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UNIVERSITI TEKNOLOGI MARA CAWANGAN KEDAHKAMPUS MERBOKFACULTY OF BUSINESS AND MANAGEMENTINTRODUCTION TO FINANCIAL ACCOUNTING ANDREPORTING(ACC106)GROUP PROJECTGROUP : 4STUDENT’S NAME & STUDENT’S ID :1. BATRISYIA BALQIS BINTI SHAHRIN ( 2020817656 )2. NORSHAZRATUL EFFA ZULAIKA BINTI SHAHRIM ( 20...

Description

UNIVERSITI TEKNOLOGI MARA CAWANGAN KEDAH KAMPUS MERBOK

FACULTY OF BUSINESS AND MANAGEMENT

INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING (ACC106)

GROUP PROJECT

GROUP : 4

STUDENT’S NAME & STUDENT’S ID : 1. BATRISYIA BALQIS BINTI SHAHRIN ( 2020817656 ) 2. NORSHAZRATUL EFFA ZULAIKA BINTI SHAHRIM ( 2020896144 )

PREPARED FOR : NUR HIDAYAH WAAD

INTRODUCTION AND BUSINESS TRANSACTIONS

Candytuft Boutique is a shop which is located in Sungai Petani, Kedah that sells women hijabs and clothes. ThIS business is owned by Batrisyia and her friend, Effa. The business started in 2019 . On 1st February, Effa bank in RM 50,000 cash into the business account and brought in office equipment worth RM 20,000 for business use. Below are transaction made by Candytuft Boutique for the month of February 2019 . DATE

TRANSACTIONS

February 1 2

Issued an invoice for goods purchased worth RM 10,000 from Lily Enterprise Received an invoice for goods purchased worth RM 6,000 from Trisya Trading Bought goods worth RM 5,000 on credit from Azzara Scarf

3

Lily Enterprise returns goods worth RM 500

5

Sold goods on credit to Syura Enterprise worth RM 5,000 Sold goods by cash worth RM 2,000

6

Bought goods worth RM 1,500 by cash Purchased an office equipment worth RM 10,000 on credit from Jati Home Perabot

8

Solds good to Encik Muhammad worth RM 1,800 on credit

9

Returns good to Azzara Scarf worth RM 600

11

Effa brought in her personal motor van into the business worth RM 30,000

13

Syura Enterprise returns goods amounting RM 500 due to wrong colors

15

Received cheque for sale worth RM 3,000

18

Received a debit note RM 800 from Encik Muhammad due to wrong goods

20

Due to some defect items, Candytuft Boutique returns few pieces of clothes to Trisya Trading worth RM 400

22

Received dividends amounting RM 500 by cheque

23

Batrisyia took RM 200 goods for her personal use

26

Due to some wrong item, Candytuft Boutique returns office equipment to Jati Home Perabot worth RM 5,000

27

Received RM 50 as an interest income from an investment

29

Paid utilities RM 250 by cash Paid salaries by cheque to workers amounting RM 4,500

JOURNAL

Sales Journal Date

Particulars

Invoice No.

Folio

Amount (RM)

2019 Feb. 1

Lily Enterprise

0127

10,000

Feb. 5

Syura Enterprise

0128

5,000

Feb. 8

Encik Muhammad

0129

1,800

Feb. 29

Total transferred to sale a/c

16,800

Purchase Journal Date

Particulars

Invoice No.

Folio

Amount (RM)

2019 Feb. 2

Trisya Trading

1004

6,000

Azzara Scarf

2034

5,000

Feb. 6

Jati Home Perabot

3425

10,000

Feb. 29

Total transferred to purchase a/c

21,000

Return Inwards Journal Date

Particulars

Credit Note No.

Folio

Amount (RM)

2019 Feb. 3

Lily Enterprise

0036

500

Feb. 13

Syura Enterprise

0037

500

Feb. 18

Encik Muhammad

0038

800

Feb. 29

Total transferred to return inwards a/c

1,800

Return Outwards Journal Date

Particulars

Debit Note No.

