INSTRUCTION: This section consists of FOUR (4) structured questions. Answer ALL the questions. ARAHAN : Bahagian ini mengandungi EMPAT (4) soalan struktur. Jawab SEMUA soalan. QUESTION 1 The following is the trial balance of Andalusia Bhd as at 31 December 2015: Description Debit Cash 120,000 Prepayment expenses 13,500 Credit Trade receivables and payables 90,750 150,750 Inventory 60,000 Overdraf bank 48,000 Gross profit 216,000 Selling expenses 45,000 Administrative expenses 82,500 Debenture interest 3,000 Plant and machinery (cost) 270,000 Building (cost) 390,000 Accumulated depreciation 1 Jan 2015 - Plant and machine - Building 165,000 30,000 Ordinary shares of RM 2.50 each share 300,000 Share premium 15,000 General reserve 30,000 Retained profit 1 Jan 2015 60,000 10% debenture 60,000 1,074,750 1,074,750 2 SULIT
Additional Information: i) Provisions are to be made for: - Depreciation on plant and machinery at 15% using reducing balance method. - Depreciation on building, the estimated useful life of building is 25 years. - Provision of doubtful debts is to be 5% of debtors - Second half year s debenture interest ii) Tax rate is 28% iii) Transfer of RM15,000 to general reserve iv) To provide for final ordinary share dividend of RM 0.55 per share C3 You are required to: a) Prepare Statement of Comprehensive Income for the year ended 31 December 2015. (10 marks) b) Based on the Malaysian Financial Reporting Standards (MFRS-101), financial statements are a structured representation of the financial position and financial performance of an entity. Give FIVE (5) complete set of financial statement reports required by MFRS 101. (5 marks) c) Construct the Statement of Financial Position as at 31 December 2015. (10 marks) 3 SULIT
SOALAN 1 Imbangan Duga Andalusia Bhd pada 31 Disember 2015 adalah seperti berikut: Item Debit Tunai 120,000 Belanja pendahuluan 13,500 Kredit Belum terima dan belum bayar 90,750 150,750 Inventori 60,000 Bank overdraf 48,000 Untung kasar 216,000 Belanja jualan 45,000 Belanja pentadbiran 82,500 Faedah debentur 3,000 Loji dan mesin (kos) 270,000 Bangunan (kos) 390,000 Susutnilai Terkumpul 1 Jan 2015 - Loji dan mesin - Bangunan 165,000 30,000 Saham biasa of RM 2.50 setiap saham 300,000 Saham premium 15,000 Rezab am 30,000 Untung tertahan 1 Jan 2015 60,000 10% debentur 60,000 1,074,750 1,074,750 Maklumat tambahan: i) Peruntukan dibuat untuk: - Susutnilai ke atas loji dan mesin adalah 15% menggunakan kaedah baki berkurangan. - Susutnilai ke atas bangunan, anggaran jangka hayat bangunan ialah 25 tahun. - Peruntukan hutang lapuk adalah 5% daripada penghutang. - Faedah debentur untuk separuh tahun kedua 4 SULIT
ii) Kadar cukai adalah 28% ii) Pindahan RM15,000 ke akaun rezab am iv) Menyediakan dividen akhir saham biasa RM 0.55 sesaham. Anda dikehendaki : a) Menyediakan Penyata Pendapatan Komprehensif untuk tahun berakhir 31 Disember 2015. (10 markah) b) Berdasarkan Malaysian Financial Reporting Standards (MFRS-101), penyata kewangan adalah satu struktur yang mewakili kedudukan kewangan dan persembahan kewangan sesuatu organisasi. Berikan LIMA (5) set lengkap laporan penyata kewangan yang dikehendaki oleh MFRS 101. (5 markah) C3 c) Bina Penyata Kedudukan Kewangan pada 31 December 2015. (10 markah) QUESTION 2 Below are the Balance Sheet of Dory Berhad on 30 June 2014 and 2015. Dory Berhad Statement of Financial Position as at 30 June 2014 and 2015 30/6/2014 30/6/2015 ASSETS Cash and bank 3,100 4,200 Debtors 1,200 2,200 Inventories 3,200 4,300 Land 4,800 3,800 Plant and machinery 14,500 17,500 (-) accumulated depreciation (1,400) (1,800) 25,400 30,200 5 SULIT
