Tutorial 2 a141-question
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This document contains two questions regarding accounting for hire purchase agreements. Question 1 involves a hire purchase agreement between Perdana Sdn Bhd and a couple for electrical appliances. It asks for calculations of the hire purchase price and interest, journal entries, financial statements, and effects of repossession. Question 2 involves a hire purchase agreement between Kelangit Sdn Bhd and Mentari Sdn Bhd for a bottling machine, and similarly asks for calculations, journal entries, financial statements, and effects of repossession.
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- 1. SCHOOL OF ACCOUNTANCY COLLEGE OF BUSINESS BKAF3063 FINANCIAL ACCOUNTING AND REPORTING III TUTORIAL 2: ACCOUNTING FOR HIRE PURCHASE Due date: 28 September 2014 QUESTION 1 Perdana Sdn Bhd sells electrical appliances on cash basis since the year of 1995. However, the company involves in both hire purchase sales and cash sales in the year 2005 onwards. The latest hire purchase sales were done between Perdana Sdn Bhd and newly married couple, Mr. Munir and Mrs. Murni on 1 September 2012. The couple paid RM4,012 as a deposit for a set of electrical appliances which comprise refrigerator, washing machine and television. The cash price of the electrical appliances on that date was RM11,800 and the cost was RM7,680. The hire purchase period was 12 months with monthly installment of RM708 due at the end of each month starting 30 September 2012. The interest rate charged by Perdana Sdn Bhd is 6%. The financial year end for Perdana Sdn Bhd is 31 December, adopting the sum of year digits for the monthly interest recognition and immediate recognition method for the gross profit amounts. Required: (Round up the figures to two decimal places) (a) Determine the hire purchase price and total interest that Mr. Munir and Mrs. Murni had incurred in order to buy the electrical appliances. (b) Prepare the journal entries for Perdana Sdn Bhd on 1 September 2012 and 31 December 2012 using the sales method. (c) Prepare a partial statement of comprehensive income and statement of financial position related to hire purchase sales for Perdana Sdn Bhd as at 31 December 2012. (d) Assuming that Mr. Munir and Mrs. Murni failed to pay the installments for January and February 2013. They had received a notice of intention of repossession from Perdana Sdn. Bhd. during March 2013. The couple opted that the company repossessed the electrical appliances on 1 April 2013. The price of all the electrical appliances bought by them on the repossession date was RM5,619.85 and the repossession cost was RM120. (i) Calculate the statutory rebates that couple entitled from Perdana Sdn Bhd. (ii) Calculate the amount to be paid to or received from the couple on the repossession date.
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