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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

SECTION A OBJECTIVES (25 MARKS) Instruction: This section consists of TWENTY FIVE (25) objective questions. Answer ALL questions . 1. Which of the following is the INCORRECT information about special wakaf? [CLO 1] A. Special wakaf is the submission of wakaf property. B. The use of special wakaf has been specifically mentioned by the owners. C. The government can use special wakaf to build social infrastructure. D. The property of special wakaf cannot be used. 2. Bai Bithaman Ajil is also known as A. profit sharing B. gift C. deferred Payment Sale D. rent [CLO 1]

3. Leasing an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the rights to use an asset for an agreed period of time. What is the term used in Islamic perspective? [CLO 1] A. Bai Bithaman Ajil B. Al Ijarah C. Hibah D. Mudarabah

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PA301: FINANCIAL ACCOUNTING 2

4. The method normally used in Malaysia in calculation on zakat business property is [CLO 1] A. working capital B. growing capital C. expenditure capital D. additional capital 5. Razak is one of the owners of retail stores. He has been doing business for 2 years and has owned shares of 40% of its business. The following information is obtained: the current assets is RM400,000 and the investment liquidity is RM100,000. There is no liability in his business. How much zakat should he pay on property business? [CLO 1] A. RM3, 000 B. RM 5, 000 C. RM 7, 500 D. RM12, 500 6. To give something in permanent ownership to another person without any consideration in exchange is a concept of [CLO 1] A. Hibah B. Zakat C. Mudarabah D. Murabahah 7. Mariyam runs a business. She owned 100% shares in this business. She has fulfilled the entire requirement for paying zakat on business property. Here is the information gathered from her Balance Sheet: current assets is RM 14,800, Investment Liquidity is RM 10,000 and Current Liability is RM 2, 400. How much should she pay for the zakat on property business? [CLO 1] A. RM 310 B. RM 560 C. RM 620 D. RM 680
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PA301: FINANCIAL ACCOUNTING 2

8. When buyers purchase a vehicle under a hire purchase agreement, the account that must be debited and credited is [CLO 2] A. Debit Profit and Loss Account, Credit Hire Purchase Interest Account B. Debit Hire purchase Debtor`s Account, Credit Vehicle Account C. Debit Vehicle Account, Credit Hire Purchase Vendor`s Account D. Debit Hire purchase Vendor`s Account, Credit Vehicle Account 9. Which of the following account DOES NOT EXIST in a buyers book? [CLO 2] A. Asset Account

B. Hire Purchase Interest Suspense Account C. Hire Purchase Creditor Account D. Hire Purchase Sales Account 10. Hire Purchase calculation consists of a few methods. Which method should be used to calculate the interest per installment by using the number of installment as the denominator? [CLO 2] A. Basic Method B. Reducing Balance Method C. Straight Line Method D. Sum of Digit Method 11. In a condition whereby goods are damaged due to an accident, the insurance company will pay compensation as an indemnity for the loss of goods. At buyers book, journal entry for insurance claim is [CLO 2] A. B. C. D. Dr Creditors account, Cr. Bank Dr Bank, Cr. Asset disposal Dr Creditors account, Cr. Asset disposal record in sellers book.

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PA301: FINANCIAL ACCOUNTING 2

12. A royalty agreement will normally contain clauses dealing with the following EXCEPT [CLO 2] A. Minimum rent B. Royalty per unit per output C. Right to recoup short-workings D. Consignor 13. Choose the correct accounting entry to record the short workings written off? [CLO 2] A. Debit Short Workings account, Credit Grantor account B. Debit Grantor account, Credit Short Workings account C. Debit Royalty Payable account, Credit Grantor account D. Debit Operating account, Credit Royalty Payable account 14. Syarikat Zaman needs to pay a royalty to Pak Anuar as a land lord of tin ash at the end of the year. Royalty is charged at RM15 per kilogram. Syarikat Zaman is successfully produced 300 kg in March, 250 kg in September and 405 kg in November. How much should Syarikat Zaman pay to Pak Anuar? [CLO 2] A. RM 3, 750 B. RM 4, 500 C. RM 6, 075 D. RM14, 325 15. Alia and Kasih entered into a joint venture sharing profit and loss equally. Alia purchased goods for RM 20,000 and Kasih sold the goods for RM 25,000 and paid transport of RM 500. Calculate the value of profit shared by Alia and Kasih. [CLO 2] A. RM 5,500 B. RM 4,500 C. RM 2,750 D. RM 2,250

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PA301: FINANCIAL ACCOUNTING 2

16.

The meaning of the Joint venture account is

[CLO 2]

A. a business combination that is permanently carried out one at a time of economic activity objectives is achieved. B. a business combination that is temporarily carried out one at a time of economic activity objective is achieved. C. a combination of regular exercises of some economic activity carried out one at a time to achieve activity objectives. D. a combination of regular exercise temporarily carried out several at a time to achieved economic activity objectives. 17. The person who sold the goods on behalf of the consignor is called A. seller B. consignment C. consignee D. middle man [CLO 3]

18.

There are three main accounts used to record consignment transaction in the consignors book. They are [CLO 3] A. the consignment account, goods sent on consignment account and consignee account B. the consignment account, Bank or creditor account and consignee account C. the goods sent on consignment, Consignment account and Commission account D. the goods sent on consignment, Bank or creditors account and consignment account

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PA301: FINANCIAL ACCOUNTING 2

19.

Bill of exchange is one type of negotiable instrument. It must contain:

[CLO 3]

i. The name of the person who is to pay ii. A statement of the time of payment iii. The name of the person to whom or to whose order payment is to be made iv. A statement of the place where payment is to be made A. i, ii and iii B. ii, iii and iv C. i, ii, iii and iv D. i and iv

20.

