Question :

ASSIGNMENT 2 Question 1 (CLO 2} Marks The following are the accounts' balances of PMS Sdn. Bhd. at the end of June 2020. Accounts Inventory, 1 July 2019 Carriage inwards Carriage outwards Sales return and allowances Sales discount Purchase return and allowances Purchase discount Advertising expenses Rental expenses Miscellaneous expenses Salaries expenses Cash at bank Accounts receivable Motor vehicle Accumulated depreciation-Motor vehicle Accounts payable Additional information as at 30 June 2020: i. Inventory was valued at RM12,450. ii. Utilities accrued was RM525. iii. Rent prepaid was RM1,050. iv. Annual depreciation was calculated for RM3,150. You are required to prepare the following for FNS Sdn. Bhd.: a} Trial Balance as at 30 June 2020 before adjustment. m m m m m m m m m m m m m Balances (RM 194,370 10,977 112,875 840 (10) b) Statement of Comprehensive Income for the year ended 301une 2020. c) Statement of Financial Position as at 301une 2020. (12) (8) (Total: 30 marks) [TOTAL MARKS: 50] Question 3 (CLO 1| The following transactions were recorded in the rst month of Dr. Adam's business for Klinik Keluarga: Started the business by investing RM50,000. Bought ofce equipment for RM12,500 on credit from Medical Products. Paid RM2,250 for various medical supplies for the office. Received RM 11,400 of fees earned during the rst month operations. \" Paid amounts owing to Medical Products amounting to RM 1,780. Withdrew RM1,500 for personal use. \" Paid RM2,000 for medical assistant salary. \" Paid RM3,500 for ofce rent. \" The cost of medical supplies used was RM1,700. \" Received a loan of RM15,000 from ATM Bank. You are required to: Analyse the effects of the above transactions to the accounting equation by using the format given below: Owner's Equity (10} (Total : 20 marks} ASSIGNMENT 1 Marks Question 1 (CLO 1} \"Accounting is vital to our economic system.\" Do you agree? Explain. l5l Question 2 (CLO 1) Explain with an example to show how a business adheres to each of the following accounting assumptions: a) Separate Entity b) Accounting Period l5l