Folio

Amount (RM)

2019p-[0 Feb. 9

Azzara Scarf

0021

600

Feb. 20

Trisya Trading

0022

400

Feb. 26

Jati Home Perabot

0023

5,000

Feb. 29

Total transferred to return outwards a/c

6,000

Cash Receipts Journal Date

Accounts credited

Folio

Cash Dr

Bank Dr

(RM)

(RM)

Discount Allowed Dr

Account Receivable Cr

(RM)

(RM)

Sales Cr (RM)

Other accounts Cr (RM)

2019 Feb. 5

Sales

Feb. 15

Sales

Feb. 22

Dividends

Feb. 27

Interest income

Feb. 29

Total

2,000

2,000 3,000

3,000 500

500

50

50

2,050

3,500

5,000

550

Cash Payments Journal Date

Accounts debited

Folio

Cash Cr

Bank Cr

(RM)

(RM)

Discount Received Cr

Account Payable Dr

(RM)

(RM)

Purchases Other Dr accounts Dr (RM) (RM)

2019 Feb. 6

Purchases

Feb. 29

Utilities

1,500 250

Salaries Feb. 29

1,500 250 4,500

Total

1,750

4,500

4,500

1,500

4,750

General Journal Date

Description

Folio

Debit

Credit

(RM)

(RM)

2019 Feb. 1

Cash at bank

50,000

Office equipment

20,000

Capital

70,000

( The opening balance of assets and equity) Feb. 11

Motor van

30,000

Capital

30,000

( The owner brought in asset ) Feb. 23

Drawings Purchases ( The owner took goods for personal use )

