Dr Cr

Account
$ $
Inventory at 1st Oct 20X5 186,400 SOPL
Purchases 1,623,200 SOPL
Carriage inwards 38,100 COGS
Carriage outwards 47,300 Expense
Sales 3,010,000 SOPL
Trade receivables 318,000 CA
Wages and Salaries 694,200 Expense
Marketing expense 80,000 Expense
Administrative expense 276,000 Expense
Loan interest 50,000 Expense
Allowance for Trade receivable at 1st Oct 20X5 18,800 (CA)
Irrecoverable debt 14,300 Expense
Equipment at 1st Oct 20X5
- Cost 214,000
- Acc. Dep. 88,700 NCA
Land and building 1 Oct 20X5
- Cost 3,000,000
- Acc. Depn. Building 500,000 NCA
1$ Ordinary Share 1,000,000 Equity
Share premium 300,000 Equity
Retained Earnings at 1st Oct 20X5 312,000 Equity
10% loan notes 500,000 Liabilities
Suspense 812,000
Total 6,541,500 6,541,500

Additional information as at 30 September 20X6:

1. The balance of the suspense account is made up of two items:
(a) The proceeds of right issues on a 1 for 2 basis at $1.6 per share, credited to the suspense
account from the cash book.
(b) the proceeds of sale of some equipment on 1 st Oct 20X5 with a carrying amount at the
date of sale of $14,200 and which had originally cost $30,000. The cost and accumulated
depreciation of the sold equipment has not been removed from the above trial balance.
2. At 28 Sept 20X6 the inventories were destroyed by a fire, the inventories on hand are only
$50,000. Arbalrest normally applies a profit margin of 50% for all sales. The destroyed
inventories are fully insured by an insurance company. The company has not recorded the
loss of inventories.
3. Marketing expenses include $8,000 which relates to November 20X6.
4. In preparing the bank reconciliation statement at 30 Sep 20X6, the following items are
causing the difference between Cash book balance and bank statement balance:
- Cheque of $1,000 incorrectly debited to the account by bank
- Outstanding lodgements are not credited $4,580
- Cheque paid in by the company and dishonored $500
5. Office equipment is depreciated at 20% per annum using the reducing balance method.
Building which has cost of $1,000,000 are depreciated at 5% per annum on their original
cost.
At 30 Sep 20X6, the land and buildings is revalued at $3,200,000.

Required:
(a) Journalize all the adjusting entries
(b) Prepare the statement of profit or loss for the year ended 31 September 20X6
(c) Prepare the statement of financial position as at 31 September 20X6
1a) Dr Suspense 800,000
Cr OS 500,000
Cr SP 300,000

1b) Dr Suspense 12,000

Cr Disposal = giá thực bán 12,000

Dr Disposal (CV) 14,200 = Carrying amount

Dr Acc depn - equip 15,800
Cr Equip - cost 30,000

2) COGS 1,505,000 do profit = 50% sales

Closing inventory 50,000 sales = profit+cost

Opening Inventory 186,400

Purchases 1,623,200
Carriage inwards 38,100
COGS 1,505,000
Closing inv (tính) 342,700 = ope + purchases + carriage inwar
Actual closing inv (thực tế) 50,000
Destroyed inv 292,700 = closing inv - actual closing inv

Dr Insuarance Receivables 292,700

Cr Inventory 292,700

3) Dr prepaid expense 8,000

Cr Marketing expense 8,000

4) Dr A/R 500

Cr Cash 500

5) Dr Depreciation expense 22,220

Cr Acc depn - equip 22,220

Dr Depn expense 50,000

Cr Acc depn - building 50,000

CA of land & building 2,450,000

FV 3,200,000
gain on revaluation 750,000

Dr Acc depn 550,000

Dr land & bulding-cost 200,000
Cr OCI/RS 750,000
 SPL

Sales
COGS
Gross Profit
Loss on disposal
Carriage outwards -47,300
Carrying amount Wages and Salaries -694,200
Marketing expense -72,000
Administrative expense -276,000
Intersest expense -50,000
Irre debt -14,300
sales = profit+cost Depn expense -72,220