EQUITIES AND LIABILITIES Creditors 2,300 1,700 Payable bond 2,000 - Payable notes 3,000 Ordinary shares capital @ RM5.00 per 6,000 6,500 unit Share premium 11,000 12,300 Profit and loss account 4,100 6,700 25,400 30,200 Dory Berhad s Statement of Comprehensive Income for the year ended 30 June 2015 is as follows: RM RM Revenues 5,000 (-) operating expenses: Depreciation expenses for plant and 400 machinery Administrative expenses 1,100 Loss on disposal of land 300 (1,800) Net profit 3,200 Additional information : i. Dividen for the year ended 30 June 2015 had been paid in cash. ii. 100 units of ordinary shares, par value at RM5.00 being issued at RM18.00 per unit for the year ended 30 June 2015. iii. Payable bond has been redeemed in April 2015. iv. A machine valued at RM3,000 has been purchased by issuing Payable Notes v. Land amounted to RM1,000 has been sold at the price of RM700. C1 C3 a) You are required to: i) List TWO (2) methods in preparing the cash flow statement (2 marks) ii) List THREE (3) main activities in cash flow statements. (3 marks) b) Construct the Statement of Cash Flow (Indirect method) for the year ended 30 June 2015 for Dory Berhad. (20 marks) 6 SULIT
SOALAN 2 Berikut adalah Lembaran Imbangan Syarikat Dory Berhad pada 30 Jun 2014 dan 2015. Dory Berhad Lembaran Imbangan 30 Jun 2014 dan 2015 30 Jun 2014 30 Jun 2015 ASET Tunai dan bank 3,100 4,200 Penghutang 1,200 2,200 Inventori 3,200 4,300 Tanah 4,800 3,800 Loji dan mesin 14,500 17,500 (-) susutnilai terkumpul (1,400) (1,800) 25,400 30,200 EKUITI DAN LIABILITI Pemiutang 2,300 1,700 Bon Belum Bayar 2,000 - Nota Belum Bayar 3,000 Modal Saham Biasa @ RM5.00 seunit 6,000 6,500 Premium sahama 11,000 12,300 Akaun Untung rugi 4,100 6,700 25,400 30,200 Penyata Pendapatan Dory Berhad bagi tahun berakhir 30 Jun 2015 adalah seperti berikut: RM RM Hasil pendapatan 5,000 (-) perbelanjaan operasi: Belanja susutnilai loji dan mesin 400 Belanja pentadbiran 1,100 Kerugian jualan tanah 300 (1,800) Untung bersih 3,200 Maklumat tambahan : i. Kesemua dividen bagi tahun berakhir 30 Jun telah dibayar secara tunai. ii. 100 unit Modal Saham Biasa, nilai par RM5.00 seunit telah diisukan pada nilai RM18.00 seunit bagi tahun berakhir 30 Jun 2015. 7 SULIT
iii. Bon Belum Bayar telah ditebus pada April 2015. iv. Mesin bernilai RM3,000 telah dibeli dengan menggunakan Nota Belum Bayar. v. Tanah bernilai RM1,000 telah dijual pada harga RM700. C1 a) Anda dikehendaki: i) Senaraikan DUA (2) kaedah yang digunakan untuk penyediaan Penyata Aliran Tunai (2 markah) i) Senaaikan TIGA (3) aktiviti utama di dalam Penyata Aliran Tunai. (3 markah) C3 b) Bina Penyata Aliran Tunai (kaedah tidak langsung).untuk Syarikat Dory Berhad bagi tahun berakhir 30 Jun 2015 (20 markah) C1 QUESTION 3 (a) Define the following: i) Principle of conservatism (prudence) ii) Materiality principle iii) Matching principle