Account Simulation Group PDF
| Title | Account Simulation Group |
|---|---|
| Author | Khairunnisa Zakaria |
| Course | Intermediate Financial Accounting and Reporting |
| Institution | Universiti Teknologi MARA |
| Pages | 15 |
| File Size | 483.9 KB |
| File Type | |
| Total Downloads | 287 |
| Total Views | 820 |
Summary
Warning: TT: undefined function: 32FACULTY OF BUSINESS AND MANAGEMENTBACHELOR OF BUSINESS ADMINISTRATION (HONS.)OPERATIONS MANAGEMENTBAINTERMEDIATE FINANCIAL ACCOUNTING AND REPORTINGACC 406Group Assignment:ACCOUNTING SIMULATIONPrepared by:KHAIRUNNISA BINTI ZAKARIA 2020347445NURUL ‘ASYIKIN BINTI MOHD...
Description
FACULTY OF BUSINESS AND MANAGEMENT BACHELOR OF BUSINESS ADMINISTRATION (HONS.) OPERATIONS MANAGEMENT BA244 INTERMEDIATE FINANCIAL ACCOUNTING AND REPORTING ACC 406 Group Assignment:
ACCOUNTING SIMULATION Prepared by:
G
TABLE OF CONTENT NO. 1 2 3 4 5 6
CONTENTS COMPANY BACKGROUND TRANSACTION JOURNAL LEDGER TRIAL BALANCE CONCLUSION
PAGE 3 4-5 6-8 9-13 14 15
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COMPANY BACKGROUND Name of Company:
Mechamedical Trading
Date of commencement:
15 February 2010
Type of business:
Sole Proprietorship
Nature of business:
Sale & Distribution of Medical Products and equipments
Owner’s Capital:
RM 85,000
Owned by: Address:
31-5, Jalan PJU 1/39, 47301 Petaling Jaya, Selangor.
Financial Year Ended: November 2019
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TRANSACTION Below are the business transactions of Mechamedical Trading for the month of November 2019. Date
Transactions
November 2018 1 2 3
Owner brought in RM 15, 000 cash, bank RM 50,000 and premises RM 20,000 Brought furniture by cash worth RM 2,000 from Ikea The business purchased goods from Medtronic on credit amounting RM 8,000
5
Sold goods to HAT Mizan by cash worth RM 9,000
5
Bought a Printer which cost RM 1,500 from Epson paid by cheque.
8
Issued an invoice to Hospital Sungai Buloh worth RM 5,000 for selling goods
9
Paid for general expenses RM 500 by cash
9
The business returns goods to Medtronic worth RM 2,000.
10
Hospital Sungai Buloh returned goods worth RM 1,500 The business paid the amount due in full by cheque to Medtronic and
13 15 16
received 10% discount Purchased goods worth RM 7,000 by credit from McQuip Sold goods to Gleneagles Medical Centre by credit amounting RM 15,000
16
Purchased goods on credit RM 9,000 from Wellchem
18
Goods worth RM 1,000 returned by Hospital Sungai Buloh
19
Owner sold goods to KPJ Damansara amounting RM 10,000 by cheque
20
Purchased goods for RM 2, 000 by cash from Osteomed
21
Sold goods to Pantai Penang amounting RM 8,000 by cheque Hospital Sungai Buloh paid the amount due in full by cheque and
22
was allowed of RM 200 discount.
23
Received rental payment worth RM 1,500 by cash
24
Purchased goods worth RM 4,500 by cash from Mizuho
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25
Returned damage goods worth RM 2,000 to Wellchem
26
Sold goods on credit RM 9,200 to Prince Court Medical Centre
27
Gleneagles Medical Centre returned faulty goods worth RM 1500
28
Returned goods bought on credit RM 1,500 to McQuip
29
Paid the electricity bills RM 300 by cheque to Tenaga Nasional Berhad
30
Received sales commission of RM 1,200 by cash
30
Paid salary to workers RM 4500 by cheque
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SPECIALISED JOURNAL General Journal General journal is in which only those transactions are recorded that cannot be recorded in special journals.
