a petty cash float of RM200 per month. What would be
the amount to be reimbursed to the petty cashier if he had spent RM48 for cleaning,
RM32 for maintenance, RM35 for stamps and RM45 for transportation, during a
particular month
a.
b.
c.
d.
RM200
RM40
RM160
RM80
(1 mark)
2.
Which of the following about a Sales Journal is not true?
a.
b.
c.
d.
It is a subsidiary book.
It is the original entry for credit sales only.
It is recorded with the amount of credit sales after cash discount.
At the end of the period, its total is transferred to sales account.
(1 mark)
3.
The stock of a business decreases when there are
a.
b.
c.
d.
Sales and returns outwards
Sales and returns inwards
Purchases and returns outwards
Purchases and returns inwards
(1 mark)
4.
Which of the following is a Capital Expenditure?
I
II
III
IV
Removing the old air conditioning system of the factory and installing a new
one.
Repainting the outside wall of the premises.
Replacing the wall-to wall carpet of the office.
Putting up billboard an neon signs outside the main entrance of the shop.
a.
b.
c.
d.
I, II, III
I, III
II, III, IV
I, II, IV
(1 mark)
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
5.
c.
d.
An instruction to a bank to pay specified amounts at given dates.
Cash received has been debited in the cash book but not yet deposited into
the bank.
Cash deposit / cheque received on behalf of the business by the bank,
Cheque issued by the firm and has been credited in the cash book but not yet
recorded by the bank.
(1 mark)
For accounting purposes, the term "asset" can be best defined as
a.
b.
c.
d.
7.
AC/OCT 2004/ACC100/1057
107/111/114/115
A standing order means
a.
b.
6.
3
An economic resource that is expected to be of benefit to the organization.
Money that a bank accepts at face value.
An economic obligation payable to an individual or an organization outside
the business,
Property of a business that cannot be disposed off.
(1 mark)
What is the main function of financial statements?
a.
b.
c.
d.
To show the expenses incurred and revenue earned by a particular business.
To show the profit gained or loss suffered by a particular business.
To provide accounting information concerning the business performance for a
specific period,
To provide information on how a particular business spends its cash.
(1 mark)
Use the following information to answer questions 8, 9,10
The bank account in Syawal's books appears as follows:
1/1/2004
3/1/2004
4/1/2004
7/1/2004
8.
Capital
Johan
Cash
Sales
Bank a/c
RM
10,000 2/1/2004
600 5/1/12004
400 6/1/2004
200
Furniture
Purchases
Amin
RM
1,600
400
600
The above account indicates all of the following except:
a.
b.
c.
d.
Capital of RM10,000 was contributed by the owner,
Johan paid the amount he owed, RM600 to Syawal.
A transfer of cash was made from the bank account to the cash account,
amounting to RM400.
The owner bought furniture for office use, RM1,600.
(1 mark)
© Hak Cipta Universitl Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
9.
4
AC/OCT 2004/ACC100/1057
107/111/114/115
All of the following are not true about the entries in the above account, except:
a.
b.
c.
d.
Sales of RM200 was on cash basis.
Amin is a debtor.
Furniture is for resale.
Drawings of RM10,000 was made by the owner.
(1 mark)
10.
All of the following are true except:
a.
b.
c.
d.
Furniture is for the owner's home use.
Purchases, RM400 were paid for immediately,
Payment of RM600 was made to Amin by cheque,
There is a balance of RM8,600 in the account.
(1 mark)
(Total: 10 marks)
© Hak Cipta Unlverslti Teknologl MARA
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
CONFIDENTIAL
SECTION B
Question 1
The following Trial Balance is extracted from the books of Titi Gantung Enterprise, a sole
trader.
Titi Gantung Enterprise
Trial Balance as at 30 June 2004
Debit
RM
Capital (1 July 2003)
Sales
Purchases
Sales Returns
Purchases Returns
Stock at 1 July 2003
Wages and Salaries expenses
Miscellaneous expenses
Electricity and water expenses
Telephone expenses
Insurance expenses
Shop Premises
Fixtures and Fittings (at cost)
Delivery van (at cost)
Debtors
Creditors
Bad debts expenses
Cash
Bank
Drawings
Carriage inwards
Carriage outwards
Import duties
Discounts
Rental income
Loan from RHB Bank
Fixed Deposit in RHB Bank
Interest income on Fixed Deposit
Accumulated Depreciation:
Fixtures and Fittings
Delivery van
89,700
315,000
222,000
5,000
3,000
45,000
12,500
500
440
300
900
100,000
30,000
13,000
6,200
10,900
200
1,000
8,180
700
430
550
200
200
600
550
25,000
5,000
250
6,000
1,300
452,300
© Hak Clpta Unlverslti Teknologl MARA
Credit
RM
452,300"
CONFIDENTIAL
CONFIDENTIAL
6
AC/OCT2004/ACC100/105/
107/111/114/115
Additional information:
1.
Closing stock as at 30 June 2004 is worth RM38,000.
2.
The owner took goods worth RM880 from the shop for personal consumption.
3.
Fixtures & Fittings and Delivery Van are depreciated at 10% per annum on cost.
4.
Bad debts amounting to RM300 is to be written off.
5.
Interest due from the fixed deposit amounting to RM300 is yet to be received from
RHB Bank.
6.
The following are accrued expenses as at 30 June 2004:
Electricity and water expenses
Telephone expenses
7.
