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Practical Exercise Financial Accounting

The document consists of practical exercises for a financial accounting course, detailing various accounting entries and calculations related to vehicles, machinery, and equipment for multiple companies. It includes vehicle and machine accounts, accumulated depreciation calculations, statements of profit or loss, and financial positions for different years. The exercises are structured in a question-and-answer format, showcasing the application of accounting principles and methods such as straight-line depreciation.

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Tavina Vasanthan
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13 views

Practical Exercise Financial Accounting

The document consists of practical exercises for a financial accounting course, detailing various accounting entries and calculations related to vehicles, machinery, and equipment for multiple companies. It includes vehicle and machine accounts, accumulated depreciation calculations, statements of profit or loss, and financial positions for different years. The exercises are structured in a question-and-answer format, showcasing the application of accounting principles and methods such as straight-line depreciation.

Uploaded by

Tavina Vasanthan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PRACTICAL EXERCISE

DPA 20033 FINANCIAL ACCOUNTING 2

Group member : Group 6


1) Tavina d/o Vasanthan (01DAT21F2031)
2) Yashnee d/o Gunalan (01DAT21F2032)
3) Sandravadanee d/o Seeva Kumar (01DAT21F2056)

Lecturer Name : Puan Aisyah


( QUESTION 1 )

a) Vehicle A = 2018 = 4500


( 90000*10%*6/12 )

2019= 8550
(90000-4500)*10%

b) i) VEHICLE ACCOUNT
2018 RM 2018 RM
30 June Cash 90000 31 Dec Balance c/d 210000
31 Dec Cash 120000
210000 210000

2019 2019
1 Jan Balanced b/d 210000 31 Dec Balance c/d 210000

210000 210000

ii) ACCUMULATED DEPRECIATION ACCOUNT


2018 RM 2018 RM
31 Dec Balance c/d 4500 31 Dec Soci 4500

4500 4500

2019 2019
31 Dec Balance cld 25050 1 Jan Balance b/d 4500
31 Dec Soci (8550+12000) 20550
25050 25050

iii)
EXTRACTED STATEMENT OF PROFIT OR LOSS OR OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER

2018 (RM) 2019(RM)

Depreciation 4500 20550

iv)
EXTRACTED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER

2018 (RM) 2019 (RM)

Vehicle 210000 210000


(-) Accumulated depreciation -4500 -25050
205500 184950
( QUESTION 2 ) ( SYARIKAT SH ) Straight Line Method Yearly Basis

a) MACHINE ACCOUNT
2018
1 Jan 2018 Balance b/d 350,000 31 Dec 2018 Balance c/d 415,000
31 Dec 2018 Cash 65,000
415,000 415,000

2019
1 Jan 2019 Balance b/d 415,000 31 Dec 2019 Balance c/d 415,000
415,000 415,000

b) EQUIPMENT ACCOUNT
2018
1 Jan 2018 Balance b/d 115,000 31 Dec 2018 Balance c/d 141,000
1 Mac 2018 Cash 26,000
141,000 141,000

2019
1 Jan 2019 Balance b/d 141,000 31 Dec 2019 Balance c/d 201,000
30 April 2019 Bank loan 60,000
201,000 201,000
c) ACCUMULATED DEPRECIATION - MACHINE
2018
31 Dec 2018 Balance b/d 233,500 1 Jan 2018 Balance c/d 150,500
31 Dec 2018 Dep-machine (old) / soci 70,000
31 Dec 2018 Dep-machine (new) / soci 13,000
233,500 233,500

2019
31 Dec 2019 Balance c/d 316500 1 Jan 2019 Balance b/d 234,500
31 Dec 2019 Dep-machine / soci 82,000
316500 316,500

d) ACCUMULATED DEPRECIATION - EQUIPMENT


2018
31 Dec 2018 Balance c/d 76,150 1 Jan 2018 Balance b/d 55000
31 Dec 2018 Dep-machine (old) / soci 17250
31 Dec 2018 Dep-machine (new) / soci 3900
76,150 76150

2019
31 Dec 2019 Balance c/d 106,300 1 Jan 2019 Balance b/d 76150
31 Dec 2019 Dep-machine / soci 21150
31 Dec 2019 Dep-machine / soci 9000
106,300 106300
( QUESTION 3 ) ( MEWAH COMPANY )

a) PLANT & MACHINERY ACCOUNT


2019 RM RM
1 Jan 2019 Balance b/d 500,000 31 Dec 2019 Balance c/d 635,000
31 Mac 2019 Cash 15,000
31 Mac 2019 Loan 40,000
1 June 2019 Cash 80,000

