DBAF2003: Principles of Accounting Assignment, UoC, Malaysia On 1 January 2011, Yen had two vehicles for use in his business. Vehicle X was bought several years earlier for £7.500

Question 1

On 1 January 2011, Yen had two vehicles for use in his business. Vehicle X was bought several years earlier for £7.500 and vehicle Y was purchased in 2010 for £10.500.

On 31 December 2011, he sold vehicle X for £3.600 and replaced it with, vehicle Z. paid for by cheque.

Yen’s policy is to provide depreciation on vehicles at 25% per annum, on the reducing balance method. A full year’s depreciation is charged in the year of purchase and none in the year of disposal.

The balances in Yen’s accounts were as follows:

Question 2

From the following trial balance of C Roddy, after her first year’s trading, you are asked to draw up a trading and profit and loss account for the year ended 30 June 20X4.

Question 3

Mary, a sole trader, has the following transactions for the month of June 20X6.

Question 4

Robby Ltd has the following items in its statement of financial position on 30th November 2019; Van for
RM23,000, fixtures RM12,000, inventory RM12,000, cash in hand RM7,500, cash at bank RM10,000,
accounts receivable RM5,500, accounts payable RM10,000, capital RM 45,000, and loan RM15,000.

During the first week of December 2019

• Bought fixtures for RM2000 on credit
• Bought inventory RM1040 for cash
• Debtors paid RM1500 by cheque.
• Paid creditors RM300 by cheque and 300 cash.
• Introduce RM2160 into the business, RM 1400 cash, and RM760 by cheque.
• Take a loan of RM2000 from Roy in cash.

Answer

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