Profit for the year

OCI (Other Comprehensive Income)
Gain on revaluation
TCI (Total Comprehensive Income)
ope + purchases + carriage inwards - COGS

closing inv - actual closing inv

SOFP
1. NCA
Equipment 88,880
Lamd&Building 3200000

II. CA
Inventory 50,000
A/R 318,500

Allowance for TR -18,800

Insurance receivables 292,700

Prepaid expense 8,000

TOTAL ASSETS 3,939,280

PL

3,010,000
-1,505,000
1,505,000
-2,200

-1,226,020
276,780

750,000
1,026,780

SOFP
III. NCL
10% loan notes 500,000

IV. CL
Bank overdraft 500

V. Equity

Ordinary Share (OS) 1,500,000

SP (Share premium) 600,000

RE (Retained Earnings) 588,780

RS (Revaluation Surplus) 750,000

TOTAL LIABILITIES &
3,939,280
EQUITY
 The following notes are relevant to the prepara
(i) It has been determined that trade receivable
expense.

(ii) Depreciation on plant and machinery is cha

downward by $2,450 at 30 Apr 20X3.

(iii) The loan was taken out on 1 August 20X2 a

(iv) Closing inventory had been valued at $17,5

Dr Cr (v) At 30 April 20X3, a prepayment for insuran

(vi) At 30 April 20X3, an accrual for freight and

(vii) Markus has prepared bank reconciliation

- Bank is credited to the account in error $200 -
- Direct debit for $300 for electricity. Electricity
- Cheque paid to a supplier on 29 December $80

Required:
1, Prepare a statement of profit or loss of Mark
2, Prepare a statement of financial position as a

$ $
Share capital 15,000 1)
Share premium 4,000
Retained earnings – 1 May
10,000
20X2
Revaluation surplus – 1 May
1,000
20X2
Finance costs 300
Bank 7,400
Administrative expenses 65,800 2)
Distribution expenses 31,200
Plant and machinery – cost 77,000
Plant and machinery –
accumulated depreciation at 1 25,000
May X2
Trade receivables 20,000
Allowance for receivables-1
3,150
May 20X2
Revenue 230,000
Inventory – 1 May 20X2 18,750
Dividend 13,000
Trade payables 17,500
Purchases 90,000
6% loan – repayable 31 July
3,000
20X5
316,050 316,050

3)

4)

5)

6)

7)
The following notes are relevant to the preparation of the financial statements for the year ended 30 April 20X3:
(i) It has been determined that trade receivables of $600 are irrecoverable. In addition, it was decided that the allowance
expense.

(ii) Depreciation on plant and machinery is charged at 15% per annum on a reducing balance basis. Depreciation is char
downward by $2,450 at 30 Apr 20X3.

(iii) The loan was taken out on 1 August 20X2 and interest has not yet been paid or accrued.

(iv) Closing inventory had been valued at $17,500. It was subsequently discovered that some items of inventory which had

(v) At 30 April 20X3, a prepayment for insurance paid in advance of $400 had not yet been accounted for. Insurance is cl

(vi) At 30 April 20X3, an accrual for freight and delivery expenses amounting to $350 had not yet been accounted for. Fr

(vii) Markus has prepared bank reconciliation statement at 30 Apr 20X3 and discovered the following items caused a diff
- Bank is credited to the account in error $200 -> Bank Errors -> không cần sửa vì đang làm cho business
- Direct debit for $300 for electricity. Electricity is classified as an administrative expense.
- Cheque paid to a supplier on 29 December $800 -> Timing Errors -> không cần sửa

Required:
1, Prepare a statement of profit or loss of Markus the year ended 30 April 20X3
2, Prepare a statement of financial position as at 30 April 20X3.

