Question 1 a. Explain the main purpose of a trial balance. (2 marks) b. Explain the differences between a bad debt and a doubtful debt. Illustrate with the accounting treatment of each. (4 marks) c. State what is meant by the term ‘accounting policies’. (2 marks) d. Explain why both a debit entry and a credit entry are used to record each transaction. Give an […]

QUESTION 1 (25 MARKS) a) Najwa took a RM30,000 car loan from Mudah Bank. The bank charged Najwa 2.5%interest and requires her to pay at the end of each year for 4 years. Calculate theyearly repayment amount and complete the following loan amortization schedule. Year Beginning Value Repayment amount Interest paid Principal paid Ending Value 1 2 3 4 (10 marks) b) SejatiSdn. Bhd. had […]