[FAR 110] Accounting Project Simulation PDF

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UNIVERSITI TEKNOLOGI MARA CAWANGAN SABAHKAMPUS KOTA KINABALU(AC110)DIPLOMA IN ACCOUNTANCYFARGROUP ASSIGNMENTTOPIC: ACCOUNTING SIMULATION PROJECTPREPARED BY:PREPARED FOR:MADAM ADELINA EBUNFACULTY OF BUSINESS AND MANAGEMENTUiTM CAWANGAN SABAH, KAMPUS KOTA KINABALUSUBMISSION DUE: 3 JANUARY 2021STUDENT ...

Description

UNIVERSITI TEKNOLOGI MARA CAWANGAN SABAH KAMPUS KOTA KINABALU (AC110) DIPLOMA IN ACCOUNTANCY FAR110 GROUP ASSIGNMENT TOPIC: ACCOUNTING SIMULATION PROJECT PREPARED BY: STUDENT ID

NAME

2020824842

NUR FARAHAIEN BINTI RAHIME

2020491292

AG ABD RAHIM NORAZUAN BIN MOHIDDIN

2020600394

ZAHIRAH BINTI ZAINOL

PREPARED FOR:

MADAM ADELINA EBUN FACULTY OF BUSINESS AND MANAGEMENT UiTM CAWANGAN SABAH, KAMPUS KOTA KINABALU

SUBMISSION DUE: 3 JANUARY 2021

2

BUSINESS PROFILE. SilkyTouch Boutique Natasha sets up a business “SilkyTouch Boutique” selling branded clothing at Imago Shopping Mall on 11 November 2020. The founder and owner of this boutique is Natasha herself. She works at her boutique with 5 employees who will handle the stocks and customers meanwhile she handle the business’ account. The capital that she bought to operate SilkyTouch Boutique are RM 20,000 in cash and RM 80,000 in bank.

Business Name Owner Business Address

Type of Business Accounting Period Total of Business Capital Employees Status of Business Bank Bank Address Account Bank Number

SilkyTouch Business Natasha 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10, Off, Jalan Tun Fuad Stephens, 88100, Kota Kinabalu, Sabah. Sole- propriotership 11th November 2020 – 10th November 2021 RM 100,000 on 11th November 2020 5 Started Business Bank Islam Jalan Haji Karim , Bandar KK , 88100 , Kota Kinabalu, Sabah 020306-12-0290

3

DATE: TRANSACTIONS NOVEMBER 11 Natasha contributed capital of RM 80,000 in bank account and RM 20,000 in cash. 12 Bought clothing racks amounting RM 3,000 from Chan Trading by cheques. Bought office supplies from Kbook Store costing RM 1,500 was paid by cash. 14

16 18

21 23 24 26

Received invoices from following suppliers : Fashionlista Clothing RM 2,000 (10/15,net30) Uniqlo Clothing RM 1,400 Issued an invoice to Zara Sdn. Bhd. For goods sold worth RM 3,000. Issued a debit note to Fashionlista Clothing costing RM 1,000. Paid Uniqlo for RM 1,400 for the settlement by cheques. Paid advertising by cash to Magazine Advertising Company worth RM 500 Sold clothes to Baju Cantik Enterprise amounting RM2,000 in cash. Issued a cheque to Fashionlista Clothing for the settlement of its account. Paid insurance worth RM 2,400 by cash. Issued credit note to ZaraSdn. Bhd costing RM 500. Paid salary by cash to employees worth RM 5,000. Paid electric bills amounting RM 1,500 by cash.

4

MEMO SilkyTouch Boutique 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10, Off, Jalan Tun Fuad Stephens, 88100, Kota Kinabalu, Sabah.

Reminder : On 11 November 2020 Natasha started her own clothing business with capital amounting RM 20,000 in cash and RM 80,000 in bank.

2020201 Tarikh Date

Pay Ringgit Malaysia

1

2

1

1

2

0

D

D M M

Y

Y

CHAN TRADING

OR BEARER RM 3 000 THREE THOUSANDS ONLY

NATASHA ………………………. SIGNATURE

5

KBOOK STORE , No.165, Lot 16, Bangunan Ixora Jalan Teratai, Sabah.

