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WorksheetsTIME YOURSELF 1 : ACCOUNTING 1
Total questions: 40
Worksheet time: 54mins
1 Jan Allowance for doubtful debts RM500
31 Dec Allowance for doubtful debts RM400
How should the decrease in the allowance be treated in the Profit and Loss account?
add RM400 to expenses
add RM500 to expenses
deduct the RM100 increase in allowance from expenses
add the RM100 decrease in allowance to Gross Profit
How many units were on hand on 31 December 2019 :
12 units
30 units
18 units
15 units
Accounts Receivables :
2019 : RM2800;
2020 : RM3100
Allowance for doubtful debts :
2019 : RM280
2020: RM310
What is Net Realizable value for Accounts Receivables should appear in the Statement of Financial Position for 2020?
RM2520
RM2790
RM2510
RM3410
Assume that the company is using periodic inventory system and FIFO method, what is the ending inventory costs?
RM216
RM288
RM312
RM368
Accounts Receivables :
Year 1 : RM10,000
Year 2: RM12,000
Allowance for doubtful debts is 5% of Accounts Receivables.
What is the amount of the bad debts expenses to be charged in the Profit and Loss account for the second year?
RM100
RM600
RM500
RM400
What is the cost of goods sold if the periodic inventory system and Weighted Average method is used ?
RM2,071
RM2,101.65
RM2,101.60
RM2,143
A machine was purchased at the cost of RM50,000 on 1 September 2019, residual value RM2,000 and was depreciated at 12% per annum using monthly basis. What is the accumulated depreciation for the year ended 31 December 2020, if the company is straight line method.
RM12,000
RM11,520
RM8,000
RM7,680
Assuming the periodic inventory system and Weighted Average method is used, what is the gross profit?
RM869
RM838.40
RM838.65
RM797
Mia trading owns machinery that costs RM60,000. It is the policy of the business to charge depreciation over its useful life of 5 years. At the end of its useful life, it is estimated that its residual value is RM4,000. What is depreciation expense during the year.
RM12,000
RM12,800
RM11,200
RM800
What is the ending inventory in units as at 18 October 2020?
27
14
15
Jon Dan Tee (JDT) Company borrowed RM70,000 on December 1, a 6 month, 6% notes. At December 31, when the accounting period ended, the adjustment entries are _____________.
Dr. Interest expense RM2,100 ; Cr Bank RM2,100
Dr. Interest expense RM2,100 ; Cr Interest payable RM2,100
Dr. Interest expense RM350 ; Cr Bank RM350
Dr. Interest expense RM350 ; Cr Interest payable 350
A new machine at the price of RM45,000 and was given the trade discount of 10%. The transportation cost of RM1,000 and installation cost of RM1,500 were also paid. What is the cost of the machine?
RM38,000
RM40,500
RM43,000
RM52,200
ETIQA Takaful Insurance collected a premium of RM18,000 for a one year insurance policy on April 1, 2020. How much will be the amount should be ETIQA Takaful Insurance report as a current liability for an Unearned Service Revenue at December 31?
RM0
RM4,500
RM13,500
RM18,000
MasWings Airlines Bhd issued RM900,000, 8% 10 year bonds on January 1, 2020 at face value. Interest is payable annually on January 1. Select the suitable journal entry to record issuance of the bonds.
debit bank RM900,000; credit bonds payable RM900,000
debit bank RM900,000 ; credit bonds RM900,000
Debit Bonds RM900,000 ; credit bank RM900,000
Debit Bonds payable RM900,000 ; credit Bank RM900,000
Assuming that the company will updated the inventory every time there is a movement in their inventory, calculate the ending inventory cost as at 18 October 2020, using FIFO method?
RM58.50
RM128.50
RM70
RM138.50
A landlord receives RM12,000 in advance for a 6-month lease to a tenant for a warehouse she owns on August 31.
What is the entry for the landlord on August 31?
Debit: Unearned Rental Revenue
Credit: Cash
Debit: Rental Revenue
Credit: Cash
Debit: Cash
Credit: Rental Revenue
Debit: Cash
Credit: Unearned Rental Revenue
An asset was purchased on 1 July 2018 for cash of RM104,000. It is a policy of the business to depreciate its asset using the reducing balance method at the rate of 15% per annum on yearly basis. Calculate the asset's net book value on 31 December 2020, assuming that the business closes its account on that date.
RM63,869
RM63,877
RM63,883
RM63,889
ABCD Bank agrees to lend Drake Builders Company RM400,000 on January 1. Drake Builders Company signs a RM400,000, 6%, 6-month note. What is the adjusting entry required if Drake Builders Company prepares financial statements on March 30?
Dr. Interest Expense RM12,000
Cr. Interest Payable RM12,000
Dr. Interest Expense RM12,000
Cr. Bank RM12,000
Dr. Interest Expense RM6,000
Cr. Interest Payable RM 6,000
Dr. Interest Payable RM6,000
Cr. Bank RM6,000
Assuming that the company will updated the inventory every time there is a movement in their inventory, calculate the cost of goods sold for the transaction on 11 October 2020, using weighted average method?