Dr Administrative expense 600

Cr Trade Receivables 600

Dr Allowance for TR 500

Cr admin exp 500

Dr COS 7,800
Cr Acc dep - P&M 7,800

Cost 77,000
Acc dep 32,800
CA 44,200
Loss on revaluation 2,450
FV 41,750

Dr acc dep 32,800

Dr Revaluation Surplus (đầu kỳ) 1,000

Dr loss on revaluation 1,450

Cr P&M - cost 35,250

Dr Finance costs (Interest expense) 135

Cr Accruals 135

Closing inv (actual) 16,250

Opening inv 18,750

Purchases 90,000

dep exp - P&M

Depreciation is charged to cost of sales (ii) 7,800
Less: Closing inv 16,250
COGS 100,300

Dr Prepayment 400
Cr Admin exp 400

Dr Distribution exp 350

Cr Accruals 350

Dr Admin exp 300

Cr Cash 300
ed 30 April 20X3:
decided that the allowance for receivables should be reduced by $500. Bad debt expense is an administrative

basis. Depreciation is charged to cost of sales. It has been decided to revalued the plant and machinery

ms of inventory which had cost $5,000 had a net realisable value of $3,750.

ounted for. Insurance is classified as an administrative expense.

et been accounted for. Freight and delivery expenses are classified as distribution expenses.

lowing items caused a difference between the bank statement balance and cash book balance:
business

SPL&OCI SOFP
Sales 230,000 1. NCA
COGS 100,300 Plant and machinery 41,750

Gross Profit 129,700

Finance costs 435
Administrative expenses 65,800 II. CA
Distribution expenses 31,550 Trade receivables 19,400
Loss on revaluation 1,450 Less: Allowance -2,650
Profit for the year 30,465 Closing Inventory 16,250

OCI -1,000 Prepayments 400

TCI 29,465
TOTAL ASSETS 75,150
SOFP
III. NCL
Bank Loan 3,000

IV. CL
Bank overdraft 7,700
Accruals 485
Trade payables 17,500
V. Equity

Share capital 15,000

`
Share premium 4,000
Retained earnings 40,465
Less: Dividend -13,000

TOTAL LIABILITIES
75,150
& EQUITY
 Dr Cr
Account
$ $
Inventory at 1st Oct 20X5 23,000 SOPL
Purchases 359,700 SOPL
Carriage inwards 5,500 SOPL (COGS)
Carriage outwards 23,300 Expenses
Sales 650,080 SOPL
Trade receivables 43,500 SOFP
Wages and Salaries 94,200 Expenses
Allowance for Trade receivable at 1st (CA)
Oct 20X5 1,800

Irrecoverable debt 6,300 Expenses

Equipment at 1st Oct 20X5
- Cost 200,000 NCA
- Acc. Dep. 60,000
Land and building 1st Oct 20X5
- Cost 550,000 NCA
- Acc. Depn. Building 100,000
1$ Ordinary Share 300,000 Equity
Retained Earnings at 1st Oct 20X5 77,620 Equity
Revaluation surplus at 1st Oct 20X5 15,000 SOPL (OCI)
Tax payable 1,000 Liability
Suspense 100,000

Total 1,305,500 1,305,500

Additional information as at 31 September 20X6:

1. In dealing with suspense account, the company has checked and found the following 2
errors:
- Proceeds of right issues on a 1 for 5 basis at $1.5 per share, credited to the suspense account
from the cash book.
- $5,000 cash received from a customer was correctly entered in the cash book but was debited
to the receivable control account.