No : 2344 Date : 12/11/2020

RECEIPT Sold to

:

Amount

:

SilkyTouch Boutique RM 1 500

For

:

Office Supplies

E. John KBOOK STORE ........................................ Signed

6

FASHIONLISTA CLOTHING , 89890 , Jalan Amplang , Sabah No : 2001 Date : 14/11/2020 Credit terms : 10/15 (net30)

INVOICE To: SilkyTouch Boutique , 2nd Floor , Imago Shopping Mall , KK Times Square , Lot F10 Off, Jalan Tun Fuad Stephens , 88100 , Kota Kinabalu, Sabah .

Quantity

5

Description

Blue Silk Korean Dress

Unit Price(RM)

Price(RM)

400.00

2000 TOTAL

7

2000.00

UNIQLO CLOTHING , 87680 , Jalan Ikan Basung , Sabah . No : 3101 Date : 14/11/2020

INVOICE To: SilkyTouch Boutique , 2nd Floor , Imago Shopping Mall , KK Times Square , Lot F10 Off, Jalan Tun Fuad Stephens , 88100 , Kota Kinabalu, Sabah

Quantity

Description

Unit Price(RM)

Price(RM)

5

Basic Silk T-Shirt

280.00

1400

TOTAL

8

1400.00

INVOICE SilkyTouch Boutique 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10, Off, Jalan Tun Fuad Stephens, 88100, Kota Kinabalu, Sabah. TO : Zara Clothing.

Invoice No : 1101

Address : 8978, Jalan Putatan, Sabah.

Date : 16 November 2020 Terms :

Quantity

Description

Unit Price

Total (RM)

50

Women T-shirts

30

1,500

50

Men T-shirts

30

1,500

TOTAL

3,000

SilkyTouch Boutique

Received By : Amira.

Natasha.

9

DEBIT NOTE SilkyTouch Boutique 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10, Off, Jalan Tun Fuad Stephens, 88100, Kota Kinabalu, Sabah. TO : Fashionlista Clothing.

Credit Note No. : 1001

Address : 89890, Jalan Amplang, Sabah

Date : 16 November 2020 Invoice No : 5555

Quantity 3

Description Worn out and damaged Blue Silk Korean Dress

Unit Price

Total (RM)

400

1,200

TOTAL

1,200

SilkyTouch Boutique

Received By : Helen.

Natasha.

10

2020202 Tarikh Date

Pay Ringgit Malaysia

UNIQLO CLOTHING

1

8

1

1

2

0

D

D M M

Y

Y

OR BEARER RM 1 400

ONE THOUSAND FOUR HUNDREDS ONLY

11

MAGAZINE ADVERTISING COMPANY , 80989 , Jalan Kerengga , Sabah . No : 2345 Date : 18/11/2020

RECEIPT Sold to

: SILKYTOUCH BOUTIQUE

FIVE HUNDRED ONLY

/ RM 500.00

For : Magazine Advertising Service

12

No : 8102

SilkyTouch Boutique,

Date : 21/11/2020 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10 Off, Jalan Tun Fuad Stephens, 88100 , Kota Kinabalu, Sabah

RECEIPT Sold to

:

Amount

:

Baju Cantik Enterprise RM 2 000

For

:

Clothes

13

2020203 Tarikh Date

Pay

2

3

1

1

2

0

D

D M M

Y

Y

FASHIONLISTA CLOTHING

Ringgit Malaysia

OR BEARER RM 900 NINE HUNDRED ONLY

PAYMENT VOUCHER SilkyTouch Boutique, 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10 Off, Jalan Tun Fuad Stephens, 88100 , Kota Kinabalu, Sabah

No. 1. Paid Insurance

Description

COPY No: 238020 Date: 23.11.2020

Amount (RM) RM 2,400 RM2,400

Ringgit:

Natasha

Cash / Cheque No :

14

SilkyTouch Boutique 2nd Floor , Imago Shopping Mall , KK Times Square , Lot F10 Off, Jalan Tun Fuad Stephens , 88100 , Kota Kinabalu, Sabah . No : 1234 Date : 24/11/2020 Invoice No : 1122

CREDIT NOTE To : Zara Clothing , 89798 . Jalan Putatan , Sabah .

Description

RM

Return Inwards.

