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    2019 S2 20 Incomplete Records (Analysis of Record)

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    Jingyi
    The document provides financial information for a retailer named Mr. Tan for the year 2018, including bank account balances and additional details. It requires preparing various ledger accounts and an income statement extract. The information given includes sales, purchases, assets, liabilities and depreciation details.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    2019 S2 20 Incomplete Records (Analysis of Record)

    Uploaded by

    Jingyi
    4 views3 pages
    The document provides financial information for a retailer named Mr. Tan for the year 2018, including bank account balances and additional details. It requires preparing various ledger accounts and an income statement extract. The information given includes sales, purchases, assets, liabilities and depreciation details.

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    © © All Rights Reserved

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    DOCX, PDF, TXT or read online from Scribd

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    The document provides financial information for a retailer named Mr. Tan for the year 2018, including bank account balances and additional details. It requires preparing various ledger accounts and an income statement extract. The information given includes sales, purchases, assets, liabilities and depreciation details.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    4 views3 pages

    2019 S2 20 Incomplete Records (Analysis of Record)

    Uploaded by

    Jingyi
    The document provides financial information for a retailer named Mr. Tan for the year 2018, including bank account balances and additional details. It requires preparing various ledger accounts and an income statement extract. The information given includes sales, purchases, assets, liabilities and depreciation details.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    2019 Commercial 2 Bookkeeping Test (4)

    Mr. Tan, a retailer, does not keep a full set of accounts. However, the following information was
    obtained for the year 2018:
    (i) Mr. Tan pays all cash received into bank and makes all payments by cheque. A summary of his
    bank account for the year is shown below:
    Bank
    RM RM
    Balance as at 1 January 2018 18,400 Account Payable 11,840
    Account Receivable 30,000 Wages 9,000
    Cash Sales 7,840 Water And Electricity 6,716
    Sale Of Motor Vehicles 6,000 Drawings 14,400
    Insurance [Note (V)] 2,000
    Rental Expenses 3,300
    Balance as at 31 December 2018 14,984

    (ii) Additional information:


    1 January 2018 31 December 2018
    RM RM
    Inventory 3,200 3,450
    Motor Vehicles 30,000 ?
    Accumulated Depreciation of Motor Vehicles 12,000 ?
    Account Receivable 4,820 5,960
    Allowance For Doubtful Debts 241 298
    Account Payable 3,700 2,300
    Accrued Rental -- 300
    Accrued Water And Electricity 133 100

    (iii) It is the company policy to provide the depreciation on non-current assets as follows:
    Motor Vehicles 10% on straight line method
    Full year is charged in the year of disposal

    (iv) Mr. Tan sold one of his Motor Vehicles on 30 June 2018 which purchased on June 2014 at cost
    price RM15,000.

    (v) Mr. Tan had noted during the year that he had allowed discount of RM1,750 to account receivables
    and discount received of RM3,000 from account payables.

    (vi) Half the amount of insurance RM2,000 was paid for Mr. Tan’s life assurance.

    You are required to:


    a. Prepare the following ledger account:
    1. Account Receivable 7. Motor Vehicle
    2. Account Payable 8. Accumulated Depreciation of Motor Vehicles
    3. Sales 9. Disposal of Motor Vehicles
    4. Purchases
    5. Drawings
    6. Insurance
    b. Income Statement (Trading section only)
    Answer Guide:
    Account Receivable
    2018 RM 2018 RM
    Jan 1 Balance b/d 4,820 Dec 31 Bank 30,000
    Dec 31 Sales 32,890 31 Discount Allowed 1,750
    31 Balance c/d 5,960
    37,710 37,710
    2019
    Jan 1 Balance b/d 5,960

    Account Payable
    2018 RM 2018 RM
    Dec 31 Bank 11,840 Jan 1 Balance b/d 3,700
    31 Discount Received 3,000 Dec 31 Purchases 13,440
    31 Balance c/d 2,300
    17,140 17,140
    2019
    Jan 1 Balance b/d 2,300

    Sales
    2018 RM 2018 RM
    Dec 31 Trading 40,730 Dec 31 Account Receivable 32,890
    31 Bank 7,840
    40,730 40,730

    Purchases
    2018 RM 2018 RM
    Dec 31 Account Payable 13,440 Dec 31 Trading 13,440

    Insurance
    2018 RM 2018 RM
    Dec 31 Bank 2,000 Dec 31 Drawings 1,000
    31 Profit And Loss 1,000
    2,000 2,000

    Drawings
    2018 RM 2018 RM
    Dec 31 Bank 14,400 Dec 31 Capital 15,400
    31 Insurance 1,000
    15,400 15,400

    Motor Vehicles
    2018 RM 2018 RM
    Jan 1 Balance b/d 30,000 Jun 30 Disposal Of Motor Vehicles 15,000
    Dec 31 Balance c/d 15,000
    30,000 30,000
    2019
    Jan 1 Balance b/d 15,000
    Accumulated Depreciation of Motor Vehicles
    2018 RM 2018 RM
    Jun 30 Disposal of Motor 7,500 Jan 1 Balance b/d 12,000
    Vehicles
    Dec 31 Balance c/d 7,500 Dec 31 Profit And Loss 3,000
    15,000 15,000
    2019
    Jan 1 Balance b/d 7,500

    Disposal of Motor Vehicles


    2018 RM 2018 RM
    Jun 30 Motor Vehicles 15,000 Jun 30 Accumulated Depreciation 7,500
    30 Bank 6,000
    30 Loss On Disposal 1,500
    15,000 15,000

    (b)
    Mr. Tan
    Income Statement (Extract)
    For The Year Ended 31 December 2018
    RM RM
    Sales 40,730

    Less: Cost Of Sales


    Opening Inventory 3,200
    Add: Purchases 13,440
    16,640
    Less: Closing Inventory (3,450) (13,190)
    Gross Profit 27,540

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