RM52
RM63.50
RM70
RM63.56
The Coldon Company issued RM300,000 of 10% bonds on January 1, 2019. The bonds are due January 1, 2024, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Coldon's journal entries for July 1 interest payment
Debit Interest expense RM30,000 ; Credit Bank RM30,000
Debit Interest expense RM30,000; Credit Interest payable RM30,000
Debit Interest expense RM15,000; Credit Bank RM15,000
Debit Interest expense RM15,000; Credit Interest payable RM15,000
Additional information :
Mr Logan had made drawings of RM800 and brought a computer worth RM1,500 from home for business use.
Calculate the total capital as at 30 April 2020.
RM7,300
RM8,100
RM8,800
RM10,300
Determine the current year purchases from the following information relating to a business.
Total accounts payable beginning balance RM28,500; Total cash payment to supplier RM46,800; Total accounts payable ending balance RM14,800.
RM3,500
RM18,300
RM33,100
RM60,500
MasWings Airlines Bhd issued RM900,000, 8% 10 year bonds on January 1, 2020 at face value. Interest is payable annually on January 1. Select the suitable journal entry to record the redemption of bonds at maturity date.
Debit Bonds payable RM900,000
Debit Interest expense RM72,000
Debit Interest payable RM72,000
Credit Bank RM900,000
Credit Bank RM972,000
The following information relates to ZZZ Business.
#Capital on 1 January 2019 is RM10,000
#Capital on 31 December 2019 is RM50,000
#Additional capital is RM10,000
#Drawings is RM500
Compute the net profit or loss for the year ended 31 December 2019.
RM49,500 net profit
RM30,500 net profit
RM30,500 net loss
RM40,500 net loss
The following are the assets and liabilities of BB Enterprise, a retailer on 31 April 2020 :
Vehicles RM20,000
Accounts Receivable RM8,000
Accounts Payable RM4,500
Inventories RM11,200
Rental payable RM560
Determine the amount of capital as at 30 April 2020.
RM28,260
RM32,140
RM34,140
RM35,260
Bea Rona started a business on 1 June 2020 with 68,000 as capital. On 31 May 2021, she found that her capital increased by RM70,000. During the year ended 31 May 2021, Bea Rona also withdrew RM5,500 cash for her personal purpose and transferred RM6,700 from her private saving account to the current account of the business.
Calculate the net profit for the year ended 31 May 2021.
RM800
RM3,200
RM68,800
RM71,200
Based on information given, calculate the amount utility expenses for the year ended 31 December 2020.
RM140
RM500
RM590
RM660
The bank reconciliation statement shows an adjusted cash balance per cash book of RM2,470, unpresented cheques amounting to RM858 and a credit balance of RM1,198 as per the bank statement. What is the amount of the deposit in transit?
RM4,526
RM2,810
RM2,310
RM414
Based on the information given, calculate the capital as at 31 March 2020.
(a)
What is the amount of sales to be included in the accounts receivables?
RM70,000
RM75,000
RM85,000
RM100,000
Based on the information given, calculate the amount of purchases for the year ended 30 June 2020.
RM2,100
RM3,500
RM4,300
RM5,600
RM7,800
If the ending balance in the bank statement is RM3,500 Dr, unpresented cheques RM200 and outstanding deposits total RM400, the final balance in the business's bank account is:
RM3,700 Dr
RM3,700 Cr
RM3,300 Dr
RM3,300 Cr
What is the journal entry to record credit sales?
Dr. Accounts Receivable RM100,000; Cr. Sales RM100,000
Dr. Sales RM100,000; Cr. Accounts Receivable RM100,000
Dr. Accounts Receivable RM70,000; Cr. Sales RM 70,000
Dr. Accounts Receivable RM63,000; Cr. Sales RM 63,000
A payment of RM6,500 by cheque was wrongly recorded on the debit side of the cash book.
Bank reconciliation item : error (cash book) payment overstated
Bank reconciliation item : error (cash book) payment understated
Bank reconciliation item : error (bank) payment overstated
Bank reconciliation item : error (bank) payment understated
What is the gain or loss arising from disposal of a machine bought at the cost of RM20,000, with accumulated depreciation of RM5,600 and trade in value of RM12,000?
Gain RM1,500
Gain RM2,400
Loss RM1,500
Loss RM2,400
What is the ending balance of allowance for doubtful debts as at 31 December 2019?
RM1,150
RM690
RM650
RM520
Based on the information given, calculate the amount of credit sales for the year ended 30 June 2020.
RM14,800
RM13,600
RM9,200
RM8,000
RM5,600
On 7 April 2020, you received the bank statement for March and found that a RM12,000 cheque, which was drawn on 10 March 2020 and paid to creditor, had not been presented to the bank.
Bank reconciliation item : Add to cash book balance
Bank reconciliation item : Less to cash book balance
Bank Reconciliation item, Add to bank balance
Bank Reconciliation item, less from bank balance
A car at cost of RM20,000 and residual value of RM2,000 is expected to be used for five years. What is the accumulated depreciation for year 5, if straight line method is used.
RM3,600
RM4,000
RM18,000
RM20,000
A machinery was purchased for RM10,000. The transportation cost incurred RM400 and an additional RM1,200 was paid to have it installed, ready for its intended use. After being used for 3 months, it broke down and had to be repaired at a cost of RM200. In the statement of financial position at the end of the period, the cost of the machinery would be shown as
RM10,400
RM10,200
RM11,400
RM11,600
RM11,800
