MC7 A241 Payable students
.docx
School
SMS Seri Puteri**We aren't endorsed by this school
Course
FAR 1013
Subject
Accounting
Date
Dec 20, 2024
Pages
4
Uploaded by CommodoreTank11599
BKARK1013 FINANCIAL ACCOUNTING AND REPORTING I (A241)MINI CASE 7: TOPIC 8 PAYABLEDUE DATE: 21 DECEMBER 2024SUBMISSION VIA UUM ONLINEGuidelines for submission:1)Please answer all questions. Submit Question 1 and 2.2)Please write your name, matric number, group, on the header of your answer document.3)The mini case is an individual task. However, discussion is allowed but copying other students’answers is forbidden.4)Your answer should be handwritten and subsequently scanned with a scanner or mobilescanner apps in a combined PDF file. The scanned document must be clear, easily readable andcomplete. Photos are not allowed.5)Save your document using this format: MC7_matric number group.pdf6)Submit your scanned answer via Online Learning portal within theallotted time and period, before 21 DECEMBER 2024 12.00 mid night, (MYT). Only one submission will be accepted.
QUESTION 1Kedah Stainless Steel Bhd (KSB) was established in Jan 2005. The company’s accountingperiod ends on 30 June. The following information was related to the liabilities of KSB formonth of June 2024.DateTransactions1 JunePurchased a truck for RM300,000 by paying RM60,000 in cash and theremaining to be paid with a two-year Note Payable with an interest of 5% perannum.5 JunePurchased goods from Bluelight Sdn Bhd (BSB) for an invoice price ofRM200,000, terms 2/10, n/45. 14 JunePaid fifty percent (50%) of BSB’s invoice for purchase on 5 June.28 JunePaid salaries of RM1,000,000 to employees. Deductions from the salariesinclude (1) Employees’ contribution to EPF of 10% of the gross salary; (2)Scheduled tax deduction of RM50,000, (3) Monthly takaful premiums ofRM120,000 and zakat contribution of 2.5% from the gross salary.29 JunePaid the remaining balance to BSB for the purchase on 5 June.30 JuneDeclared a cash dividend of RM0.02 for each share outstanding. Additional information:1.KSB uses a periodic inventory system. Purchases and account payables wererecorded at net amounts after cash discounts.2.As of 30 June 2024, the company has 20,000,000 ordinary shares outstanding.3.As of 30 June 2024, the statement by the human resources unit showed that 12% ofthe December salary was payable to the Employees Provident Fund (EPF) foremployer contributions. Based on prior practice, the company paid the EPFEmployer’s contribution only on the 10th day of the following month.REQUIRED:Prepare the journal entries and adjusting entries necessary for Kedah Stainless Steel Bhdto record all transactions for June 2024.
QUESTION 2Lampam Dsungai Bhd is a company whose main business is to publish and sell printedmaterials such as books and magazines. The partial statement of financial position ofLampam Dsungai Bhd as at 30 September 2023 shows the following:RMCurrent LiabilityAccounts Payable1,260,000Income Tax Payable 315,6001,575,600EquityShare Capital (1,000,000 ordinary shares)3,000,000Reserve8,400,000Retained Earnings4,200,00015,600,000Following are transactions related to current liabilities and equity that took place during thefinal quarter of 2023.DateTransactions2 Oct.Purchased equipment for RM240,000, paying RM60,000 in cash andgiving a one-year, 8% note for the balance.4 Nov.Received RM900,000 in advance for journal subscriptions to be deliveredin December and January. 5 Dec.Delivered journals subscribed in November, worth RM450,000.11 Dec.Purchased goods from Sebarau Biru Sdn Bhd for an invoice price ofRM120,000, terms 2/20, n/30. Purchases and accounts payable arerecorded at net amounts. Sixty percent (60%) of the invoice was paid on20 December.20 Dec.Received sixty percent (60%) of the invoice of Sebarau Biru Sdn Bhdfrom the purchased of 11 December.28 Dec.Paid gross salaries of RM750,000 to employees. Deductions from thesalaries include the following:-Employees’ contribution to EPF of 10% of the gross salary-Zakat amounting to RM16,800-Health insurance premium of RM19,200.30 Dec.Declared a dividend of RM0.20 for each share outstanding.REQUIRED:(a)Prepare journal entries to record all the above transactions.(b)Prepare adjusting journal entry(ies) on 31 December 2023.
QUESTION 3A.Biznez Bhd (BB) was established in March 2010. The company uses the calendar yearfor its accounting period. The following information relates to the obligations of BB forDecember 2023.DateTransactions2 Dec.Purchased furniture for RM250,000, paying RM10,000 and the remaining tobe paid within one-year, with interest payable at 6% per annum (notepayable).15Dec.Purchased goods from Malaxa Sdn Bhd (MSB) for an invoice price ofRM100,000, terms 2/10, n/30. 24Dec.Paid fifty percent (50%) of MSB invoice for purchase on 15 December.28Dec.Paid salaries of RM500,000 to employees. Deductions from the salariesinclude (1) Employees’ contribution to EPF of 10% of the gross salary; and(2) Scheduled tax deduction of RM25,000.30Dec.Paid the remaining balance to MSB for the purchase on 15 December.31Dec.Declared a dividend of RM0.02 for each share outstanding. Additional information:4.BB uses a periodic system. Purchases and accounts payable are recorded at netamounts after cash discounts.5.As of 31 December 2023, the company has 10,000,000 ordinary sharesoutstanding.6.As of 31 December 2023, the statement by the human resources unit shows that12% of the December salary is payable to the Employees Provident Fund (EPF)for employer contributions. Based on prior practice, the company paid the EPFcontribution only on the 10th day of the following month.REQUIRED:Prepare the journal entries and adjusting entries necessary to record the transactions forDecember 2023.