2. Depreciation on equipment is charged at 25% per annum on a reducing balance basis.

Building which has cost of $250,000 is depreciated at 5% per annum on its origninal cost.
At 31 Sep 20X6, the land and building is revalued upward by $20,500.
3. A customer has gone bankrupt owing $3,500. This debt is not expected to be recovered and
an adjustment should be made. The allowance for receivables is adjusted to the equivalent of
4% of the trade receivables.
4. Closing inventory on 31 Sept 20X6 was valued at $20,000 based on its original cost
5. The items listed below should be apportioned as indicated:
Distribution Administrative
Cost of sales
costs expense
% % %
Wages and Salaries 10 20 70
Carriage outwards - 100 -
Depreciation on equipment 100 - -
Depreciation on building 40 10 50
Irrecoverable debt - - 100
6. The credit balance of Tax payable account in above trial balance shown the amount of
previous year's income tax over/under provision. Current year's tax provision is estimated
at $10,000.

Required:
(a) Journalize all the adjusting entries
(b) Prepare the statement of profit or loss for the year ended 31 September 20X6.
(c) Prepare the statement of financial position as at 31 September 20X6
1a) Dr Suspense 90,000
Cr OS 60,000
Cr SP (Share premium) 30,000

1b) Recorded Should be

Dr Trade receivables 5,000 Dr Cash
Dr Cash 5,000 Cr Trade receivables

Adjustment
Dr Suspense 10,000

Cr AR 10,000

2) Dr Depreciation expense 35,000

Cr Acc. Depn. Equip 35,000

Dr Depreciation expense 12,500

Cr Acc. Depn. Building 12,500

CA of land & building 437,500

Gain on revaluation 20,500

FV 458,000

Dr Acc Depn - land&building 112,500

hạch toán Cr land&building-cost 92,000
của
revaluation Cr OCI/RS 20,500

3) Dr Irrecoverable debt 3,500

Cr Trade Receivables 3,500

 Allowances for TR 1,200 giảm Allowances

Dr Allowances 600
Cr Irrecoverable debt 600

4) Opening inventory 23,000

Purchases 359,700
Carriage inwards 5,500
Closing inventory 20,000
COGS 368,200

5) Administr
Cost of Distributi
ative
sales on costs
expense
% % %
Wages and Salaries 94,200 9,420 18,840 65,940
Carriage outwards 23,300 - 23,300 -
Depreciation on equipment 35,000 35,000 - -
Depreciation on building 12,500 5,000 1,250 6,250
Irrecoverable debt 9,200 - - 9,200
Total 49,420 43,390 81,390

COGS (final) 417,620

Distribution costs 43,390
Administrative expense 81,390

6) Trích thêm khoản dự phòng

Dr Provisions Expenses (Tax Charge) 9,000
Cr Tax Payables (Provisions) 9,000

Provisions (dự phòng) -> liabilities -> Cr

 SOPL
Sales 650,080
COGS 417,620
Gross Profit 232,460
Should be Provisions expense 9,000
5,000 Distribution costs 43,390
5,000 Administrative expense 81,390
-133,780
Loss for the year 98,680
OCI (Other Comprehensive Income)

Revaluation Surplus 20,500

TCI 119,180

SOFP
I. NCA III. CL
Equipment 105,000 Tax Payable 10,000
Land and building 458,000 IV. Equity
II. CA Retained Earnings 176,300
Inventory 20,000 Ordinary Share 360,000
Trade receivables 30,000 Share premium 30,000

Less: Allowances for TR -1,200 Revaluation Surplus 35,500 =

TOTAL ASSETS 611,800 TOTAL 611,800

LIABILITIES
AND EQUITY
chỉ lấy depreciation expense trong năm này

lấy số final
RS ban đầu (trial
balance + RS thu
được trong kỳ (2)
 1. At 25 Oct 20X7 the invento
destroyed inventories are not i
2. Depreciation on equipment
Building which has cost of $3
At 31 Oct 20X7, the land and
3. The management wish to pr
(i) loan notes interest due. Loa
(ii) Audit fees of $4,000
(iii) Light and heat expense of
Dr Cr 4. The company has prepared
Account
caused by the following items
- Outstanding lodgement of $1
- Cheque payments totalling $
- Bank interest of $100 has be
5. A customer has gone bankr
the equivalent of 4% of the tra
6. The debit balance of Tax pa
estimated at $2,000.

