BBFA2103/SAMPLE
PART A / BAHAGIAN A
INSTRUCTIONS / ARAHAN
Part A contains FIVE questions. Answer ALL.
Bahagian A mengandungi LIMA soalan. Jawab SEMUA.
QUESTION / SOALAN Marks / Markah
1. Explain the purposes of preparing a bank reconciliation.
(4)
2. List the factors that influence the useful life of a non-current asset.
(4)
3. Explain the two approaches to accounting for government grants.
(4)
4. Differentiate between ordinary shares and preference shares.
(4)
5. Explain four factors that can bring about the dissolution of a partnership.
(4)
BBFA2103/SAMPLE
PART B / BAHAGIAN B
INSTRUCTIONS / ARAHAN
Part B contains THREE questions. Answer TWO ONLY.
Bahagian B mengandungi TIGA soalan. Jawab DUA SAHAJA.
QUESTION / SOALAN 1 Marks / Markah
Wahe and Sadkah are in partnership selling construction materials in Kajang. Wahe has been
upset over the existing profit sharing ratio and has demanded a revision. With effect from
January 2014, they decided to change their profit sharing ratio from 2:1 to 1:1.
The balance sheet of Wahe and Sadkah as at 31 December 2013 is as follows:
Wahe and Sadkah
Balance Sheet as at 31 December 2013
RM RM
Non Current
Assets:
Land and Building 210,000
Equipment 46,000
256,000
Current Assets:
Inventory 84,000
Debtors 20,400
Bank 23,600
128,000
384,000
Capital:
Wahe 220,000
Sadkah 164,000
384,000
After negotiations, they agreed to revalue the following assets before the new profit sharing
ratio takes effect:
1. Land and building RM308,000;
2. Equipment RM32,000;
3. Value of other assets remain the same.
BBFA2103/SAMPLE
You are required to prepare the following accounts for Wahe and Sadkah to effect the change
in the profit sharing ratio:
a) Revaluation account
(4)
b) Land and building
(2)
c) Equipment
(2)
d) Partners’ capital accounts
(4)
e) Balance sheet as at 1 January 2014
(8)
(Total / Jumlah: 20)
QUESTION / SOALAN 2 Marks / Markah
Naim, Loke and Sarab have been in partnership for a number of years sharing profits and
losses in the ratio of 5:3:2 respectively. The balance sheet of the partnership as at 31 December
2013 is as follows:
RM RM RM
Non-Current Assets:
Premises 180,000
Equipment 60,000
Vehicles 40,000
280,000
Current Assets:
Inventories 80,000
Debtors 30,000
Bank 120,000
230,000
Current Liabilities:
Creditors 46,000
Bank overdraft 36,000
82,000
148,000
428,000
Financed by:
Capital Accounts:
Naim 160,000
Loke 90,000
Sarab 50,000
300,000
Current Accounts:
Naim 26,000
Loke 18,000
Sarab 15,000
59,000
Long term Liabilities:
BBFA2103/SAMPLE
Loan from Naim 19,000
Loan from Finance Company 50,000
69,000
428,000
On 1 January 2014, the partnership was dissolved due to disagreement among partners.
Upon dissolution, the partners have agreed on the following:
1. Premises were sold for RM215,000. The proceeds were used to settle the bank overdraft.
Equipments were realized at a loss of RM10,000.
2. Naim agreed to take over the vehicles at 20% below book value. Loan from Naim to the
partnership were used as part settlement for the vehicles and the balance were paid by
cheque.
3. Sarab took over the inventories at a discount of 10%.
4. All debtors settled their accounts in full except for an amount of RM4,500 which was
written off as bad debt.
5. The amounts owing to the creditors were paid in full at a discount of RM3,800.
6. Dissolution expenses amounting to RM2,250 were duly paid.
7. All payments and receipts were made through the bank account.
8. Sarab had a debit balance in his capital account but only managed to pay RM4,400 to the
partnership. The deficiency is borne between Naim and Loke based on the Garner versus
Murray Rule.
Based on the above information, you are required to prepare the following accounts to close the
books of the partnership.
a) The realisation account
(8)
b) The bank account
(6)
c) The partners’ capital account in columnar form
(6)
(Total / Jumlah: 20)
BBFA2103/SAMPLE
QUESTION / SOALAN 3 Marks / Markah
a) A non-current asset is purchased on 1 January 2011.
Information relating to the asset is as follows:
RM
Cost of acquisition 110,000
Residual value estimated at the time of acquisition 10,000
Residual value revised estimate on 1 January 2012 Nil
Useful life estimated at the time of acquisition 10 years
Useful life revised estimate on 1 January 2013 8 years
Required:
Calculate depreciation expense using the straight line method for the years ended 31
December 2011, 2012, 2013 and 2014.
(14)
b) The following information relates to a non-current asset:
Cost RM100,000
Residual value RM10,000
Useful life 3 Years
Required:
Calculate depreciation over the useful life of the asset using the sum of the years' digits
method.
(6)
(Total / Jumlah: 20)
BBFA2103/SAMPLE
PART C / BAHAGIAN C
INSTRUCTIONS / ARAHAN
Part C contains TWO questions. Answer ONE ONLY.
Bahagian C mengandungi DUA soalan. Jawab SATU SAHAJA.
QUESTION / SOALAN 1 Marks / Markah
The accounts assistant of Harka Enterprise is instructed to reconcile the cash book with the
bank statement. The debit balance in the cash book as at 31 May 20011 is RM6,500.
After investigation, the accounts assistant identified the following information:
i) Receipts of RM4,500 deposited into the bank account on 31 May 2011 was recorded
by the bank on 1 June 2011.
ii) The bank had credited an amount of RM600 payable to Hari Enterprise to Harka
Enterprise’s current account.
iii) The cash book balance had been incorrectly brought down on 31 May 2011 as a
debit balance of RM6,500, instead of a debit balance of RM8,500.
iv) A cheque paid to Sofia for RM1,240 had been entered in the cash book as a receipt
instead of a payment.
v) The total receipts stated in the cash book summary have been understated by
RM620.
vi) A transfer of RM7,200 to the supplier’s bank account had not been recorded in the
cash book.
vii) A cheque drawn amounting to RM2,150 had not been recorded in the cash book.
viii) Bank charges of RM55 had not been recorded in the cash book.
ix) A cheque deposited into the bank account had been incorrectly recorded in the bank
statement as RM620 instead of RM820.
x) A cheque for RM545 deposited into the bank was returned by the bank marked
‘Insufficient Fund.’ It had not been updated in the cash book.
xi) The bank had charged half-yearly interest amounting to RM380.
You are required to:
a) Prepare an adjusted cash book;
(6)
b) Prepare a bank reconciliation statement as at 31 May 2011; and
(10)
c) Explain TWO possible reasons why the balance in a bank statement usually differs from the
cash book balance.
(4)
(Total / Jumlah: 20)
BBFA2103/SAMPLE
QUESTION / SOALAN 2 Marks / Markah
“Ethical behaviour is necessary for a society to function in an orderly manner”. Discuss this
statement with reference to the standards of ethical behaviour which are essential in the
accounting professional practices.
(Total / Jumlah: 20)
END OF QUESTION PAPER/ KERTAS SOALAN TAMAT