635,000 635,000

b) ACCUMULATED DEPRECIATION - PLANT & MACHINERY


2019 RM RM
31 Dec 2019 Balance c/d 235,400 1 Jan 2019 Balance b/d 135,500
31 Dec 2019 Dep - plant & machinery (old) 72900
31 Dec 2019 Dep - plant & machinery (31 mac) 11000
31 Dec 2019 Dep - plant & machinery (1 Jun) 16000

235,400 235,400

c) STATEMENT OF PROFIT OR LOSS AS AT 31 DEC 2019


Expenses RM
Depreciation 99900
d) STATEMENT OF FINANCIAL POSITION AS AT 31 DEC 2019
COST ACC - DEPRECIATION CARRYING AMOUNT
NON CURRENT ASSET RM RM RM

Plant & machinery 635000 -235400 399600


Question 4 ( Perniagaan Akif )

a) VEHICLE ACCOUNT
RM RM
1 July 2018 Balance b/d 250,000 30 Jun 2019 Balance c/d 360000
10 Oct 2018 Bank 95,000
25 April 2019 Cash 15,000
360,000 360000

b) OFFICE EQUIPMENT
RM RM
1 July 2018 Balance b/d 100,000 30 Jun 2019 Balance c/d 135000
1 Jun 2019 Bank 35,000

135,000 135000

c) ACCUMULATED DEP - VEHICLES


RM RM
30 June 2019 Balance c/d 150,250 1 Jul 2018 Balance c/d 85500
30 Jun 2019 Soci 50000
30 Jun 2019 Soci 14250
30 Jun Soci 500
150,250 150250
d) ACCUMULATED DEP- OFFICE EQUIPMENT
RM RM
30 June 2019 Balance c/d 40,292 1 Jul 2018 Balance c/d 30000
30 Jun 2019 Soci (old) 10000
30 Jun 2019 Soci (new) 292
40,292 40292

e) STATEMENT OF PROFIT OR LOSS AS AT 30 JUN 2019


Expenses RM
Depreciation - vehicles 64750
Depreciation - office equipment 10292
QUESTION 5 Perniagaan Afiq

a) VEHICLES ACCOUNT
2019 RM 2019 RM
1 Jan 2023 Balance b/d 480,000 19 Feb Disposal 185,000
3 June 2023 Bank 205,000 31 Dec Balance c/d 500,000

685,000 685,000

Depreciation : Trailer ( 3/6/2019) = 205000*12%*7/12


14350

Trailer (1/1/2017) = 22200 ( disposed )


22200 ( disposed )
3700 ( disposed )

b) ACCUMULATED DEPRECIATION ACCOUNT


2019 RM 2019 RM
19 Feb Disposal 48100 1 Jan Balance b/d 155000
31 Dec Balance c/d 121250 31 Dec Soci 14350

169350 169350

c) DISPOSAL ACCOUNT
2019 RM 2019 RM
19 Feb Vehicles 185000 19 Feb Accumulated depreciation 48100
19 Feb Bank 85000
31 Dec Soci 51900

185000 185000

d)
Perniagaan Afiq Extracted of Profit or Loss and Other Comprehensive Income For The Year Ended 31 December 2019

RM
Non current asset : 500,000
Vehicles -121250
(-) Accumulated depreciation 378,750

e)
Perniagaan Afiq Extracted Statement Of Financial Position as at 31 December 2019

RM
Non current asset : 500000
Vehicles -121250
(-) Acuumulated depreciation 378750
Question 6 Perniagaan Abang Adik

a) PLANT & MACHINE ACCOUNT


2019 RM 2019 RM
1 Jan Balance b/d 299000 6 Feb Disposal 30000
18 Jan Bank 23000 31 Dec Balance c/d 332000
6 Feb Disposal (trade in ) 25600
6 Feb Cash 14400

362000 362000

b) OFFICE EQUIPMENT ACCOUNT


2019 RM 2019 RM
1 Jan Balance b/d 76800 2 Aug Disposal 15600
31 Dec Balance c/d 61200

76800 76800

Dep ( office equipment ) : 30/9/17 Depreciation ( Plant & Machine


390 DISPOSED
15000*10%*3/12 P&M(18/1/19) 4216.666667 DISPOSED
1560 DISPOSED 23000*20%*11/12
15600^10% R&M( 6/2/19 ) 7333.333333 DISPOSED
1040 DISPOSED 40000*20%*11/12
15600*10%*8/12 P&M(12/4/17) 4500 DISPOSED
30000*20%*9/12
5100 DISPOSED
(30000-4500)*20%
680 DISPOSED
(30000-4500-5100)*20%*2/12

b) i) ACCUMULATED DEPRECIATION ACCOUNT ( P& M )


