Group Assignment (ACC)- INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING PDF

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FACULTY OF BUSINESS AND MANAGEMENTUNIVERSITI TEKNOLOGI MARA (UITM)KAMPUS KOTA KINABALU, SABAHDIPLOMA IN BANKINGINTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING(ACC106)_____________________________________________________________________GROUP ASSIGNMENT______________________________________________...

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FACULTY OF BUSINESS AND MANAGEMENT UNIVERSITI TEKNOLOGI MARA (UITM) KAMPUS KOTA KINABALU, SABAH

DIPLOMA IN BANKING INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING (ACC106) _____________________________________________________________________ GROUP ASSIGNMENT _____________________________________________________________________

PREPARED BY: 1. SITI NAFISAH BINTI MOHAMAD NOR (2020891918) 2. NURUL HANIS SOFEA BINTI MOHD HAFIZ (2020895886) 3. NURUL AFIQAH RIDHUAH BINTI MOHAMAD (2020833026)

PREPARED FOR: MOHD SOBRE BIN ISMAIL

SUBMISSION DATE: 18 DECEMBER 2020

1

TABLE OF CONTENTS

NO

CONTENTS

PAGE

1

INTRODUCTION

3

2

TRANSACTIONS

4

3

JOURNALS

5-7

4

LEDGERS AND CLOSING OF ACCOUNT

8-14

5

TRIAL BALANCE

15

2

INTRODUCTION

The name of the business is Showbox Bookstores. It is located in Lot A03, 2nd Floor, Aeon Mall Taman Bukit Bintang, Jalan Cheng Lock, Cheras 56700 Kuala Lumpur. This bookstore open daily from 10.00 a.m. until 10.00 p.m. Showbox Bookstores is a sole proprietorship business. This business has started on 1st December 2019 with capital of RM54,000. Our business company currently sells to get books stocked in a local bookstore for reasons of our own, such as validation or ambition, the bookseller’s objective is far more practical: to run a successful bookstore. As an easy access we provided machines card so that our customers can use debit or credit card while purchasing our goods. Last but not least, our financial year ended in 31 December 2019 and the business transactions took place in December 2019.

3

TRANSACTIONS Date

Type of Journal CRJ GJ

The owner started the business with cash amount RM15,000 and motor vehicle worth RM54,000

2

CPJ

Made a store rental payment worth RM500 by cheque

3

SJ

Sold goods worth RM1,000 on credit to MPH Bookstore

5

PJ

6

CRJ

Purchased goods on credit from Harith Bookstore amounting RM 500 Cash sales amounting to RM300 to Puan Hidayah

7

ROJ

Returned goods worth RM100 to Harith Bookstore

8

SJ

11

GJ

Sold goods on credit to Hafiz Bookstore amounting to RM3,000 Business took goods amounting RM500 for annual dinner

12

RIJ

13

PJ

14

CRJ

16

RIJ

17

ROJ

MPH bookstore returned faulty goods to the business worth RM100 The business purchased good from Samsan bookstore worth RM5,000 on credit Received cheque amounting RM900 from MPH Bookstore for settlement of its debt Hafiz Bookstore returned goods of RM450 to the business due to false specification Returned faulty goods to Samsan Bookstore worth RM600

19

GJ

Bought computer for RM2,000 on credit from Nurul Gadget

20

CPJ

21

SJ

Purchased goods Samsan Bookstore amounting RM1,000. The payment was made by cash Credit sales of RM2,500 to Ida Bookstore

23

PJ

25

ROJ

Purchased goods from Popular Bookstore worth RM3,000 on credit Returned faulty goods to Popular Bookstore worth RM200

26

RIJ

Ida bookstore returned faulty goods amounting RM400

28

CPJ

29

CRJ

Made full payment to Popular Bookstore by cheque and received RM250 discount Received commission of RM450 by cash

Dec 1

Transaction

4

JOURNALS

General Journal Date

Details

Folio

2019 Dec 1 Motor vehicle

Debit

Credit

RM

RM

54,000

Capital

54,000

(brought in motor vehicle as capital) 11 Drawings

500

Purchases

500

(withdrew goods for personal annual dinner) 19 Computer

2,000

Nurul Gadget (creditor)

2,000

(bought computer on credit)

Purchases Journal Date

Particulars

Invoice no.