$ $

Inventory at 1st November 20X6 23,000

Purchases 409,700
Carriage inward 5,500 1)
Carriage outwards 23,300
Sales 650,080
Trade receivables 43,500
Wages and Salaries 94,200
Allowance for Trade receivable at 1st Nov 20X6 1,800
Irrecoverable debt 6,300
Equipment at 1st Nov 20X6
- Cost 200,000
- Acc. Dep. 60,000
Land and building 1st Nov 20X6
- Cost 550,000
- Acc. Depn. Building 100,000
1$ Ordinary Share 300,000
Retained Earnings at 1st Nov 20X6 176,520 2)
Revaluation surplus at 1 Nov 20X6
st
15,000
10% loan notes 50,000
Tax payable 1,000
Bank overdraft 3,100
Total 1,356,500 1,356,500
3i)

3ii)

3iii)

4)

5)

6)
1. At 25 Oct 20X7 the inventories were destroyed by a fire, the inventories on hand are only $5,000. Arbalrest normally applies a
destroyed inventories are not insured by an insurance company. The company has not recorded the loss of inventories.
2. Depreciation on equipment is charged at 20% per annum on a reducing balance basis.
Building which has cost of $300,000 is depreciated at 5% per annum on its origninal cost.
At 31 Oct 20X7, the land and building is revalued downward by $37,500.
3. The management wish to provide for:
(i) loan notes interest due. Loan notes were issued several years ago.
(ii) Audit fees of $4,000
(iii) Light and heat expense of $2,000 for the 3 months ended in 2 Nov 20X7 which was paid in December 20X7.
4. The company has prepared a bank reconciliation statement at 31 Oct 20X7. The bank statement shows credit balance of $4,00
caused by the following items:
- Outstanding lodgement of $1,000
- Cheque payments totalling $8,000 have been entered in the cash book but have not been presented for payment.
- Bank interest of $100 has been correctly credited in bank statement but has not been recorded in cash book.
5. A customer has gone bankrupt owing $3,500. This debt is not expected to be recovered and an adjustment should be made. Th
the equivalent of 4% of the trade receivables.
6. The debit balance of Tax payable account in above trial balance shown the amount of previous year's income tax over/under p
estimated at $2,000.

Closing inv 5,000 SOPL

COGS 406,300 Sales
COGS
Opening inv 23,000 Gross Profit
Purchases 409,700 Bank Interest (Other Income)
Carriage inward 5,500 Less: Expenses
COGS 406,300 Carriage outwards
Closing inv (physical) 31,900 Wages and Salaries
Closing inv (actual) 5,000 Irrecoverable debt
Destroyed Inv 26,900 Depreciation exp
Loan interest
Dr Destroyed Expenses 26,900 Destroyed Expenses
Cr Inventory 26,900 Audit fees
Light and heat
Dr Depreciation expense 28000 Provision Expenses
Cr Acc. Depn. Equip 28000 Loss on revaluation
Profit for the year
Dr Depreciation expense 15000 OCI
Cr Acc. Depn. Building 15000 TCI

CA of land and building 435,000

Loss on revaluation 37500 SOFP
FV 397,500 1. NCA
Equipment 112,000
Dr acc dep 115,000 Land and building 397,500
Dr Revaluation Surplus (đầu kỳ) 15,000
Dr loss on revaluation 22,500 2. CA
Cr land & building - cost 152,500 Inventory 5,000
Trade receivables 40,000
Dr loan interest 5,000 Less: Allowance -1,600
Cr Accruals 5,000

Dr Audit fees 4,000

Cr Accruals 4,000
TOTAL ASSETS 552,900
Cr Light and heat exp 2,000
Cr Accruals 2,000

