Set 1

END–OF-SEMESTER EXAMINATION
SEMESTER I, 2009/2010 SESSION
KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES
Programme :

B.ACC

Level of study

:

2

Time

:

2:30pm – 5:30pm

Date

:

9.11.2009

Duration

:

3 hours
Section(s)

:

1-2

Course Code :

ACC 2501

Course Title :

Company Accounting

(This Question Paper Consists of 9 Printed Pages With 4 Questions)
DO NOT OPEN UNTIL YOU ARE ASKED TO DO SO
INSTRUCTION(S) TO CANDIDATES
1.
2.

Answer ALL Questions
Workings must be shown clearly

ANY FORM OF CHEATING OR ATTEMPT TO CHEAT IS A SERIOUS OFFENCE WHICH
MAY LEAD TO DISMISSAL
APPROVED BY:

Question 1
The following are the summarized accounts and financial information in respect of Ameen
Berhad.
Income Statement for the Year Ended 31 December 2007
RM
Revenue:
Net sales
Dividend income
Interest income
Total revenue and gains
Costs and expenses:
Cost of sales
Operating expenses (including depreciation)
Interest expense
Income Taxes

RM
7,678,000
120,000
102,000
7,900,000

4,582,000
1,479,000
260,000
520,000

Total cost, expenses and losses
Net Income

(6,841,000)
1,059,000

Additional information on the balances for non-current assets, non-current liabilities and equity: 31 Dec. 2007
RM
2,344,000

31 Dec. 2006
RM
1,788,000

690,000

Nil

Ordinary shares of 50 sen each (Note 7)

1,400,000

1,000,000

Reserves (Note 8)

1,271,000

262,000

Nil

400,000

439,000

400,000

Property, plant and equipment (Note 6)
Investment

10% Convertible Debentures (Note 7)
Deferred tax
Other Information:
1.
2.
3.
4.

Trade receivable increased by RM111,000 whereas inventory increased by
RM261,000.
Trade payable decreased by RM116,000 and accrued operating expenses increased by
RM50,000.
Interest payable increased by RM15,000 whereas income