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UKMM1043 Basic Economics, Accounting and Management Tutorial 4 (Suggested Answer)

This document provides accounting information for several businesses: 1) It lists the four main users of accounting information as managers, owners, tax authorities, and customers. 2) It shows the assets and liabilities for one business including motor vehicles, premises, inventory, and a bank overdraft. 3) It provides a balance sheet as of November 30, 2011 for Fatimah's business including assets of RM34,945 and liabilities of RM2,800. 4) It also shows Kok Heng's balance sheet changing between December 7 and an earlier date, with assets increasing to RM35,405 and liabilities decreasing to RM1,150.

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kenneth loh
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48 views

UKMM1043 Basic Economics, Accounting and Management Tutorial 4 (Suggested Answer)

This document provides accounting information for several businesses: 1) It lists the four main users of accounting information as managers, owners, tax authorities, and customers. 2) It shows the assets and liabilities for one business including motor vehicles, premises, inventory, and a bank overdraft. 3) It provides a balance sheet as of November 30, 2011 for Fatimah's business including assets of RM34,945 and liabilities of RM2,800. 4) It also shows Kok Heng's balance sheet changing between December 7 and an earlier date, with assets increasing to RM35,405 and liabilities decreasing to RM1,150.

Uploaded by

kenneth loh
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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UKMM1043 Basic Economics, Accounting and Management

Tutorial 4 (Suggested Answer)


1. The four users of accounting information are (choose only 4 and relevant description):
(a) Managers;
(b) Owners;
(c) Tax authority;
(d) Customers;
(e) Suppliers; and
(f) Employees.
2. Refer to Lecture 3 slide no. 10.

3.

4.
Assets
Motor vehicles
Premises
Inventory
Other debtors
Cash in hand
Plant and machinery

Liabilities
Trade creditors
Bank overdraft
Loan fro Kamal

5.

Fatimah

6. Kok Heng

As at 30 Nov
2011
(a)
(b)
(c)
(d)
(e)

ASSETS
=
LIABILITY
+
Furniture
RM 6,200
Creditors RM 2,800
Motor vehicle
7,300
Inventory
8,100
Debtors
4,050
Bank
9,100
Cash
195
34,945
2,800
Equipment
Inventory
Bank
Bank
Bank
Cash
Debtors
Bank
Cash

As at 7 Dec 2011

+ 110
+ 380
- 380
- 1,150
+ 640
+ 90
-730
+ 1,300
+ 200
35,405

Creditors

+ 110

Creditors

- 1,150

Assets
RM200,000
+150,000
350,000

= Liabilities
= RM120,000
= (20,000)
+100,000

RM

Capital
1,760

7.

Beginning
Change
Ending

EQUITY

+ Capital
RM80,000
+170,000
+250,000

+ 1,500
?

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