Dr Bank 100
Cr Bank Interest 100

Dr Irrecoverable debt 3,500

Cr Trade Receivables 3,500

Allowance 1,600 giảm allowances

Dr Allowances 200
Cr Irrecoverable debt 200

Tăng khoản dự phòng

Dr Provision Expenses 3,000
Cr Provisons (Tax Payables) 3,000
alrest normally applies a mark up of 60% for all sales. The
f inventories.

r 20X7.
credit balance of $4,000. After investigation, the difference is

ayment.
ook.
ent should be made. The allowance for receivables is adjusted to

ncome tax over/under provision. Current year's tax provision is

SOPL
650,080
406,300
243,780
100

23,300
94,200
9,600
43000
5,000
26,900
4,000
2,000
3,000
22,500
10,380
-15,000
(4,620)

SOFP
3. Equity
OS 300,000
Retained Earnings 186,900

4. NCL
Loan Notes 50,000

5. CL
Tax payable 2,000
Bank overdraft 3,000
Accruals 11,000
TOTAL EQUITY
AND LIABILITIES 552,900
 Dr Cr 1a)
Account
$ $
Inventory at 1st Oct 20X1 223,680
Purchases 1,947,840
Carriage inwards 45,720 1b)
Carriage outwards 56,760
Sales 3,612,000
Trade receivables 381,600
Wages and Salaries 833,040
Marketing expense 96,000
Administrative expense 331,200
Loan interest 60,000 2)
Allowance for Trade receivable at 1 st
22,560
Oct 20X1
Irrecoverable debt 17,160
Equipment at 1st Oct 20X1
- Cost 256,800
- Acc. Dep. 106,440
Land and building 1 Oct 20X1
- Cost 3,600,000
- Acc. Depn. Building 600,000 3)
1$ Ordinary Share 1,200,000
Share premium 360,000
Retained Earnings at 1st Oct 20X1 374,400
10% loan notes 600,000
Suspense 974,400
Total 7,849,800 7,849,800

1. The balance of the suspense account is made up of two items:

(a) The proceeds of right issues on a 1 for 3 basis at $2.4 per share,
credited to the suspense account from the cash book.
(b) the proceeds of sale of some equipment on 1st Oct 20X1 with a 4)
carrying amount at the date of sale of $15,800 and which had originally
cost $40,000. The cost and accumulated depreciation of the sold
equipment has not been removed from the above trial balance.

2. Closing inventory at 30 Sep 20X2 was valued at $250,000 based on

its original cost. However, $80,000 of this inventory has been in the
warehouse for over 2 years and the directors have agreed to sell it in
November X2 for a cash price of $52,000.
3. At the end of the year, a customer went bankruptcy. The company
decided to written off his receivables of $3,000 and estimated that
general allowance for other receivables should be $21,300
4. In preparing the bank reconciliation statement at 30 Sep 20X2, the 5)
following items are causing the difference between Cash ledger balance
and bank statement balance:
- Cheque of $1,500 incorrectly debited to the account by bank
- Outstanding lodgements are not credited $5,480
- Standing order payment for utilities used by administrative
departments $1,000
5. Office equipment is depreciated at 20% per annum using the
reducing balance method. Building which has cost of $1,200,000 are
depreciated at 5% per annum on their original cost.
At 30 Sep 20X2, the land and buildings is revalued at $2,500,000.

Required:
(a) Journalize all the adjusting entries
(b) Prepare the statement of profit or loss for the year ended 31 September 20X2
(c) Prepare the statement of financial position as at 31 September 20X2
Dr Suspense 960,000 SOPL
Cr OS 400,000 Sales
Cr SP 560,000 COGS
Gross profit
Dr Suspense 14,400 Less: Loss on disposal
Cr Disposal 14,400 Loss on revaluation
Expense
Dr Disposal 15,800 Carriage outwards
Dr Acc Depn - Equipment 24,200 Wages and Salaries
Cr Equipment - Cost 40,000 Marketing expense
Administrative expense
Actual closing inv 222,000 Loan interest

