This is our final round of quiz. Marks will be given to the fastest all correct answers. Snap your answer and yippi me ASAP.
Relax, marks will also be given to those who are late but will rated according to the time ranking.
Happy finals!
Short Quiz
1. A
machine costing RM12,000 was sold to a client on hire purchase term in January 2016. The cash price of the machine
was RM16,000. The interest rate was fixed to be 8% per annum which is payable
on 31 December each year. The depreciation rate for the machine is 20% per
annum at cost. Instalment payment was agreed for RM3,200 plus interest charged during the year.
Required: (in
the book of purchaser)
a) Asset
account
b)
Hire purchase creditor account
c) Provision
for depreciation account
2. The
above machine was confiscated in March 2019 due to failure of instalments
payment. The supplier took the machine with zero compensation.
Required : (in the book of purchaser)
a) Asset
disposal account
3. Independent
from the above question, assuming the machine instalment was fixed at RM3,772
per annum for 5 years, then…
Required: (in
the book of seller)
a) Hire
purchase seller account
b)
Hire purchase debtor account
c) Hire
purchase interest account
4. Haslita
acquired a vacant factory at a cost of RM620,000. During the process, she has
to pay for the stamp duty worth RM1,200, legal fees to Tetuan Khatijah & Co
for RM10,500, a bribe to a Minister RM50,000. She also has to build a new fence
around the factory to safeguard her trucks amounting RM13,000.
Required:
Calculate the initial cost for the above to be recognized
in the Statement of Financial Position at the end of the year.
Calculate the
following using the FIFO and Weighted Average method;
Date
|
Transactions
|
Mar 1
|
Purchased 70 units at RM15
each
|
3
|
Sold 25 units at RM22 each
|
4
|
Purchased 20 units at RM16
each
|
6
|
Sold 40 units at RM23 each
|
9
|
Sold 20 units at RM24 each
|
12
|
Purchased 30 units at
RM15.50 each
|
13
|
Sold 15 units at RM22 each
|
No comments:
Post a Comment