RM280
RM330
The insurance expenses was paid in November 2003 for the period 1 November
2003 to 31 October 2004.
Required:
a)
The Trading and Profit and Loss accounts for the year ended 30 June 2004; and
(15 marks)
b)
The Balance Sheet as at 30 June 2004.
(10 marks)
(Total: 25 marks)
FORMAT: VERTICAL PRESENTATION
© Hak Clpta Unlverslti Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 2
A)
The following information are extracted from the books of Aimi's Trading.
Type of Asset
Office
Equipment
Machinery
Cost of
Asset
Net Book Value
as at 31 December
2002
RM 10,000
RM8.500
RM36.000
RM26.244
Method of
Depreciation
Straight Line
Rate of
depreciation
5%
Reducing
Balance
10%
During the year 2003, additional assets purchased were as follows:
Assets
Office Equipment
Machinery
Land
Cost of purchase
RM32,000
RM25.000
RM 130,000
All purchases are made on cash basis.
The company's financial year-end is 31st December every year.
Required:
i)
ii)
iii)
iv)
The accounts for each asset as at 31 December 2003.
Compute the depreciation expenses for each type of assets.
The accumulated depreciation accounts for each type of assets as at
31 December 2003.
The Balance Sheet extract as at 31 December 2003.
(121/2marks)
B)
i)
H)
iii)
State the accounting concepts applied for providing for depreciation on fixed
assets.
(1 Vz marks)
Explain the meaning of residual value.
(2 marks)
Why the asset land is not depreciated?
(2 marks)
iv)
State two (2) causes of depreciation.
(2 marks)
(Total: 20 marks)
© Hak Cipta Universal Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
8
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 3
A)
Syarikat Amanah is a retailer dealing in electrical goods. You are presented with the
following information:
For the year ended 31 December 2003:
(i)
(ii)
(iii)
(iv)
(v)
Total sales
Total Operating Expenses
Debtors
Bank balance
Creditors
RM
526,500
77,070
5,000
15,000
25,000
Additional information:
i)
ii)
iii)
Gross profit margin is 24%
Net profit margin is 38%
Current ratio is 2 1 /2:1
Required:
Based on the information given above, determine the value of each of the following:
i)
Gross Profit;
ii)
Cost Of Goods Sold;
iii)
Net profit;
iv)
Closing stock;
v)
Total Current Assets.
(7 marks)
B)
Explain what do you understand by: i)
ii)
iii)
Stock turnover
Mark up
Margin
(3 marks)
(Total: 10 marks)
© Hak Clpta Unlverslti Teknologl MARA
CON FIDENTIAL
CONFIDENTIAL
AC/OCT 2004/ACC100/1057
107/111/114/115
Question 4
Kyra Bhd, a wholesaler, provided you with the following information:
Year ended
31 March
Total debtors before bad debts
(RM)
Bad debts written off during the year
(RM)
2002
10,500
500
2003
12,400
400
2004
9,600
600
The provision for doubtful debts and provision for discounts allowable were RM180 and
RM120 respectively as at 31 March 2001.
It is the company's policy to provide for doubtful debts at the rate of 2% on the remaining
total debtors and 1.5% provision for discounts allowable on only 30% of the remaining total
debtors.
Required:
a)
i)
For the year ending 31 March 2002, 2003, 2004, prepare the Provision for
Doubtful Debts account and Provision for Discounts Allowable account.
ii)
The Balance Sheet (extract) as at 31 March 2004.
(Show all workings)
(12 marks)
b)
Distinguish between trade discounts and cash discounts.
(4 marks)
c)
Distinguish between bad debts and bad debts recovered.
(4 marks)
(Total: 20 marks)
© Hak Clpta Unlversitl Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
10
AC/OCT2004/ACC100/105/
107/111/114/115
Question 5
A)
The following information is obtained from the Cash Book (Bank Column) of Kedai
Gemilang for the month of April 2004:
Balance b/d
Receipts for the month
Payments for the month
RM600
RM10,370
RM5.970
On receiving the Bank Statement, the owner of Kedai Gemilang, Encik Yussaini
discovered the following differences between the Cash Book (bank Column) and the
Bank Statement:
1.
The opening balance stated in the cash book summary was understated by
RM100.
2.
Bank charges amounting to RM70 shown in the bank statement was not
recorded in the cash book.
3.
The bank had returned a cheque for RM560 received from a debtor.
However, no adjustment was made in the cash book.
4.
A cheque drawn for RM2,600 had not been presented to the bank for
payment.
5.
A cheque for the amount of RM320 paid by the bank had been incorrectly
entered in the cash book as RM220.
6.
Cheques received totaling RM3,740 had been deposited in the bank but the
amount was not yet credited by the bank.
7.
A receipt of RM150 was recorded as payment in the Cash Book.
8.
There was a standing order for the sum of RM876.
Required:
a)
The adjusted Cash Book and
b)
The Bank Reconciliation Statement as at 30 April 2004.
(6 marks)
(4 marks)
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B)
i)
11
AC/OCT2004/ACC100/105/
107/111/114/115
Why is it importance to perform a bank reconciliation when a bank statement
is received?
(2 marks)
ii)
Why are cheques being dishonoured and what is the effect on the bank
balance?
(3 marks)
(Total: 15 marks)
END OF QUESTION PAPER
© Hak Cipta Unlversltl Teknologl MARA
CONFIDENTIAL