Irrecoverable debt
Opening inv 223,680 Depreciation expense
Purchases 1,947,840
Carriage inwards 45,720 Loss for the year (Net Loss)
Less: Closing inv 222,000
COGS 1,995,240 SOFP
I. NCA
Dr Irrecoverable debt exp 3,000 Equipment
Cr Trade Receivables 3,000 Land and building
II. CA
Opening allowance 22,560 Inventory
Ending allowance 21,300 Trade receivables
Reduced allowance 1,260 Less: Allowances

Dr Allowance for TR 1,260

TOTAL ASSETS
Cr Irrecoverable debt exp 1,260

Dr Administrative expense 1,000

Cr Bank 1,000
Dr Depreciation expense 26,912 = 20% * (cost - opening acc dep - CV của equipment đã th

Cr Acc Depn - Equipment 26,912

Dr Depreciation expense 60,000

Cr Acc Depn - Building 60,000

CA of land and building 2,940,000

FV 2,500,000
Loss on revaluation 440,000

Dr Acc Depn 660,000

Dr Loss on revaluation 440,000
Cr Land and building - cost 1,100,000
 SOPL
3,612,000
1,995,240
1,616,760
-1,400
-440,000 phát sinh trong kỳ

56,760
833,040
96,000
332,200
60,000

18,900
86,912
-1,483,812
year (Net Loss) -308,452

SOFP
III. NCL
107,648 10% loan notes 600,000
2,500,000 IV. CL
Bank overdraft 1,000
222,000 V. Equity
378,600 Retained Earnings 65,948
-21,300 1$ Ordinary Share 1,600,000
Share premium 920,000
TOTAL LIABILITIES
3,186,948 3,186,948
AND EQUITY
c dep - CV của equipment đã thanh lý)
 $’000 $’000 1)
50c ordinary shares 800
Share premium 400
10% loan stock (secured) 400
Retained earnings 1.1.X3 483
Revaluation surplus 1.1.X3 342
Land and buildings -cost 1,060
Plant and machinery – cost 1,660
Accumulated depreciation
Buildings 1.1.X3 40
Plant and machinery 1.1.X3 445 2)
Inventory 1.1.X3 380
Sales 5,390

Purchases 4,304

Other Income
Discount receipt 70 Discount allowed -> Expenses

Disposal 260
Ordinary dividend 18 khi tính RE phải trừ
cả dividend
Loan interest 20

Wages and Salaries 373

Sundry expenses 226

Accounts receivable 358
Allowance for receivable 16
Accounts payable 395
Current tax (Tax payable) 8
Cash 244
Suspense accounts 130
Total 8,911 8,911
3)

1. A customer has gone bankrupt owing $78,000. This debt is not expected to be recovered
and an adjustment should be made. An allowance for receivables of 5% is to be set up.

2. In dealing with suspense account, the company has checked and found the following
errors:
- Cash received from the sale of an equipment at 1 st Jan 20X3 was correctly entered in the
cash book but was debited to the disposal account $80,000. The disposed equipment has
been correctly removed from the above trial balance.

- A $15,000 paid for machinery repairs was correctly treated in the cash book but was
credited to Plant and machinery asset account.

3. Building which has cost of $200,000 is depreciated at 5% per annum on their original cost.
Plant and machinery are depreciated at 20% per annum using reducing balance method.

At 31 December 20X3, Land and buildings was revalued downward by $70,000.

4. Closing inventory at 31 Dec 20X3 was valued at $300,000
5. The balance of current tax (Tax payable) in the above trial balance represent an over or
under provision brought forward from previous period. Zabit Co estimates their tax liability
for profits earned in 20X3 will be $5,000.

