Convincing Features
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Date
You are required to prepare the Financial Statement of the business transactions and records the transaction of the business.
Upon completion of this assignment, students should be able to:
As our society becomes more advanced, the role played by the business sector has become more important. As a result, more and more people are interested to learn about the activities of business organizations in Malaysia. They are also interested to know how business transactions are recorded in suitable ways and formats, which will enable periodic financial reports to be prepared by these organizations.
Student are required to prepared the report for the task given. The report should be included the introduction and conclusion. Student also required to Prepare the Slide Presentation for the task 3, 4 and 5.
State 10 accounting concepts or principles involved in preparation of financial reports and explain FIVE of them with appropriate examples.
Illustrate with an appropriate diagram the accounting flow or process of recording the business transactions.
Show the ledger entries using T-account for the below scenario.
Wong commenced her business on 1st May 2024 with a capital of RM5,00 of which RM1,000 was in cash and RM4,000 in a bank account. Her transactions during May were as follower.
| Date | Transaction |
|---|---|
| May 1 | Borrowed RM2000 from Public Bank Berhad in the form of cheque |
| 2 | Paid rent of RM750 by cheque |
| 5 | Paid wages of RM120 in cash |
| 8 | Purchased goods for RM1,380 by cheque |
| 10 | Sold goods for RM650 cash |
| 12 | Drawings in cash RM200 |
| 15 | Bought goods on credit for RM830 from sally |
| 18 | Sold goods on credit for RM1,250 to khoo |
| 20 | Bought shop fittings of RM2500 by cheque |
| 23 | Paid water bills of RM325 in cash |
| 25 | Paid water bill of RM230 by online banking |
| 27 | Returned goods costing RM310 to sally |
| 28 | Khoo returned goods with an invoice value of RM480 |
| 29 | Mary introduced further capital of RM3,000 in cheque |
| 30 | Bought stationery of RM90 in cash |
| 31 | Sent sally a cheque for RM300 |
| 31 | Received a cheque for RM500 from Khoo |
Record the Trial Balance for the above scenario.
Prepare the Financial Statement for the Chan. The following Trial Balance was extracted from his books on 31 December 2024:
| Account | Dr (RM) | Cr (RM) |
|---|---|---|
| Capital | 40,000 | |
| Drawings | 560 | |
| Sales | 46,000 | |
| Bank | 7,400 | |
| Motor vehicles (at cost) | 30,000 | |
| Stock, 1 January 2017 | 6,200 | |
| Purchases | 34,200 | |
| Rates and rent | 5,600 | |
| Returns inwards | 450 | |
| Returns outwards | 8,000 | |
| Debtors | 8,600 | |
| Creditors | 795 | |
| Office expenses | 525 | |
| Repairs | 190 | |
| Bad debts | 280 | |
| Discount allowed | 180 | |
| Discount received | 400 | |
| Commission received | 220 | |
| Total | 94,800 | 94,800 |
Additional information:
Azhar, Zubir & Norhashim, Mariati & Ahmad, Zauwiyah & Mohamed, Muzrifah. (2021). Public Sector Accounting: Governance and Accountability in the Malaysian Context.
Your report should contain the following:
| No. | Learning Outcomes | Assessment Methods |
|---|---|---|
| CLO 1 | Group assignment / Case Study / Quiz / Midterm Test | |
| CLO 2 | ||
| CLO 3 |
