ACC 117 Group Assignment PDF

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PERMATANG PAUH, PULAU PINANGINTRODUCTION TO FINANCIALACCOUNTINGGROUP PROJECT 1PREPARE FOR:DR. NOR KHADIJAH BINTI MOHD AZHARISUBMISSION DATE:24 JANUARY 2022PREPARED BY:N ONAME STUDENT’S ID1 MOHD HAKIMI BIN MOHD NASIR 20211249492 MOHD ASYRAAF BIN SAIDIN 202112524934TABLE OF CONTENTNO TITLE PAGE1 Intro...

Description

PERMATANG PAUH, PULAU PINANG

INTRODUCTION TO FINANCIAL ACCOUNTING

GROUP PROJECT 1 PREPARE FOR: DR. NOR KHADIJAH BINTI MOHD AZHARI SUBMISSION DATE: 24 JANUARY 2022

PREPARED BY: N O 1

NAME

STUDENT’S ID

MOHD HAKIMI BIN MOHD NASIR

2021124949

2

MOHD ASYRAAF BIN SAIDIN

2021125249

3 4

TABLE OF CONTENT

NO

TITLE

1

Introduction

2

Business Background

3

Content: i) ii) iii) iv)

4

Conclusion

Business transactions Journals Ledgers Trial Balance

PAGE

Introduction First and foremost, we would like to offer thanksgiving to Allah for giving us strength and his blessings, we finally managed to finish this task. This task would not have been possible without the inspiration and support from several wonderful individuals. Our thanks and appreciation to all of them for being part of this journey and making this task possible. We owe our deepest gratitude to our lecturer, Madam Dr. Khadijah binti Mohd Azhari for the helpful guidance and your willingness to give your time so generously has been very much appreciated. Thank you so much for all the fun in our classes that you have made for us. Without your help, we could not manage to settle this task right on time and just like how we have plan. Our special thanks are extended to each one of the group members for the good cooperation and commitment that they have given. Without the best cooperation and commitment from everyone, this task might be hard. Finally, we want to thank our family especially our parents for their endless support and encouragement throughout our study. We will forever indebted to our parents for giving us opportunities and experiences that have made us who we are. They selflessly encouraged us to explore new directions in life and seek our own destiny. This journey would not have been possible if not for them, and we dedicate these milestones to them. Thank you so much! May we success in this subject ACC117 and all the best wishes will come true.

Business background Name: ACAP & KIMI CLOTHES STORE

Location of business: No. 3930-A, Jalan Hospital Jitra 06000, Jitra,Kedah

Operation hour: 8:00 am – 11:00 pm Activity of our business:  Providing consumers with extensive clothing sales services and selling highquality fabric clothing suitable for customers demand.

Business Capital: RM 60,000

Financial year end: December 2021

Transaction month: December 2021

TRANSACTION FOR ONE MONTH The following is the business transaction in December 2021 Decembe r 2021 1

Transactions Started the business with Cash RM20 000

2 3 7

Bank RM40 000 Bought office equipment worth RM2500 by cash Purchased goods for RM5000 by cash from Seman Store Sold goods on credit to Asyraf RM2750

9 11 13 14 20 21 22 23 26 27 31

Sold goods on credit to Hakimi RM750 Owner took goods worth RM200 Purchased goods RM3000 on credit from Hanafi Sdn Bhd Purchase goods from Suria Sdn Bhd on credit worth RM2000 Owner took goods worth RM500 Bought goods by cash from All for clothes worh RM1000 Returned good to Suria Sdn bhd RM700 Sold goods RM2000 by cash to irfan Sold goods on credit to Ajlaa RM3000 Returns goods RM 1000 from Ajlaa Returns goods RM 500 to Hanafi Sdn Bhd Paid salaries RM2000 by cheque to staff

JOURNAL General ledger Date 2021 1

Details Cash Bank

No folio 101 102

Debit RM 20 000 40 000

Kredit RM

Capital 2

Equipment Cash

9

Goods

14

Goods

Drawing Drawing

103 104 101 105 106 105 106

60 000 2500 2500 200 200 500 500

Purchase journal Date 2021 3 11 20 21

Details

No

Amount RM

Seman store (debtor) Hanafi Sdn Bhd (debtor) All clothes (debtor) Suria Sdn Bhd (debtor) Transfered to purchase account

folio 45 46 48 47 378

5000 3000 1000 700

Details

No

Amount RM

Asyraf (creditor) Hakimi (creditor) Irfan (creditor) Ajlaa (creditor) Transfered to sales account

folio 678 789 455 231 88

2750 750 2000 3000

Details

No

Amount RM

Suria sdn bhd

folio 47

700

9700

Sales journal Date 2021 7 22 23

8500

Return outward journal Date 2021 21

27

Hanafi sdn bhd Transferred to return outward

46 66

500

Details

No

Amount RM

Ajlaa Transferred to return inward account

folio 411 67

1000

1200

account Return inward journal Date 2021 26

1000

Cash payment journal Date

Details

No

Amount RM

2021 20 31

All clothes Salaries expenses

folio 48 324

1000 3000 4000

Cash receipt journal Date 2021 7 22 23 1

Details Asyraf Hakimi Irfan Ajlaa capital Total

No folio 678 789 455 231

Bank RM

Cash RM

2750 750 2000 3000 20 000 26 500

40 000 42 000

LEDGER General ledger Date 2021 1 2 3 7

9 11 131 14 20

Details Cash Bank Purchase Office equipment Purchases Seman store Sales return Asyraf Sales return Hakimi Purchases Account payable owner Purchases Account payable Hanafi sdn bhd Purchases Account payable suria sdn bhd Drawing Account payable_owner Purchases Account payable_All clothes

Post Ref

Debit (RM) 20 000 40 000

Credit (RM)

2,500

Balance (RM) 20 000 60 000 57 500

5,000

52 500

2750

55 250

750

56 000 200

55 800

3000

52 800

2000

50 800

500

50 300

1000

49 300

21

Refund Account receivable suria sdn bhd Sales Account receivable irfan Sales Account receivable ajlaa Refund Account payable ajlaa Refund Account payable Hanafi sdn bhd Salaries Account payable staff

22 23 26 27 31

700

50 000

2 000

52 000

3 000

55 000 1000

54 000

500

53 500

2000

51 500

Sales ledger Date 2021 9 22 23

Description

Folio

Sale: asyraf Sale: hakimi Sale: irfan Sale: ajlaa Total debits Balance

678 789 455 231

Debit (RM) 2750 750 2000 3000 8500 7500

Date 2021 26

Description

Folio

Ajlaa

411

Total credits

Credit (RM) 1000

1000

Purchases ledger Date2021

Description

21

Refund: suria sdn bhd

Folio 47

Debit (RM) 700

Date 2021 3

11 20 21 20 Total debits

700

Description

Folio

Credit (RM)

Seman store (debtor)

45

5000

46

3000

48

1000

47

700

48

1000

Hanafi Sdn Bhd (debtor) All clothes (debtor) Suria Sdn Bhd (debtor) Purchase: All clothes Total credits

10 700

Balance

TRIAL BALANCE Trial Balance as at 31 December 2021 Detail Cash Bank equipment Purchases Sales Drawing Salaries Asyraf Hakimi Ajlaa Irfan Suria sdn bhd Capital All clothes Sales return TOTAL

Debit(RM) 20 000 40 000 57 500

Credit(RM)

10 000 7 500 50 300 51 500 2750 750 3000 2000 7600 60 000 1000 3500 RM 174 800

RM 174 800

10 000...