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- Thursday, March 30, 2017

FINANCIAL ACCOUNTING BBAW 2103

Flat UI Design Resources

Question 1(a)

(i)         A balance sheet is used to report the Ringgit amount of a company’s assets, liabilities and owners’ equity for a required period of the year. It is the statement to tell a company about their financial position. A balance sheet consists of Assets, Liabilities and Equities. The accounting equation law states that Asset = Liability + Owners Equity. Thus, the balance sheet provides a useful source of information by calculation the total asset which should be tally with the company’s total liability and equity. It presents the company’s resources and origin of sources.

(ii)        The value for creditors shown in bracket is because it is a cash outflow from the business as the accounting equation states- Asset = Liability + Equity. Creditors fall under liabilities. The creditor figure of 700 instructs us to compute the figures in the column above the line i.e. to compute the value of 67,000 and 700. The bracket around the 700 tells us to deduct the 700 from the figure of 67,000 and not to add it. The cost of capital figure is obtained by adding opening stock and purchases together and then deducting closing stock to creditors.














Question 1(b)
Hill Sdn Bhd
Trial Balance as on 30 November 20X9

Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Account
Debit (RM)
Credit (RM)
Debit (RM)
Credit (RM)
Debit (RM)
Credit (RM)
Creditor

2,800
1,150
110

1,760
Equipment
6,200

110

6,310

Car
7,300



7,300

Stocks
8,100

380

8,480

Debtor
4,050


640+90=
730
3,320

Bank
9,100

640+1,300=
1,940
380+1,150=
1,530
9,510

Cash
195

90+200=
290

485

Capital

32,145

1,500

33,645
Total
34, 945
34, 945
3,870
3,870
35,405
35,405

The cost of capital was not given for the transactions on 30 November 20X9. Hence, according to the law of accounting equation (Asset=Liability + Owners Equity), the amount for capital is RM32, 145.00 derived from the total amount from the asset which is RM34, 945 deducted from RM2, 800 of the liabilities in the form of Creditor. The capital amount for Hill is RM32, 145.00 for the unadjusted trial balance.
The adjustments until the month of 7 December 20X9 is based on the transactions occurred from the given data from (a) to (e). The transactions are highlighted in blue color.




Hill Sdn Bhd
Balance Sheet
As at 7th December 20X9
           
Assets
Liabilities and owner's equity
Current Asset
RM
RM
Liabilities
RM
Cash
485
Creditors
1760
Stock
8480
Bank
9510
Debtors
3320
21795
Non-Current Assets
Owner's Equity
Equipment
6310
Capital
33645
Car
7300
13610
35405
35405

































































Question 2(a)
General Journal
Date
Accounts and Description
Debit
(RM)
Credit
(RM)
Sept 1
Accounts receivable
1,390


Sales

1,390

( Made sales to Johnny-520, Thomas-630, Sean-240)


2
Purchases
1,180


Accounts payable

1,180

(Purchased from Ben-390, Raymond-510, Patrick-280)


8
Accounts receivable
1058


Sales

1058

(Made sales to Thomas-640, Lance-418)


10
Purchases
962


Accounts payable

962

(Purchased from Raymond-92, James-870)


12
Sales Return
215


Accounts receivable

215

(Sales returned from Sean-25, Thomas-190)


17
Accounts payable
96


Purchases return

96

(Returned goods to Raymond-12, James-84)


20
Accounts payable
390


Bank

390

( Paid Ben by cheque)


24
Bank
400


Accounts receivable

400

( Received cheque from Johnny)


26
Accounts payable
766


Bank

766

(Paid James by cheque)


28
Cash
80


Accounts receivable

80

(Johnny paid by cash)


30
Bank
418


Accounts receivable

418

(Received cheque from Lance)




Posting to Ledgers
Accounts Receivable Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 1
Sales
1390

1390
8
Sales
1058

2448
12
Sales return

215
2233
24
Bank

400
1833
28
Cash

80
1753
30
Bank

418
1335
The balance on the accounts receivable account which is at RM1,335.00 is the amount the debtors owe us. The amount is after deducting the return on sale of goods, and some of the payments received by cash and cheque on the credit column.

Sales Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 1
Accounts receivable

1390
1390
8
Accounts receivable

1058
2448
12
Accounts receivable
215

2233
The total sales that we have made throughout the month is at RM2,233.00 after deducting the sales returm from customers.



Purchases Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 2
Accounts payable
1180

1180
10
Accounts payable
962

2142
17
Accounts payable

96
2046
From the above purchases account, the balance of RM2,046.00 indicates the total amount that we have to pay to our creditors for the purchases made. The total amount is after deducting the return on good for the purchases made.

Accounts Payable Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 2
Purchases

1180
1180
10
Purchases

962
2142
17
Purchases return
96

2046
20
Bank
390

1656
26
Bank
766

890
The accounts payable account indicates any amount that are payable to our creditors. The total balance is at RM890.00 after deducting return of goods on purchases. Payments were also has been made by cheque which is deducted from the credit column.


Bank Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 20
Accounts payable

390
390
24
Accounts payable
400

790
26
Accounts payable

766
24
30
Accounts receivable
418

442
The total bank account shows the amount that we have in the bank is at RM442.00. The balance of bank account was not given. Thus, the payment by cheque has been made on 20th and 26th September is identified on the credit column. Also we have received payment on the 24th and 30th September which is recorded on the debit column.


Cash Account
Date
Description
Debit
(RM)
Credit
(RM)
Balance
(RM)
Sept 28
Accounts receivable
80

80
The above cash account indicates the total cash that we have for the month is at RM80.00. The only transaction that involves cash payment only occur once.




Question 2(b)

Asset                                                  =          Liability + Owner’s Equity/Capital

Owner’s Equity/Capital               =          Asset – Liability

Liability                                            =          Asset – Owner’s Equity/Capital

Assets
Liabilities
Capital
12,500
1,800
10,700
28,000
4,900
23,100
16,800
4,300
12,500
19,600
3,150
16,450
25,500
6,300
19,200
51400
11,650
39,750
4,200
2100
2,100
3,750
2,000
1750



End of answers

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