ACC4304: The Martin Mars is a sole proprietorship owned by Mr. Martin which has been in operation for a year: Accounting Assignment, UM, Malaysia

University Universiti Malaya (UM)
Subject ACC4304: Accounting

Question 

The Martin Mars is a sole proprietorship owned by Mr Martin which has been in operation for a year. Mr Martin has kept track of his transactions and wishes to know whether or not he earned a profit. The following is the balance of the accounts as of 31 December 2011. RM Utility expenses 13,400 Stocks as at 1 January 2009 45,000 Stationeries 350 Staff salaries 55,000 Sales salaries 7,000 Sales 416,000 Purchases 222,000 Purchase return 9,800 Office rental 22,000 Motor vehicles 240,000 Motor expenses 1,880 Land and building 665,000 Interest received 600 Interest on loan 8,000 Import duty 4,100 General expenses 1,300 Furniture 126,800 Drawings 3,550 Discount received 2,250 Discount allowed 3,590 Debtors 16,330 Creditors 28,870 Capital ?

Cash 5,550 Carriage outwards 1,150 Bank loan 110,000 Bank 332,000 Bad debts 2,230 Additional information: 1. Depreciation is to be provided as follows: i. Motor vehicles at 10% per annum. ii. Furniture at 15% per annum. 2. Interest on the loan was charged at 10% per annum and office rental is RM2,000 per month. 3. Accrued interest received as of the date is RM480. 4. Physical count of the stock at the end of the period amounts to a value of RM50,000. 5. On 31 December 2011, Mr Martin took out goods for personal use amounting to RM3,000 and there is no record made in any books of accounts.

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