200 200

LEDGERS Bank Date

Particulars

RM

Date

2019 Feb

Particulars

RM

2019 1

Capital

15

Sales

22

Dividends

50,000

Feb 29

Salaries Balance c/d

3,000

Balance b/d

49,000

500 53,500

Mac 1

4,500

53,500

49,000

Cash Date

Particulars

RM

Date

2019 Feb

Particulars

RM

2019 5

27

Sales

2,000 Feb

Interest

50

6 29

Purchases Utilities

250

Balance c/d

300

2,050

Mac 1

Balance b/d

1,500

2,050

300

Capital Date

Particulars

RM

2019 Feb 29

Date

Particulars

RM

2019 Balance c/d

100,000

Feb

1

11

Bank

50,000

Office equipment

20,000

Motor van

30,000

100,000

100,000 Mac 1

Balance b/d

100,000

Office Equipment Date

Particulars

RM

Date

2019 Feb

Particulars

RM

2019 1

Capital

20,000

Feb 29

Balance c/d

20,000 Mac 1

Balance b/d

20,000 20,000

20,000

Motor Van Date

Particulars

RM

Date

2019 Feb 11

Particulars

2019 Capital

30,000

Feb 29

Balance c/d

30,000 Mac 1

RM

Balance b/d

30,000 30,000

30,000

Sales Date

Particulars

RM

2019 Feb 29

Date

Particulars

RM

2019 Balance c/d

21,800

Feb

1

Accounts receivable : Lily Enterprise

10,000

5 Accounts receivable : Syura Enterprise

5,000

Cash

2,000

8 Accounts receivable :

15

Encik Muhammad

1,800

Bank

3,000

21,800

21,800 Mac 1

Balance b/d

21,800

Purchases Date

Particulars

RM

2019 Feb

Date

Particulars

RM

2019 2

Accounts payable : Trisya Trading

Feb 23

Drawings

29 Balance c/d

6,000

200 22,300

Accounts payable : Azzara Scarf

5,000

6 Cash

1,500

Accounts payable : Jati Home Perabot

10,000 22,500

Mac 1

Balance b/d

22,500

22,300

Accounts Receivable : Lily Enterprise Date

Particulars

RM

2019 Feb

Date

Particulars

RM

2019 1

Sales

10,000

Feb

3 29

Return inwards Balance c/d

10,000 Mac 1

Balance b/d

500 9,500 10,000

9,500

Accounts Receivable : Syura Enterprise Date

Particulars

RM

2019 Feb

Date

Particulars

RM

2019 5

Sales

5,000 Feb 13 29 5,000

Mac 1

Balance b/d

4,500

Return inwards Balance c/d

500 4,500 5,000

Accounts Receivable : Encik Muhammad Date

Particulars

RM

2019 Feb

Date

Particulars

RM

2019 8

Sales

1,800 Feb 18 29

Return inwards Balance c/d

1,800 Mac 1

Balance b/d

800 1,000 1,800

1,000

Accounts Payable : Trisya Trading Date

Particulars

RM

2019 Feb 20 29

Date

Particulars

RM

2019 Return outwards Balance c/d

400

Feb

2

Purchases

6,000

5,600 6,000

6,000 Mac 1

Balance b/d

5,600

Accounts Payable : Azzara Scarf Date

Particulars

RM

2019 Feb 9 29

Date

Particulars

RM

2019 Return outwards Balance c/d

600

Feb

2

Purchases

5,000

4,400 5,000

5,000 Mac 1

Balance b/d

4,400

Accounts Payable : Jati Home Perabot Date

Particulars

RM

2019 Feb 26 29

Date

Particulars

RM

2019 Return outwards

5,000 Feb

Balance c/d

5,000

6

Purchases

10,000

10,000

10,000 Mac 1

Balance b/d

5,000

Return Inwards Date

Particulars

RM

2019 Feb

Date

Particulars

RM

2019 3

Accounts receivable : Lily Enterprise

13

Balance c/d

500

500

Accounts receivable : Encik Muhammad

800 1,800

Mac 1

1,800

Accounts receivable : Syura Enterprise

18

Feb 29

Balance b/d

1,800

1,800

Return Outwards Date

Particulars

RM

2019 Feb 29

Date

Particulars

RM

2019 Balance c/d

6,000 Feb

9

Accounts payable : Azzara Scarf

20

Accounts payable : Trisya Trading

26

600

400

Accounts payable : Jati Home Perabot

6,000

5,000 6,000

Mac

1

Balance b/d

6,000

Dividends Date

Particulars

RM

2019 Feb 29

Date

Particulars

RM

2019 Balance c/d

500

Feb 22

Bank

500

500 500

Mac 1

Balance b/d

500

Drawings Date

Particulars

RM

Date

2019 Feb 23

Particulars

2019 Purchases

200

Feb 29

Balance c/d

200 Mac 1

RM

Balance b/d

200 200

200

Interest Date

Particulars

RM

Date

2019 Feb 29

Particulars

RM

2019 Balance c/d

50 Feb 27

Cash

50

50

50 Mac 1

Balance b/d

50

Utilities Date

Particulars

RM

2019 Feb 29

Date

Particulars

2019 Cash

250

Feb 29

Balance c/d

250 Mac 1

RM

Balance b/d

250 250

250

Salaries Date

Particulars

RM

2019 Feb 29

Particulars

RM

2019 Bank

4,500 Feb 29 4,500

Mac 1

Date

Balance b/d

4,500

Balance c/d

4,500 4,500

TRIAL BALANCE

Candytuft Boutique Trial Balance as at 29 February 2019 Account

Debit (RM)

Bank

49,000

Cash

300

Office equipment

20,000

Motor van

30,000

Purchases

22,300

Accounts receivable : Lily Enterprise

9,500

Accounts receivable : Syura Enterprise

4,500

Accounts receivable : Encik Muhammad

1,000

Return inwards

1,800

Drawings

200

Utilities

250

Salaries

Credit (RM)

4,500

Capital

100,000

Sales

21,800

Accounts payable : Trisya Trading

5,600

Accounts payable : Azzara Scarf

4,400

Accounts payable : Jati Home Perabot

5,000

Return outwards

6,000

Dividends

500

Interest

50 143,350

143,350...