Question: TIME: 3 HOURS INSTRUCTIONS 100 MARKS) Answer ALL Ouestions in the Answer Booklet (20 MARKS) QUESTION Vivian, opened a hair salon, VV Hairven (VVH) which

TIME: 3 HOURS INSTRUCTIONS 100 MARKS) Answer ALL Ouestions in the Answer Booklet (20 MARKS) QUESTION Vivian, opened a hair salon, VV Hairven (VVH) which started the operation on 1 January 2017 VVH operated in Subang Jaya On 1t January 2017, Vivian introduced cash of RM55,000, an equipment that cost F the same day, MicroFinance Bank released RM10,000 cash as loan to VV Hairven. During January 2017, VVH eaned revenue RM25,078 and had the following expenses: Salaries Rent Utilities RM 5,000 3,200 On 27% January 2017, Vivian withdrew RM1,000 for personal use. She recorded this transaction as an increase expense and decrease in cash. Required: a) What was the owner's equity amount as at 1st January 2017? [CLO 1 : PLO I :C i ](5 marks b) Calculate the net income (or net loss) for the month of January 2017. (Prepare the Statement Profit or Loss) [CLOI:PLO1:C2(5 marl e) Determine whether the treatment for Vivian's withdrawal is appropriate or not? Explain CLOI:PLOL:C21(4 ma CLO1:PLO1:C216 m correct accounting treatment. Explain any THREE (3) accounting principles that applied by VV Hairven

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared...

INSTRUCTIONS: TIME: 3 HOURS Answer ALL Questions in the Answer Booklet. (100 MARKS) QUESTION 1 (25 marks) Truffle Company (TC) makes high quality, hand-made chocolate truffles which it sells to a...

This is a paper from the Singapore QP exams (Dec 2015). I need detailed solutions for question 3 from someone familiar with the Singapore Standards of Auditing Singapore Qualification Programme (QP)...

i want the answer or solution to this Mid-test copy The University of the South Pacific Serving the Cook Islands, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Samoa, Solomon Islands, Tokelau,...

CASE STUDY QUESTIONS. By the use of Michael Porters generic strategies, Justify how ZAPOS.com would have performed better? (5 MARKS) 1) Assuming that you are the new Communications director for the...

IT Governance Committee: Assume that you are the chair of the highly qualified IT Governance Committee employed by one of the US's largest pizza company named as 'Vegas Girl's Pizza' a pizza company...

CASE EXAMPLE Google: who drives the strategy? Phyl Johnson, Strategy Explorers From an idea to a verb in less than 15 years: 'to Google - to search the Internet' If you are in need of the answer to a...

Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...

Using disclosures made in the 2015 Woolworths Annual Report, 2015 Woolworths CSR Report or current website for Woolworths (http://www.woolworthslimited.com.au) identify and provide 4 examples where...

I am so lost with all of this and the worst part it is due in an hour and a half. I don't know what to do please help. In this course you will have the opportunity to apply the concepts learned to a...

Case Study: Amazon.com, Inc: Driving Disruptive Change in US grocery market. Answer all question based on mark given; 1) State the case? ( 20 marks) 2) Identify the problem and its symptoms based on...

A firm is considering launching a new product. Launching the product will require an investment of $10 million (including marketing expenses and the costs of new facilities). The launch is risky...

Which of the following best describes a transfer price? A. It is the price that is charged by a department of an organization when it sells its goods to its competitors. B. It is the price one...

Which bond would most likely possess the least degree of interest rate risk? Question 1 9 options: A ) 1 2 % coupon rate, 1 0 years to maturity B ) 1 0 % coupon rate, 1 0 years to maturity C ) 1 2 %...

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

1. Why is discipline the most significant issue for the union and management organizations? Describe how this significance has shifted over time.

3. Explain in some detail the difficulties management would have in administering the following work rule in accordance with the disciplinary principles established in the chapter: Any employee...

developing an understanding of knowledge and know-how transfer through cultural interactions.