Convincing Features
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The following balances were extracted from the books of Ali Maju Enterprise (AME), a sole trader on 31 December 2024.
| Descriptions | RM | RM |
|---|---|---|
| Premises | 120,000 | |
| Inventories | 28,900 | |
| Capital | 128,824 | |
| Motor Vehicle | 8,000 | |
| Furniture | 6,700 | |
| Accumulated Depreciation: | ||
| – Motor Vehicle | 1,200 | |
| – Furniture | 670 | |
| Purchases | 47,800 | |
| Sales | 86,700 | |
| Return | 560 | |
| Bank | 2,700 | |
| Carriage Inwards | 740 | |
| Discount | 293 | |
| Trade Receivables | 8,670 | |
| Trade Payables | 10,630 | |
| Bad Debts | 350 | |
| Allowance for Receivables | 195 | |
| Utilities | 1,346 | |
| Descriptions | RM | RM |
| Salary and Wages | 11,700 | |
| Interest on Overdraft | 320 | |
| Drawings | 1,040 | |
| Rental | 5,500 | |
| Total | 236,419 | 236,419 |
As at 31 December 2024, the following additional information is available:
Required:
a) Prepare AME’s Income Statement for the year ended (post adjustments) for the year ended 31 December 2024. (15 marks)
b) Prepare AME’s Statement of Financial Position (post adjustments) as at 31 December 2024. (10 marks)
(Total: 25 Marks)
Pak Ali Western produces a single product of frozen lamb chops, and the following forecast information is available for the year ending 31 March 2024.
Cost per unit produced RM
The projected sales price is RM70 a unit, and the company’s budgeted level of sales is 20,000 units for the year. The fixed costs are RM120,000 per annum.
Required:
a) Compute the number of products needed to break even (in units and RM). (10 marks)
b) How many products must be sold to earn a profit of RM100,000. (5 marks)
c) Calculate the margin of safety in units and RM. (7 marks)
d) Calculate the margin of safety ratio. (3 marks)
(Total: 25 Marks)
The following standards have been established for a raw material used in the production of product X3:
The following data pertain to a recent month’s operations:
Required:
a) Compute the material price variance for the month. (8 marks)
b) Compute the material quantity variance for the month. (8 marks)
c) Explain the purpose of variance analysis in management accounting. (9 marks)
(Total: 25 Marks)
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