500.00

Total WORTH : FIVE HUNDRED ONLY

15

500.00

PAYMENT VOUCHER SilkyTouch Boutique, 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10 Off, Jalan Tun Fuad Stephens, 88100 , Kota Kinabalu, Sabah

No. Description 1. Salary to employees

COPY No: 238021 Date: 26.11.2020

Amount (RM) RM 5000 RM5 000

Ringgit:

Natasha

Cash / Cheque No :

..................... (Owner)

16

PAYMENT VOUCHER SilkyTouch Boutique, 2nd Floor, Imago Shopping Mall, KK Times Square, Lot F10 Off, Jalan Tun Fuad Stephens, 88100 , Kota Kinabalu, Sabah

COPY No: 238022 Date: 26.11.2020

To : Tenaga Nasional Berhad 1st Floor, Wisma Sesb, Jalan Manisan, , 88100 Kota Kinabalu, Sabah

No. Description 1. Paid electricity bills

Amount (RM) RM 1 500 RM1 500

Ringgit:

Natasha

Cash / Cheque No : 5000

..................... (Owner)

17

Accounting Equation. Date

Assets

11/11/2020 (+) 80,000 (+) 20,000 12/11/2020 (+) 3,000 (-) 3,000 (+) 1,500 (-) 1,500 14/11/2020

=

Liabilities

+ Capital (+) 80,000 (+) 20,000

Owner’s Equity - Drawings + Revenue

(+) 2,000 (+) 1,400

(-) 2,000 (-) 1,400

16/11/2020 (+) 3,000 18/11/2020 (-) 1,400 (-) 500 21/11/2020 (+) 2,000 23/11/2020 (-) 900 (-) 2,400 24/11/2020 (-) 500 26/11/2020 (-) 5000 (-) 1,500

- Expenses

(+) 3,000 (-) 1,000 (-) 1,400

(+) 1,000 (-) 500 (+) 2,000 (+) 100

(-) 1,000

(-) 2,400 (-) 500

0

100,000

92800

4600 92800

18

(-) 5,000 (-) 1,500 -11,800

JOURNAL GENERAL JOURNAL DATE 11/11/2020

ACCOUNTS & EXPLAINATION

INVOICE NO.

Bank Cash Capital

FOLIO

DEBIT

G.L G.L G.L

80000 20000

10/12/2020

DATE

10000

PURCHASES JOURNAL INVOICE ACCOUNTS & EXPLAINATION NO.

14/11/2020 Fashionlista Clothing 14/11/2020 Uniqlo Clothing 10/12/2020 TRANSFER TO PURCHASES ACCOUNT

2001 3101

19

CREDIT

10000 10000

FOLIO AMOUNT (RM) P.L P.L G.L

2000 1400 3400

DATE

SALES JOURNAL INVOICE NO. ACCOUNTS & EXPLAINATION

16/11/2020 Zara Sdn. Bhd 10/12/2020 TRANSFER TO SALES ACCOUNT

DATE

1101

PURCHASES RETURN ACCOUNTS & CREDIT NOTE EXPLAINATIONS NO.

16/11/2020 Fashionlista Clothing TRANSFER TO PURCHASES RETURN ACC 10/12/2020

20

1001

FOLIO AMOUNT (RM) S.L

3000 3000

FOLIO

AMOUNT (RM)

P.L

1000

P.L

1000

DATE 24/11/2020 10/12/2020

DATE 21/11/2020

SALES RETURN ACCOUNTS & CREDIT NOTE EXPLAINATIONS NO. Zara Sdn Bhd TRANSFER TO SALES RETURN ACC

1001

FOLIO

AMOUNT (RM)

C.L G.L

500 500

CASH RECEIPT JOURNAL ACCOUNTS TO BE RECEIPT DISCOUNT CREDITED NO. ALLOWED FOLIO

Baju Cantik Enterprise TRANSFER TO CASH 10/12/2020 ACCOUNT

8102

21

BANK

CASH

S.L

2000

G.L

2000

DATE 12/11/2020 18/11/2020

23/11/2020 26/11/2020 10/12/2020

CASH PAYMENT JOURNAL ACCOUNTS TO BE RECEIPT DISCOUNT DEBITED NO. RECEIVED FOLIO

BANK

CASH

Clothing Racks Office Supplies Uniqlo Clothing Magazine Advertising Company Fashionlista Clothing