iv) Consistency principle v) Going concern concept (b) Explain TWO (2) of the external users of accounting information. (10 marks) (5 marks) C4 (c) Based on the situation below, you are required to analyze the cases and discuss whether the action for each situation is right or wrong based on the concept and generally accepted accounting principles. Give your reason. i) A company spent RM250,000 to get a right to mine a piece of land for 10 years. Based on geologist, the land can provide revenue for 15 years, therefore the company agreed to divide the cost for 15 years. (2.5 marks) 8 SULIT
ii) Abu Kassim accepted an order to supply furnitures to a customer on 25 December 2015 and received full payment of RM10,000. The furnitures were completed on 2 nd January 2016 and sent to the customer. Abu Kassim recorded the transaction as a sale on 2 nd January 2016. (2.5 marks) iii) A machine purchased at a cost of RM32,000 has been depreciated by RM12,000. The management believed that the fair value of the asset is RM25,000 and suggested to record the asset at the amount of RM25,000 to increase revenue for the accounting year. (2.5 marks) C1 iv) Zauj Bhd has invested RM35,000 to promote his new product. It is shown that the product will have a market value at least in the next 6 years. The company has recorded the investment as an expenses in the current year. (2.5 marks) SOALAN 3 (a) Definisikan prinsip-prinsip berikut: i) Prinsip konservatisme ii) Prinsip materialiti iii) Prinsip pemadanan iv) Prinsip Ketekalan v) Konsep usahaniaga berterusan (10 markah) (b) Terangkan DUA (2) pengguna luar maklumat kewangan (5 markah) C4 (c) Berdasarkan situasi di bawah, anda dikehendaki untuk menganalisa dan membincangkan sama ada tindakan bagi setiap situasi adalah betul atau tidak berdasarkan konsep dan prinsip perakaunan yang diterima umum. Berikan alasan anda. 9 SULIT
i) Sebuah syarikat membelanjakan RM250,000 untuk mendapatkan hak melombong sebidang tanah untuk tempoh sepuluh tahun. Berdasarkan ahli geologi tanah tersebut boleh memberi pendapatan selama 15 tahun, oleh itu syarikat bersetuju untuk membahagikan kos tersebut kepada 15 tahun. (2.5 markah) ii) Abu Kassim menerima tempahan untuk membekalkan perabot kepada pelanggan pada 25 Disember 2015 dan menerima bayaran penuh RM10,000. Perabot tersebut siap pada 2 Januari 2016 dan dihantar kepada pelanggan. Abu Kassim merekod urusniaga ini sebagai jualan pada 2 Januari 2016. (2.5 markah) iii) Sebuah mesin dibeli pada kos RM32,000 telah disusutnilai sebanyak RM12,000. Pihak pengurusan percaya bahawa nilai pasaran bagi aset tersebut ialah RM25,000 dan mencadangkan untuk merekod aset pada jumlah RM25,000 bagi meningkatkan pendapatan untuk tahun tersebut. (2.5 markah) iv) Zauj Bhd telah melabur sebanyak RM35,000 untuk mempromosikan produk baru. Produk ini menunjukkan bahawa ianya akan mempunyai nilai pasaran untuk tempoh 6 tahun yang akan datang. Syarikat telah merekodkan pelaburan ini sebagai belanja untuk tahun semasa. (2.5 markah) QUESTION 4 a) Goodwill on consolidation arises when the cost of the investment exceeds the acquirer s share of the fair value of the net asset of the subsidiary on the date of the acquisition (Lazar, 2005). Give THREE (3) ways of dealing with goodwill on consolidation (5 marks) b) Farish Bhd. acquired ordinary shares and 10% preference shares in Harrisa Bhd. at 1 January 2015. The Statement of Financial Position for both companies is as follows: 10 SULIT
