INTL cee International University aK FINAL Examination Paper (COVER PAGE) Session _MAY 2017 é 7 Programme : Bachelor of Accountancy (Hons) Bachelor of Financial Planning (Hons) iH Course ‘| ACC2202: Financial Accounting 2 oe Date of Examination: 28 July 2017 iz Time : 0900 - 1210 Reading Time : _ 10 minutes Duration ‘ 3 hours 10 minutes Special Instructions: Section A: Answer THREE (3) compulsory questions, Section B: Answer any TWO (2) questions. Materials permitted ‘Non-Programmable Calculator Materials provided: Nil Examiner(s) : Affiza Mohamad Tallaha Moderator ; Annie Wang, Christine Gan, Salwa Binti Abu Bakar This paper consists of 8 printed pages, including the cover page.ACC2202 (F) / Page 1 of 7 INTL INTERNATIONAL UNIVERSITY BACHELOR OF ACCOUNTANCY (HONS) PROGRAMME BACHELOR OF FINANCIAL PLANNING (HONS) PROGRAMME, ACC2202: FINANCIAL ACCOUNTING 2. FINAL EXAMINATION: MAY 2017 SESSION This paper consists of TWO (2) sections. Answer ALL questions in SECTION A and any TWO (2) questions in SECTION B in the answer booklet provided. SECTION A: Answer THREE (3) compulsory questions. Question 1 (a) Define the meaning of accounting. (b) State THREE (8) purposes of Accounting Information, (2 marks) (marks) () Explain FOUR (4) qualitative characteristics of financial information contained in the IASC’s framework (2010). Question 2 (12 marks) (Total: 20 marks) Bush, Home and Wilson share profits and losses in the ratios 4:1:3 respectively. Their trial balance as at 30 April 2017 was as follows: Sales Returns inwards Purchases Carriage inwards Stock 30 April 2016 Discounts allowed Salaries and wages Bad debts Provision for doubtful debts 30 April 2016 General expenses Business rates Dr RM 10,200 196,239 3,100 68,127 190 54,117 1,620 1,017 2,900 Cr RM. 334,618 950ACC2202 (F)/ Page 2 of 7 Postage 845 Computers at cost 8,400 Office equipment at cost 5,700 Provisions for depreciation at 30 April 2016: Computers 3,600 Office equipment 2,900 Creditors 36,480 Debtors 51,320 Cash at bank. 5214 Drawings: Bush 39,000 Home 16,000, Wilson 28,000 Current accounts: Bush 5,940 Home 2,117 Wilson 9,618 Capital accounts: Bush 60,000 Home 10,000 Wilson _ 30,000 494,106 494,106 The following notes are relevant at 30 April 2017: i. Stock 30 April 2017, RM 74,223. Business rates in advance RM 200; Stock of postage stamps RM 68. |. _ Increase provision for doubtful debts to RM 1,400. iv, Salaries: Home RM 18,000; Wilson RM 14,000. Not yet recorded. 'y, Interest on Drawings: Bush RM 300; Home RM 200; Wilson RM 240, vi, Interest on Capitals at 8 per cent. vil. Depreciate Computers RM 2,800; Office equipment RM 1,100. Required: Prepare an income statement together with an appropriation account at 30 Ay statement of financial position as at that date. (Total: 20 marks) Question 3 ‘The trial balance extracted from the books of Growing Sdn Bhd at 31 December 2017 was as follows: Dr cr RM RM Bank 8,100 Accounts receivable 321,219 Accounts payable 237,516