University : Wawasan Open University UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : BBM205
Assignment Task :

Question 1 

Lion Sdn Bhd is a manufacturer of garden furniture. The company has consistently used weightage average cost in valuing inventory, but it is interested to know the effect on its inventory valuation of using First-In First-Out method (FIFO). 

At 28 February 2019 the company had inventory of 4,000 standard plastic tables, and has computed its value on each side of the two bases as:

 

Required: 

(a) Using FIFO, compute cost of closing inventory, sales and gross profit/loss as at 31 March 2019. 

(b) Using Weightage Average Cost method, compute cost of closing inventory, sales and gross profit/loss as at 31 March 2019. 

Show relevant workings. In arriving at the total inventory values you should make calculations to two decimal places (where necessary) and deal with each inventory movement in date order. 

 

Question 2 

From the following particulars, you are required to find out the errors in cash book and bank statement by using missing method and prepare Bank Reconciliation Statement as on 31 December 2019, for Selena Enterprise: 

 

Question 3

After you have prepared the trial balance for Question 3, you notice the trial balance cannot be balance due to following errors: 

1. Cash payment of RM500 for stationery was completely omitted from the books.

2. Discount received of RM2,000 was debited to discount allowed account.

3. Sales of RM3,800 to Molly was not recorded in her account. 4. RM1,000 for upkeep of motor vehicle was debited to motor vehicle account. No depreciation has yet to be provided. 

Required: 

(a) Prepare the Suspense Account. 

 (b) Prepare the adjusted Trial Balance. 

 

Question 4 

Using the trial balance prepared in Question 4, prepare the Statement of Comprehensive Income as at 31 December 2019 for ABC Sdn Bhd. 

The following information is relevant: 

The closing inventory was RM47,000. 

 

Question 5

Using the trial balance prepared in Question 4 and Statement of Comprehensive Income prepared in Question 5, prepare the Statement of Financial Position as at 31 December 2019 for ABC Sdn Bhd. 

 

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  • Uploaded By : Grace
  • Posted on : August 01st, 2018

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