Date 2018 Nov01 02 05
Details Cash Bank Premises Capital (startedbusinesswithcash,bankandpremises) Furnitute Cash (BoughtFurniturebycashfromIkea) Printer Bank (BoughtPrinterbyChequefromEpson)
Debit(RM) 15,000 50,000 20,000 2,000 1,500
Credit(RM) 85,000 2,000 1,500
Purchases Journal A purchases journal is a specialized journal in which is used to store information about purchasing transactions. Any transaction entered the purchases journal involves a credit to the accounts payable account and a debit to the expense or asset account to which a purchase relates. Example of source document used is purchase invoice. Date Nov05 15 16
Particular PayableMedtronic PayableMCQuip PayableWellchem TransferredtoPurchasesa/c
Amount(RM) 8,000 7,000 9,000 24,000
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Sales Journal The sales journal is a specialized journal used to record credit sales. The sales journal is basically a chronological list of the sales invoices and to avoid cluttering the general ledger with too much detail, and to allow for segregation of duties. The sales journal only includes credit sales to customers for merchandise. Date Nov 08 16 26
Particular ReceivableHospitalSungaiBuloh ReceivableGleneaglesMedicalCentre ReceivablePrinceCourtMedicalCentre TransferredtoSalesa/c
Amount(RM) 5,000 15,000 9,200 29,200
Return Outwards Journal Returns outwards journal, also known as purchases, returns journal is a specialized journal in which is used to records returns or allowance in respect of goods purchased. They are goods which were purchased from customer, however, because of being unsatisfactory or a different reason were returned to the suppliers.
Date Nov09 25 28
Particular PayableMedtronic PayableWellchem PayableMcQuip TransferredtoReturnOutwardsa/c
Amount(RM) 2,000 2,000 1,500 5,500
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Return Inwards Journal Returns inwards journal, also known as sales returns journal is a specialized journal in which is use to records returns or allowance in respect of goods sold. They are goods which is returned to the selling entity by the customer, due to outright returns of goods. Date Nov10 18 27
Particular
Amount(RM) 1,500 1,000 1,500 4,000
ReceivableHospitalSungaiBuloh ReceivableHospitalSungaiBuloh ReceivableGleneaglesMedicalCentre TransferredtoReturnInwardsa/c
Cash Payment Journal Cash payments journal is used to record all cash or cheque payments made by a company. Major cash payments in business are payments to creditors, cash purchases of merchandise, supplies, assets, cash payments and cash refunds to customers. Example of source document are cheque stubs and debit notes. Date Nov09 13 20 24 29 30
Details GeneralExpenses PayableMedtronic Osteomed Mizuho ElectricityBills(TNB) SalaryExpenses
Discount Received 600 600
Bank(RM) 5,400 300 4,500 10,200
Cash(RM) 500 2,000 4,500 7,000
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Cash Receipt Journal Cash receipts journal is used to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts. Cash receipts journal is only records the cash inflow of the business. Date Nov05 19 21 22 23 27
Details Sales(HATMizan) ReceivableKPJDamansara ReceivablePantaiPenang ReceivableHospitalSungaiBuloh Rentalreceived CommissionReceived
Discount Allowed 200 200
Bank(RM) 10,000 8,000 2,300 20,300
Cash(RM) 9,000 1,500 1,200 11,700
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ACCOUNTSPAYABLELEDGER Nov 05 13 13
ReturnOutwards Bank DiscountReceived
Nov 16 30
ReturnOutwards Balancec/d
Nov 25 30
ReturnOutwards Balancec/d
Accountspayablea/c‐Medtronic RM Nov 2,000 03 Purchase 5,400 600 8,000 Accountspayablea/c‐McQuip RM Nov 1,500 15 Purchases 5,500 7,000 Accountspayablea/c‐Wellchem RM Nov 2,000 16 Purchases 7,000 9,000
RM 8,000 8,000
RM 7,000 7,000
RM 9,000 9,000
ACCOUNTSRECEIVABLELEDGER Nov 08
Sales
Nov 16
Sales
Nov 26
Sales
AccountsReceivablea/c–HospitalSungaiBuloh RM Nov 5,000 10 ReturnInwards 18 ReturnInwards Bank DiscountAllowed 5,000 AccountsReceivablea/c–GleneaglesMedicalCentre RM Nov 15,000 24 ReturnInwards Balancec/d 15,000 AccountsReceivable a/c– PrinceCourtMedicalCentre RM Nov 9,200 30 Balancec/d 9,200
RM 1,500 1,000 2,300 200 5,000
RM 1,500 13,500 15,000
RM 9,200 9,200
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5.SUBSIDIARYLEDGERSACCOUNT
GENERALLEDGER Nov 30 Nov 02
Balc/d Cash
Nov 05
Bank
Nov 01
Capital
Nov 01 30
Capital TotalReceipt
Nov 01 30
Capital TotalReceipt