2019 RM 2019 RM
6 Feb Disposal 10280 1 Jan Balance b/d 97000
31 Dec Balance c/d 98270 31 Dec Soci ( 4217+ 7333 ) 11550

108550 108550

ii) ACCUMULATED DEPRECIATION ( OFFICE EQUIPMENT )


2019 RM 2019 RM
2 Aug Disposal 2990 1 Jan Balance b/d 21900
31 Dec Balance c/d 18910

21900 21900

c)
2019 RM 2019 RM
6 Feb Plant and machine 30000 6 Feb Accumulated depreciation 10280
31 Dec Soci 5880 6 Feb Plant and machine (trade in) 25600

35880 35880
ii ) ACCUMULATED DEPRECIATION ( OFFICE EQUIPMENT )
2019 RM 2019 RM
2 Aug Disposal 2990 1 Jan Balance b/d 21900
31 Dec Balance c/d 18910

21900 21900

c) DISPOSAL (P&M)
2019 RM 2019 RM
6 Feb Plant and machine 30000 6 Feb Accumulated depreciation 10280
31 Dec Soci 5880 6 Feb Plant and machine (trade in) 25600

35880 35880

ii) DISPOSAL ( OFFICE EQUIPMENT )


2019 RM 2019 RM
2 Aug Office equipment 15600 2 Aug Accumulated depreciation 2990
2 Aug Bank 8000
31 Dec Soci 4610

15600 15600
QUESTION 7 Hajat & Co.

a) OFFICE EQUIPMENT ACCOUNT


2018 RM 2018 RM
1 Apr Balance c/d 68000 12 Aug Disposal 18000

68000 18000

2019 2019
1 Feb Bank 19600 31 March Balance c/d 69600

87600 87600

Depreciation :
Office equipment (1/2/2019) = 19600 x 15% x 2/12
490

Office equipment (30/4/2017) = 18000*20%*11/12


3300 DISPOSED
(18000-3300)*20%*5/12
1225 DISPOSED

b) ACCUMULATED DEPRECIATION ACCOUNT


2018 RM 2018 RM
12 Aug Disposal 4525 1 Apr Balance b/d 18800

2019 2019
31 March Balance c/d 14765 31 March Soci 490

19290 19290

c) DISPOSAL ACCOUNT
2018 RM 2018 RM
Aug 12 Office equipment 18000 Aug 12 Accumulated depreciation 4525
Aug 12 Bank 15100
2019
March 31 Soci 1625 2019

19625 19625
QUESTION 8 Syarikat Dafi

a) MACHINE ACCOUNT
2019 RM 2019 RM
1 Jan Balance b/d 98000 30 April Disposal 24000
14 Jan Cash 40850 30 June Disposal 46000
30 June Disposal (trade in ) 15000 31 Dec Balance c/d 99320
30 June Cash 15470

169320 169320

OFFICE EQUIPMENT ACCOUNT


2019 RM 2019 RM
1 Jan Balance b/d 150000 31 Dec Balance c/d 150000

150000 150000

Depreciation (machine) :

Machine (14/1/19) : 40850*16%


6536

Machine (30/6/19) : 30470*16%*6/12


2437.6

Machine (11/4/14) : 2880 24000*16%*9/12


3840 24000*16%
3840 24000*16%
DISPOSED
3840 24000*16%
3840 24000*16%
1280 24000*16%*4/12

Machine (22/11/14) : 613.3333333 46000*16%*1/12


7360 46000*16%
7360 46000*16%
DISPOSED
7360 46000*16%
7360 46000*16%
3680 46000*16%*6/12

ACCUMULATED DEPRECIATION ( MACHINE )


2019 RM 2019 RM
30 April Disposal 19520 1 Jan Balance b/d 80000
30 June Disposal 33733 31 Dec Soci(6526+2438) 8974
31 Dec Balance cld 35721

88974 88974

ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT )


2019 RM 2019 RM
31 Dec Balance cld 45000 1 Jan Balance b/d 45000

45000 45000
DISPOSAL ACCOUNT
2019 RM 2019 RM
30 April Machine 24000 30 Apr Accumulated depreciation 19520
30 June Machine 46000 30 Apr Bank 18000
31 Dec Soci 16253 30 June Accumulated depreciation 33733
30 June Machine (trade in) 15000

86253 86253

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