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Tutorial 6: Chapter 6 Accounting For Merchandising Business Due Date: 12 Nov 2013 (By 4 PM)

This document provides information about a merchandising business called Duo Dinamika Sdn. Bhd., including its trial balance as of November 30, 2012 and transactions that occurred in December 2012. It asks the student to prepare journal entries for the December transactions, an adjusted trial balance as of December 31, 2012, an income statement for the year ended December 31, 2012, and a balance sheet as of December 31, 2012.

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75 views

Tutorial 6: Chapter 6 Accounting For Merchandising Business Due Date: 12 Nov 2013 (By 4 PM)

This document provides information about a merchandising business called Duo Dinamika Sdn. Bhd., including its trial balance as of November 30, 2012 and transactions that occurred in December 2012. It asks the student to prepare journal entries for the December transactions, an adjusted trial balance as of December 31, 2012, an income statement for the year ended December 31, 2012, and a balance sheet as of December 31, 2012.

Uploaded by

coolcinderella123
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Tutorial 6: Chapter 6 Accounting for Merchandising Business

Due date: 12 Nov 2013 (by 4 pm)

From Reeve et al. (2012):


1. PR 6-3A (p.298)
2. PR 6-4A (p.299)
3. PR 6-5A (p. 299)
4. Duo Dinamika Sdn. Bhd. was established by Mr.Sufian on 1 January 2009. The
company has been successful, and its list of customers has grown. The company
applies perpetual inventory system in recording their daily transactions with credit
terms of 2/10, n/30, FOB shipping point. The trial balance of the company contained
the following accounts as at 30 November 2012:
Duo DinamikaSdn. Bhd.
Trial Balance
as at 30 November 2012
Debit (RM)
Cash
30,000
Accounts receivable
13,000
Merchandise inventory
22,000
Prepaid insurance
2,000
Store equipment
45,000
Accumulated depreciation store equipment
Delivery van
60,000
Accumulated depreciation delivery van
Notes payable
Accounts payable
Capital
Total
172,000

Credit (RM)

12,000
28,000
25,000
18,000
89,000
172,000

The following transactions were completed in December 2012:


Dec

1
3
5
6
9
10
12

Purchase merchandise from Jazari Enterprise, RM2,500, FOB shipping point,


terms 5/15, n/30. The transportation cost paid, RM200.
Return 40% of the merchandise purchased on 1 December. It was defective.
Sold merchandise to CytronzSdnBhd, RM18,500. The cost of the
merchandise, RM7,000. The transportation cost incurred was RM150.
Sold goods for cash, RM900 (Cost, RM500).
Paid advertising expense, RM300.
Made full payment to Jazari Enterprise for purchase on 1 December.
Sold merchandise to Bright Future SdnBhd on credit, listed price, RM20,000,
trade discount 15%. The cost of the merchandise, RM8,000.

16
29
31

Received collection in full from CytronzSdnBhd billed on 5 December.


Paid salary expense, RM2,000.
Paid RM15,000 cash for notes payable due.

The annual depreciation for both store equipment and delivery van are RM4,800 and
RM5,200.No adjustment has been made during the year. On 1 January 2012, the company has
paid in advance, RM2,000 for insurance covering from January to December 2012.No
adjustment has been made during the year.

(a)

Prepare journal entries for each the transactions (+ adjusting entries).

(b)

Prepare the adjusted trial balance as at 31 December 2012.

(c)

Prepare the Statement of Comprehensive Income for the year ended 31 December
2012.

(d)

Prepare the Statement of Financial Position as at 31 December 2012.

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