Required:
(a) Journalize all the adjusting entries
(b) Prepare the statement of profit or loss for the year ended 31 Dec 20X3.
(c) Prepare the statement of financial position as at 31 Dec 20X3

4)

5)
Dr Irrecoverbale debt exp 78
Cr Trade receivables 78

Opening allowance 16

Target allowance 14
Reduced allowance 2

Dr Allowance 2
Cr Irrecoverable debt exp 2

Recorded Should be
Dr Cash: 80 Dr Cash: 80
Dr Disposal: 80 Cr Disposal: 80

Adjustment

Dr Suspense 160

Cr Disposal 160

Recorded Should be
Cr Cash: 15 Dr Machinery repairs: 15
Cr Cash: 15
Maintanence expense
vì bị nhầm giữa tài khoản machinery repairs và tkhoan plant and machinery

Adjustment
Dr Machinery repairs 15
Dr Plant and machinery 15
Cr Suspense 30

Dr Depreciation expense 10

Cr Acc depr - Building 10

Dr Depreciation expense 246

Cr Acc depr - Plant and machinery 246

CV of land and building 1,010

Loss on revaluation 70

FV 940

Revaluation surplus (Opening) 342

Gain on revaluation 272

Dr OCI/RS 70
Dr Acc depn - land and building 50
Cr land and building - cost 120

Opening inv 380

Purchases 4,304

Less: Closing inv -300

COGS 4,384

Tăng provisions
Dr Provision expenses (Tax charge) 13
Cr Provisions (Tax Paybales) 13

Hoặc
Dr Tax charge 8
Cr Current tax 8

Dr Tax charge 5
Cr Current tax 5

Dr Cr
Current tax (Tax payable) 1
Tax payable (provisions) -> Liabilities
(+) Cr
(-) Dr
OB: 1
EB: 5
 SOPL
Sales 5,390
COGS 4,384
Gross profit 1,006
Discount receipt (Other Income)
70
Loss on disposal (Dr>Cr) -100
Expense
Depreciation expense 256
Loan interest 20
Wages and Salaries 373
Sundry expenses 226

Irrecoverable debt 76
Machinery repairs 15

-966

Profit before tax (PBT) 10

Income Tax Charge -13

Profit after tax (PAT) -3

OCI
Loss on revaluation -70

TCI -73

SOFP
I. NCA III. NCL
Land and buildings 940 10% loan stock (secured) 400

Plant and machinery 984 IV. CL

II. CA Accounts payable 395

Cash 244 Tax payable 5

Accounts receivable 280 V. Equity

Less: Allowance for receivable

-14 50c ordinary shares 800
Inventory 300 Share premium 400
Retained earnings 462

Revaluation Surplus 272

TOTAL LIABILITIES AND

TOTAL ASSETS 2,734 2,734
EQUITY
Other Income -> Discount receipts + Bank Intersest

Tính hết expense trước -> PBT -> Tax

Charge (từ Provisions) -> PAT

Net profit

chỉ lấy khoản xảy ra trong

kỳ
 Recorded Should be Adjustment
Dr Receivables 1100 Dr Receivables 110
Cr Sales 1100 Cr Sales 110 Cr Receivables 990

Dr Receivables Dr Sales returns

Cr Receivables Cr Receivables

Cần tìm: Dr = Cr + 800

Phần Recorded Should be Adjustment

a Cr NCA 400 Dr repairs 400 Cr = Dr +400
Cr cash 400 Cr cash 400
b) Dr Receivables 400 Dr sales returns 400
Dr sales returns 400 Cr Receivables 400
 cr sales
dr sales returns

Adjustment
Revaluation Surplus

Dr Revaluation Surplus Cr
năm 1 OB: 100
(1): 100 > OCI -> Gain on revaluation
EB: 200

năm 2 OB: 200

(1) 300
EB: 100
Loss on revaluation (dưới Gross Profit): 100
OCI: -200

OB:0
(1) 100 > OCI -> Gain on revaluation

OB: 0
(1) 100
EB: 100 Loss on revaluation (dưới Gross Profit): 100