Weighted Average System Method Assignment

(10 MARKS) QUESTION The information below shows data inventories bought and sold by Starlight Sdn Bhd in October 2018 Cost (RM) Units Price (RM) Date Particulars October 10 Inventory RM25 Sale RM20 Purchase RM30 RM35 28 Sale 30 Purchase RM28 RM18 Required: 1. Assuming that perpetual inventory records are kept, determine the inventory at 30 October 2018 using a weighted average system method. (7 marks) ii. Calculate the gross profit for the month of October. (3 marks) QUESTION 3 (15 MARKS) Nabil Sdn Bhd, a wholesaler, provided you with the following information:

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Year end 31 March Total debtors before bad debts (RM) 2016 2017 2018 21.400 23.000 17,200 Bad debt written-off during the year (RM) 1,400 1.000 1,200 The allowance for doubtful debts was RM340 as 31 March 2015. It is the company's policy to provide for doubtful debts at the rate of 2% on the remaining total debtors Required: i. Prepare the allowance for doubtful debts account for the year ending 31 March 2016, 2017 and 2018 (7 marks) ii. Show the statement of Financial Position (extract) as at 31 March 2018 (show all the working) (4 marks) Distinguish between Discount Allowed and Discount Received. (4 marks) iii. .

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