Statement of Financial Position as at 31 December 2015 Farish Harrisa Non-Current Assets: Land and building 202,500 255,000 Machinery 157,500 277,500 Investment in Harrisa Bhd: - 450,000 unit Ordinary Shares 510,000 - - 75,000 unit 10% Preference Shares 75,000 - Current Asset: Cash in hand 240,000 135,000 Inventory 225,000 180,000 Debtors 135,000 150,000 Current Liabilities: Creditors (150,000) (150,000) Proposed Ordinary Shares dividends (60,000) (30,000) 1,335,000 817,500 Financed by: Ordinary Shares @ RM 1.00 each shares 900,000 600,000 10%, Preference Shares 300,000 150,000 Profit and Loss Account 135,000 _67,500 1,335,000 817,500 Additional Information: i) The balance of Profit and Loss Account at acquisition was a credit balance of RM52,500. ii) On 30 September 2015, Harrisa Bhd sold inventories valued at RM 6,000 to Farish Bhd. Harrisa Bhd invoiced the goods at cost plus 20%. At the year ended 2015, 60% of these goods still remain in the closing inventories of Farish Bhd. iii) Board of Directors Harrisa Bhd. had declared 5% ordinary shares dividend and has been recorded. C3 b) You are required to prepare: (i) Cost of Control account. (ii) Consolidated Statement of Comprehensive Income. (5 marks) (5 marks) 11 SULIT
C4 c) Construct the Consolidated Statement of Financial Position as at 31 December 2015 (10 marks) SOALAN 4 a) Muhibah atas penggabungan wujud bila kos pelaburan melebihi saham yang diperoleh bagi nilai semasa aset bersih subsidiari pada tarikh perolehan (Lazar, 2005) Berikan TIGA (3) cara merekodkan muhibah atas penggabungan (5 markah) b) Farish Bhd. memperoleh saham biasa dan 10% saham keutamaan dalam Harrisa Bhd pada 1 Januari 2015. Penyata Kedudukan Kewangan untuk kedua-dua syarikat adalah seperti berikut: Penyata Kedudukan Kewangan pada 31/12/2015 Farish Harrisa Aset Bukan Semasa: Tanah dan Bangunan 202,500 255,000 Mesin 157,500 277,500 Pelaburan di dalam Harrisa Bhd: - 450,000 unit saham biasa 510,000 - - 75,000 unit, 10% saham keutamaan 75,000 - Aset semasa: Tunai di tangan 240,000 135,000 Inventori 225,000 180,000 Penghutang 135,000 150,000 Liabiliti Semasa: Pemiutang (150,000) (150,000) Dividen saham biasa dicadangkan (60,000) (30,000) 1,335,000 817,500 Dibiayai oleh: Saham biasa @ RM 1.00 setiap saham 900,000 600,000 10%, saham keutamaan 300,000 150,000 Akaun Untung Rugi 135,000 67,500 1,335,000 817,500 12 SULIT
Maklumat Tambahan: i. Baki Akaun Untung dan Rugi pada tarikh perolehan adalah baki kredit RM52,500. ii. Pada 30 September 2015, Harrisa Bhd menjual inventori bernilai RM6,000 kepada Farish Bhd. Harrisa Bhd menginvoiskan barang pada kos tambah 20%. Pada akhir tahun 2015, 60% daripada barang tersebut masih kekal sebagai inventori akhir Farish Bhd. iii. Lembaga Pengarah Harrisa Bhd. mengisytiharkan 5% dividen saham biasa dan telah direkod C3 b) Anda dikehendaki menyediakan: (i) Akaun Kawalan Kos (ii) Penyata Pendapatan Komprehensif Gabungan. (5 markah) (5 markah) C4 c) Bina Penyata Kedudukan Kewangan Gabungan pada 31 Disember 2015 (10 markah) SOALAN TAMAT 13 SULIT