Convincing Features
Assignment Type
Subject
Uploaded by Malaysia Assignment Help
Date
IMPORTANT: Where a question requires an item to be generated this item should be saved to your diskette in pdf format.
Important: Do not type your name on your work sheets, only your candidate number.
Mr Ahmad Bakar started a sole proprietorship business, Cool Air-Con Trading on 1 July 2003 with an
initial startup capital of $75,000. His company sells air-conditioning equipment, and provides installation and maintenance service on the equipment he sells. The company adopts the standard 12-months financial year commencing on 1 July 2003.
You are required to:
(ID: <Your Candidate Number>)
Unit 102 Wellington Street
Tel: 8522 3900
Fax: 8522 5900
[2 marks]
Generate the Level 4 Accounts List Detail to show all accounts (including those with zero balances), account type, header and details, account level, and account types as of 1 July 2003.
[12 marks]
Transactions for the Month of July 2003.
|
1 July |
Mr Ahmad Bakar opened business account with the bank and deposited $75,000 as capital.
[2 marks] Signed an office lease agreement with LLB Properties Ltd and paid $6,500 via cheque #330101. This payment is for one month of rent (i.e. July 2003), two months of deposit, plus $500 of administrative fees. [3 marks] |
|
2 July |
Purchased a delivery truck for $30,000 from Timmy Trucks & Vans. Payment was made via cheque #330102.
[2 marks] Ordered office furniture from Cactus Office Furnishing on Cash on Delivery (COD) basis for $4,500. Cheque #330103 was issued for this amount. [2 marks] |
|
3 July |
A Purchase Order (PO001) was raised to purchase the following inventory items from his main supplier, Kerry Klean Air Ltd, on 14 days credit terms:
• 15 units of Kerry Compressor (Item number KC01) for $200 each • 25 units of Kerry Fan Coil (Item number KF02) for $170 each Generate this purchase order. [8 marks] |
|
6 July |
All the goods ordered from Kerry Klean Air Ltd was received along with the supplier bill. This being the first purchase from the supplier, there will be a upfront payment of $2,500 by cheque #330104, and the balance to be paid within 14 days (as stated on the bill).
[2 marks] |
|
8 July |
A sale was made to Divine Image Consultants on 30 days credit terms:
• 5 units of Kerry Fan Coil (Item number KF02) for $230 each • 3 unit of Kerry Compressor (Item number KC01) for $350 each There was a service charge of $1,200 for installation. Remember to charge to the appropriate income accounts. Generate this sales invoice. [6 marks] |
|
10 July |
Payment made to casual worker, Mr Timothy Lau, by cheque #330105 for $200 being general repairs on the office.
[2 marks] |
|
13 July |
Sold the following items to customer, Goodwood Park Trading on cash terms:
• 6 units of Kerry Compressor (Item number KC01) for $360 each • 10 units of Kerry Fan Coil (Item number KF02) for $270 each Full payment by cheque was received and banked in on the same day. Record and generate this sales invoice. [6 marks] |
| 20 July
|
A cheque #330106 was issued to Kerry Kleen Air Ltd to settle all outstanding supplier bills. Record this payment.
[2 marks] |
|
21 July |
Received a $1,200 invoice from Peter Lim Legal Practice for professional services rendered on business registration and administration. Payment was made via cheque #330107.
[2 marks] Paid $243 by cheque #330108 to employee Mr John Tan for reimbursement of expense claims. $120 is for mobile telephone, and the balance is for transport. [3 marks] Paid $560 by cheque #330109 to Tally Motors for motor vehicle servicing and repairs. [2 marks] |
|
25 July
|
A contract was secured to supply 12 units of KC01 and 20 units of KF02 to Rivervale Apartments; the goods must be shipped on 30 July. Check the quantity on-hand of these units to determine the additional quantities to be ordered so that this order can be fulfilled.
Issue a purchase oder (PO002) with Kerry Klean Air Ltd to replenish the stock based on the previous purchase price. Credit terms is 14 days. Record and generate this Purchase Order. [8 marks] |
|
26 July
|
A bill was received from Telepro Company for telecommunications expenses of $320 and for telephone equipment of $2,200. Record this payment by cheque #330110.
[3 marks] |
|
29 July |
The goods ordered in PO002 arrived from Kerry Kleen Air Ltd. However, it was short of one unit of KF02. Record this Supplier Bill.
[2 marks] |
|
30 July |
The goods ordered by Rivervale Apartments were shipped out, and an invoice was issued. The selling price of KC01 and KF02 were $335 and $220 respectively. Generate this Sales Invoice on 30 days credit terms.
[5 marks] |
|
30 July |
The total salary for July 2003 is $16,000. A cheque #330111 was drawn, converted to cash and paid to the various employees on the same day.