If the architect`s valuation of work is RM16,000 and the cost of work certified is RM7,000, the apparent profit is RM9,000. If the contractee has made a retention of 10% on the architect`s valuation of work, calculate the profit. [CLO 3] A. RM3,800 B. RM5,400 C. RM5,800 D. RM4,500

21.

The example of direct expenses is A. office salaries B. telephone charges C. machine repairs D. plant

[CLO 3]

22.

The Head Office current account will always have a _________ balance representing capital of the branch. A. credit B. debit C. zero D. negative

[CLO 4]

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PA301: FINANCIAL ACCOUNTING 2

23.

___________ accounts are used to provide the link between the Head Office and the Branch. [CLO 4] A. Purchase B. Bank C. Current D. Sales

24.

Which is the right match for the forms of branch accounts? A.

[CLO 4]

Autonomous branch (all the transactions of branch accounts are recorded in the books of the head office) Integrated branch (all the transactions of branch accounts are recorded in the books of the branch) Non-autonomous branch (all the transactions of branch accounts are recorded in the books of the head office) Non-autonomous branch (all the transactions of branch accounts are recorded in the books of the branch)

B.

C.

D.

25.

Choose the journal entry when a branch receives goods from the head office? [CLO 4] A. Debit Goods to branch Account, Credit Branch current account B. C. D. Debit Goods to branch Account, Credit Head office trading account Debit Goods in transit Account, Credit Head office trading account Debit Goods in transit Account, Credit Branch current account

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CONFIDENTIAL

PA301: FINANCIAL ACCOUNTING 2

SECTION B STRUCTURED (75 marks) Instruction: This section consists of THREE (3) structured questions. Answer ALL questions.

QUESTION 1

[CLO 2]

Hajar Pt Ltd acquired the rights to remove gravel deposits from land owned by En Ahmad. The agreement provided for: a) the payment of a royalty of RM0.40 per ton of gravel removed. b) a minimum payment of RM2, 000 per annum. c) recoupment right (for short-workings) to be extinguished at the end of 3rd year.

During the first four years of the contract the following quantities of gravel were removed: 1st year 2nd year 3rd year 4 year
th

4,000 tons 4,800 tons 5,400 tons 5,600 tons

The companys accounting year ends on 31st December and payment to En Ahmad is made on 1st February the following year. Prepare the appropriate accounts in the companys ledger for each of the four years. i) Royalty Table (6 marks) (4 marks) (10 marks) (5 marks)

ii) Royalty Payable Account iii) En Ahmad Account iv) Short Workings Account

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QUESTION 2

[CLO 3]

Syawal, a bumiputera contractor received a tender to build a multi purpose hall at Taman Proton City, Behrang, Perak at the price of RM250,000. The construction work started on 1st January 2007 and expected to be completed within the period of three years. Below are the particulars concerning the contract starting 1st January till 31st December 2007. RM Raw Material Additional purchase of raw material Direct Cost Overhead Sub-Contract Supervisor Wages Machine (Bought on 1st March 2007) Vehicle (Bought on 1st June 2007) Other expenses 10,000 3,000 4,500 5,000 6,800 6,700 8,000 12,000 1,200

Additional information: a) On 31st December 2007, raw material not in use was RM 2,000 and prepaid supervisor wages was RM 200. b) Machine is depreciated using straight line method. The lifetime is within 5 years and the scrap value is RM 2,000. c) Vehicle is depreciated at 10% a year. d) Amount Received for the work completed is RM 80,000. e) 80% of the work approved is the amount received by the contractor. Profit is calculated based on 2/3 of the amount received or approved work

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PA301: FINANCIAL ACCOUNTING 2

You are required to prepare: i) Contract Account ii) Contractee Account iii) Profit and Loss Account for the year ended 31 December 2007 iv) Balance Sheet as at 31 December 2007 (17marks) (3 marks) (1.5 marks) (3.5 marks)

QUESTION 3

[CLO 4]

Oasis Berhad has a branch operating at Kampar. The trial balance for head office, Oasis Berhad and branch as at 31 December 2007 are as follows:

Head Office RM Debit Cash Inventory 1/1/2007 Branch current account Fixed assets Purchases Goods received form head office Operation expenses 30,000 60,000 110,000 290,000 310,000 110,000 910,000

Branch RM

10,000 15,000 131,000 90,000 41,000 287,000

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PA301: FINANCIAL ACCOUNTING 2

Head Office RM Credit Payable accounts Unrealized profit Ordinary shares capital (RM10,nominal value) Retained earnings Head office current account Goods sent to branch Sales 37,000 3,000 250,000 120,000 100,000 400,000 910,000 Additional information: a) b) Branch received all the inventories from head office. Inventories as at 31 December 2007 are as follows: Head office (cost) Branch (selling price) excluded goods in Transit c) d) e) RM 10,000 RM 40,000

Branch RM

30,000 97,000 160,000 287,000

There is cash in transit had yet to be recorded by head office amounted RM3,000. Goods sent to branch at selling price 125% from the cost. During the year 2007, head office had spent RM 4,000 for advertising expenses. Head office has yet to be recorded and settled the expenses.

You are required to prepare : i) Trade, profit and loss account for a Head Office, branch and combined for the year ended 31 December 2007. ii) Provision for the unrealized profit account and Branch Current Account. (5 marks) iii) Balance sheet for the Head Office, branch and combined of Head Office and Branch as at 31 December 2007. (10 marks) (10 marks)

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