2020201 2344 2020202

G.L G.L P.L

3000

2345 2020203

G.L P.L

Insurance

238020

G.L

2400

Salary Electric Bills TRANSFER TO BANK & CASH

238021 238022

G.L G.L

5000 1500 10900

1500 1400 500 100

100

22

900

5300

LEDGERS (GENERAL LEDGER) Bank Date Particulars 11/11/2020 Capital 10/12/2020 Total Cash Payment

Debit 80,000

Credit

Balance

5,300 74,700

Cash Date Particulars 11/11/2020 Capital 10/12/2020 Total Cash Receipts Total Cash Payment

Debit 20,000 2,000

Credit

Balance

10,900 11,100

Capital Date Particulars 11/11/2020 Total Assets

Debit

Credit 100,000

Balance

-100,000

Purchases Account Date Particulars 10/12/2020 Total Creditors

Debit 3,400

23

Credit

Balance 3,400

Sales Account Date Particulars 21/11/2020 Cash 10/12/2020 Total Debtors

Debit

Credit 2,000 3,000

Balance -5,000

Sales Return Account Date Particulars 10/12/2020 Total Debtors

Debit

Credit

500

Balance 500

Purchases Return Account Date Particulars 10/11/2020 Total Creditors

Debit

Credit 1,000

Balance -1,000

Clothing Racks Account Date Particulars 12/11/2020 Bank

Debit 3,000

24

Credit

Balance 3,000

Office Supplies Account Date Particulars 12/11/2020 Cash

Debit 1,500

Credit

Balance 1,500

Magazine Advertising Company Date Particulars 18/11/2020 Bank

Debit

Credit

500

Balance 500

Insurance Date Particulars 23/11/2020 Cash

Debit 2,400

Credit

Balance 2,400

Credit

Balance 5000

Salary Date Particulars 18/11/2020 Cash

Debit 5000

25

Electric Bills Date Particulars 26/11/2020 Cash

Debit 1,500

Credit

Balance 1,500

Credit

Balance -100

Discount Received Date Particulars 10/11/2020 Total Creditors

Debit 100

26

(SALES LEDGER) Zara Sdn Bhd Date Particulars 16/11/2020 Sales 24/11/2020 Sales Return

Debit 3000

Credit

Balance

500 2,500

(PURCHASES LEDGER) Fashionlista Clothing Date Particulars 14/11/2020 Purchases 16/11/2020 Purchases Return 23/11/2020 Bank Discount Received

Debit

Credit 2,000

1,000 900 100

Balance

0

Uniqlo Clothing Date Particulars 14/11/2020 Purchases 10/11/2020 Bank

Debit

Credit 1,400

Balance

1,400 0

27

th

TRIAL BALANCE AS AT 10 DECEMBER 2020. Particulars Bank Cash Capital Purchases Sales Sales Return Purchases Return Clothing Racks Office Supplies Magazine Advertising Company Insurance Salary Electric Bills Discount Received Zara Sdn Bhd

Debit 74,700 11,100

TOTAL

106,100

Credit

100,000 3,400 5,000 500 1,000 3,000 1,500 500 2,400 5,000 1,500 100 2,500

106,100

28

SilkyTouch Boutique th

A Statement of Profit and Loss for the year ended 10 December 2020. RM 5,000 (500)

Sales (-) sales return / return inwards Less : Cost of Sales Opening Stock Purchases (-) Purchases return / return outwards (-) Discount received / purchases discount (+) Carriage Inwards (-) Closing Stock Gross Profit

RM 4,500

0 3,400 (1,000) (100) 0 0

Add : Other Income / Revenues Less : Expenditure Magazine Advertising Company Insurance Salary Electric bills Net Loss

500 2,400 5,000 1,500

29

2,300 2,200

9,400 -7,200

SilkyTouch Boutique th

Statement of Financial Position As At 10 December 2020. RM Fixed Assets / Non-Current Asset Clothing racks Office Supplies

RM

3,000 1,500

RM

4,500

Intangible Assets

Investment Current Assets Closing Stocks Account receivable Bank Cash

0 2,500 74,700 11,100

Financed by : Owner’s Equity Capital Net Loss

100,000 (7,200)

Long Term Liabilities Current Liabilities

30

88,300 92,800

92,800...