[2 marks] |
|
31 July
|
To compensate Rivervale Apartments for the short shipment of KF02, a Credit Note was issued to Rivervale Apartments for $500, being discount on the previous invoice. Generate this Credit Note.
[3 marks] |
|
31 July |
A refund of $87 was received from Telepro Company for errors in the telecommunications charges. The cheque was banked in on the same day.
Record this refund. [2 marks] |
|
31 July |
Payment for July utilities was made by cheque #330112 for $250 to National Power.
[2 marks] |
[2 marks]
There is also a bank charge of $20 for the month, and an interest earned of $4.52. These have been directly credited from/into the bank account.
Generate the bank reconciliation report for 31 July 2003.
[7 marks]
(a) Profit & Loss statement for the month ending 31 July 2003
(b) Balance Sheet as at 31 July 2003
(c) The following reports from 1 to 31 July 2003:
[8 marks]
— End of assignment —
Cool Air-Con Trading’s Accounts List is as follow.
| Account No. | Account Name | Header/Detail |
| 1-0000 | Assets | Header |
| 1-1000 | Fixed Assets | Header |
| 1-1100 | Furniture & Fittings | Header |
| 1-1110 | Furniture & Fittings at Cost | Detail |
| 1-1120 | Furniture & Fittings Accum Dep | Detail |
| 1-1200 | Motor Vehicles | Header |
| 1-1210 | Motor Vehicles at Cost | Detail |
| 1-1220 | Motor Vehicles Accum Dep | Detail |
| 1-1300 | Office Equipment | Header |
| 1-1310 | Office Equipmentat Cost | Detail |
| 1-1320 | Office EquipmentAccum Dep | Detail |
| 1-2000 | Current Assets | Header |
| 1-2100 | Cash On Hand | Header |
| 1-2110 | Cheque Account | Detail |
| 1-2140 | Petty Cash | Detail |
| 1-2160 | Undeposited Funds | Detail |
| 1-2200 | Trade Debtors | Detail |
| 1-2300 | Inventory | Detail |
| 1-2400 | Deposits Paid | Detail |
| 2-0000 | Liabilities | Header |
| 2-2000 | Current Liabilities | Header |
| 2-2200 | Trade Creditors | Detail |
| 2-2300 | Tax | Header |
| 2-2310 | Tax Collected | Detail |
| 2-2330 | Tax Paid | Detail |
| 2-2360 | Import Duty Payable | Detail |
| 2-2400 | Sales Tax Payable | Detail |
| 2-2500 | Customer Deposits | Detail |
| 3-0000 | Equity | Header |
| 3-1000 | Owner/Shareholder’s Equity | Header |
| 3-1100 | Owner/Sharehldr Capital | Detail |
| 3-1200 | Owner/Sharehldr Drawings | Detail |
| 3-8000 | Retained Earnings | Detail |
| 3-9000 | Current Year Earnings | Detail |
| 3-9999 | Historical Balancing | Detail |
| 4-0000 | Income | Header |
| 4-1000 | Sales | Header |
| 4-1100 | Equipment Sales | Detail |
| 4-1200 | Services Rendered | Detail |
| 4-4000 | Discounts to Customers | Detail |
| 4-5000 | Freight Collected | Detail |
| 4-6000 | Late Fees Collected | Detail |
| 5-0000 | Cost Of Sales | Header |
| 5-1000 | Purchases | Header |
| 5-1100 | Equipment Purchases | Detail |
| 5-3000 | Discounts from Suppliers | Detail |
| 6-0000 | Expenses | Header |
| 6-1100 | Legal & Professional Fees | Detail |
| 6-1200 | Bank Charges | Detail |
| 6-1300 | Depreciation | Detail |
| 6-1400 | Office Cleaning & Repairs | Detail |
| 6-1500 | Transport | Detail |
| 6-1700 | Freight Paid | Detail |
| 6-1800 | Late Fees Paid | Detail |
| 6-1900 | Office Supplies | Detail |
| 6-2000 | Telephone | Detail |
| 6-2100 | Utilities | Detail |
| 6-2200 | Rent | Detail |
| 6-2300 | Wages & Salaries | Detail |
| 6-2400 | Administrative Charges | Detail |
| 6-2500 | Motor Vehicle Repairs | Detail |
| 8-0000 | Other Income | Header |
| 8-1000 | Interest Income | Detail |
| 9-0000 | Other Expenses | Header |
| 9-1000 | Interest Expense | Detail |
| 9-2000 | Income Tax Expense | Detail |
Many students find the LCCI Computerised Accounting Level 2 (MYOB) assignment difficult, especially when handling transactions, generating reports, and managing time during the exam. Some get confused with MYOB entries, while others struggle with accuracy and report generation. If you are also facing issues, you can get support from Malaysia Assignment Help. We provide reliable accounting assignment help based on your course requirements. You can also check our accounting assignment examples for better understanding before using our write my case study service to get a customised solution.
