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Question 1

1. Kedai Roti Sedap commenced the business on 1st January 2020 nearby UNITAR International University. Explain what is assets, liabilities and owners equity. Based on the business running by Kedai Roti Sedap, provide TWO (2) examples of the below items:
   1. Fixed assets.
   2. Current assets.
   3. Short term liabilities.
   4. Long-term liabilities. (10 marks)

2. At the beginning of the year, X-Men Sdn Bhd owned assets amounting to RM405,000 and the owners equity of RM580,000. During the year, its assets increased by RM125,000 and its liability increased by RM66,000. How much is the owners equity at the end of the year?

(3 marks)

3. The following are the year end balances in Rinas ledgers:

	RM
Sales	425,000
Purchases	290,000
Office equipment	49,750
Land and building	700,000
Mortgage on premises	410,000
Inventory	28,400
Prepaid telephone expenses	250
Accrued salaries	4,520
Capital	228,880

Based on the ledger above, prepare the Trial Balance for Rina. (5 marks)

4. Question i and ii are related to the information below:

Owners Equity RM	Assets RM	Liabilities RM
280,000	X	87,970
550,000	987,460	Y

1. Calculate the value of X. (1 mark)

2. Calculate the value of Y. (1 mark)

5. Based on the information below, calculate the total depreciation per year using straight- line method.

(5 marks)

i)	Motor vehicle Cost: RM250,600 Estimated useful life: 5 years Scrap value: RM85,000
ii)	Computers Cost: RM18,700 Depreciation: 25% per annum

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