Capitala/c RM Nov 85,000 01 01 85,000
Cash Bank Premises
Furniturea/c RM Nov 2,000 30 Balc/d 2,000
Printera/c RM Nov 1,500 30 Balc/d 1,500 Premisesa/c RM Nov 20,000 30 20,000
Balc/d
Banka/c RM Nov 50,000 05 Printer 20,300 30 TotalPayment 30 Balc/d 70,300 Casha/c RM Nov 15,000 02 Furniture 11,700 30 TotalPayment 30 Balc/d 26,700
RM 15,000 50,000 20,000 85,000
RM
RM
RM 20,000
RM 1,500 10,200 58,600 70300
RM 2,000 7,000 17,700 26,700
2,000 2,000
1,500 1,500
20,000
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Nov 20 24 30 Dec 01
Cash Cash TotalPurchases Balb/d
Nov 30
Balc/d
Nov 30 Balc/d
Nov 30 TotalReturns Outwards Dec 01 Balb/d
Nov 30
Balc/d
Nov Dec 01
Bank Balb/d
Purchasesa/c RM Nov 2,000 30 4,500 24,000 30,500 Salesa/c RM Nov 56,200 05 19 21 30 Dec 01 56,200
Balc/d Cash Bank Bank TotalSales Balb/d
ReturnsOutwardsa/c RM Nov 5,500 30 TotalReturns Outwards 5,500 Dec 01 Balb/d ReturnsInwardsa/c RM Nov 4,000 30 Balc/d 4,000 4,000 CommissionReceiveda/c RM Nov 1,200 27 Cash 1,200 Dec 01 Balb/d Electricitya/c RM Nov 300 30 Balc/d 300 300
RM 30,500
RM
RM
30,500
9,000 10,000 8,000 29,200 56,200 56,200
5,500 5,500 5,500 RM 4,000 4,000
RM
RM
1,200 1,200 1,2000
300 300 12|P a g e
Nov 30 Dec 01
Bank Balb/d
Nov 30
Balc/d
Nov 30
Cash
Nov 22 ReceivableHospital SungaiBuloh Dec 01 Balb/d
Nov 30
Nov 30 Dec 01 30
Balc/d Balc/d Balb/d Balc/d
SalaryExpensesa/c RM Nov 4,500 30 Balc/d 4,500 4,500 CommissionReceiveda/c RM Nov 1,200 30 Cash 1,200 Dec 01 Balb/d GeneralExpensesa/c RM Nov 500 30 Balc/d 500 Dec 01 Balb/d Discountalloweda/c RM Nov 200 30 Balc/d 200 200
DiscountReceiveda/c RM Nov 600 16 PayableMedtronic 600 Dec 01 Balb/d RentalExpensesa/c RM Nov 1,500 30 Cash 1,500 Dec 1,500 01 Balb/d 1,500 1,500
30
Cash
RM
RM
4,500 4,500
1,200 1,200 1,200
RM
RM 200
200
RM 600 600 600
RM 1,500 1,500 1,500 1,500
500 500 500
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TRIAL BALANCE Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. Ledger balances are segregated into debit balances and credit balances. Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital and income accounts appear on the credit side. MECHAMEDICAL TRADING Trial Balanca as at 30 November 2018 Dr (RM) Capital Cash Bank Premises Sales Purchases Return Outwards Return Inwards Rental Received Electricity Bills Commission Received Salary Expenses General Expenses Furniture Printer Discount Allowed Discount Received Payable McQuip Payable Wellchem Receivable Gleneagles Medical Centre Receivable Prince Court Medical Centre TOTAL
Cr (RM) 85,000
17,700 58,600 20,000 56,200 30,500 5,500 4,000 1,500 300 1,200 4,500 500 2,000 1,500 200 600 5,500 7,000 13,500 9,200 162,500
162,500
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CONCLUSION
In business, the accounting process starts with recording of business transactions that are taken from several of source document, depends on type of the transactions. They are then classified and recorded in books of prime entry such as journals. Accounting transactions comprise of five categories of account, which is assets, owner’s equity, liability, revenues and expenses.
The basic accounting equation of Assets = Capital + Liabilities forms the basis of the whole double entry bookkeeping system. The equality of the accounting equation is always maintained regardless of the number of transactions recorded in the business. Every transaction will have double effects on the accounting equation. The effects will be an increase or decrease whether in assets, liabilities or capital.
After that, the total will be posted to the appropriate accounts in the ledgers. In financial accounting, journal is referring to a record of all the transactions of a business which occur within a specific time period. The business transactions are recorded chronologically in a journal each one with a short description. Specialized Journals are used by business which involved in numerous transactions each day.
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. At the end of month, trial balance is prepared. The purpose is to check whether transactions have been recorded correctly in the books of accounts. Adjustment have to be made if there are errors. If all accounting entries are recorded correctly and all the ledger balances are accurately extracted, the total of all debit balances appearing in the trial balance must equal to the sum of all credit balances.
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