Folio

Amount (RM)

2019 Dec 5 Harith Bookstore (creditor)

500

13 Samsan Bookstore (creditor)

5,000

23 Popular Bookstore (creditor)

3,000

31 Transfer to purchases ledger

8,500

5

Return Outwards Journal Date

Particulars

CN/DN

Folio

no.

Amount (RM)

2019 Dec 7 Harith Bookstore (creditor)

100

17 Samsan Bookstore (creditor)

600

25 Popular Bookstore (creditor)

200

31 Transfer to return outwards journal

900

Sales Journal Date

Particulars

Invoice no.

Folio

Amount (RM)

2019 Dec 3 MPH Bookstore (debtor)

1,000

8 Hafiz Bookstore (debtor)

3,000

21 Ida Bookstore (debtor)

2,500

31 Transfer to sales ledger

6,500

Return Inwards Journal Date

Particulars

CN/DN no.

Folio

Amount (RM)

2019 Dec 12

MPH Bookstore (debtor)

100

16 Hafiz bookstore (debtor)

450

26 Ida Bookstore (debtor)

400

31 Transfer to return inwards ledger

950

6

Cash Receipt Journal Date

Cheque

Details

Folio

Cash

Bank

Sales

No. 2019

RM

Dec 1

Capital

6

Sales

14

MPH

RM

RM

Account

Commission

Receivables

Received

RM

RM

Capital

RM

15 000

15 000

300

300 900

900

Bookstore (debtor) 29

Commission

450

450

Received 31

15,750

900

300

900

450

15,000

Cash Payment Journal Date

Cheque

Details

Folio

Cash

Bank

Rental

Purchase

No. 2019 Dec 2

RM Rental

RM

RM

500

500

RM

Discount

Account

Received

payables

RM

RM

250

2,800

250

2,800

payment 20

Purchased

1,000

1,000

goods 28

Popular

2,550

Bookstore (creditor) 31

1,000

3,050

500

1,000

7

LEDGERS

Motor Vehicle Date

Particular

2019 Dec 1

Transfer from general

Debit

Date

RM

2019

54,000

Dec 31

Particular

Credit RM

Balance c/d

54,000

journal 54,000

54,000

2020 Jan 1

Balance b/d

54,000

Capital Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

69,000

Dec 1

Particular

Credit RM

Transfer from general

54,000

journal 31 Transfer from cash

15,000

receipt journal 69,000

69,000 2020 Jan 1

Balance b/d

69,000

Drawings Date

Particular

2019 Dec 11

Transfer from general

Debit

Date

RM

2019

500

Dec 31

Particular

Credit RM

Balance c/d

500

journal 500

500

2020 Jan 1

Balance b/d

500

8

Purchases Date

Particular

2019 Dec 31

Transfer from

Debit

Date

RM

2019

8,500

Dec 11

purchases journal 31 Transfer from cash

Particular

Credit RM

Transfer from general

500

journal 1,000

31 Balance c/d

9,000

payment journal 9,500

9,500

2020 Jan 1

Balance b/d

9,000

Computer Date

Particular

2019 Dec 19

Transfer from

Debit

Date

RM

2019

2,000

Dec 31

Particular

Credit RM

Balance c/d

2,000

general journal 2,000

2,000

2020 Jan 1

Balance b/d

2,000

Nurul Gadget (creditor) Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

2,000

Dec 19

Particular

Credit RM

Transfer from general

2,000

journal 2,000

2,000 2020 Jan 1

Balance b/d

2,000

9

Harith Bookstore (creditor) Date

Particular

2019 Dec 7

Transfer from return

Debit

Date

RM

2019

100

Dec 5

outwards journal 31 Balance c/d

Particular

Credit RM

Transfer from

500

purchases journal 400 500

500 2020 Jan 1

Balance b/d

400

Samsan Bookstore (creditor) Date

Particular

2019 Dec 17

Transfer from return

Debit

Date

RM

2019

600

Dec 13

outwards journal 31 Balance c/d

Particular

Credit RM

Transfer from

5,000

purchases journal 4,400 5,000

5,000 2020 Jan 1

Balance b/d

4,400

Popular Bookstore (creditor) Date

Particular

2019 Dec 25

Transfer from return

Debit

Date

RM

2019

200

Dec 23

outwards journal 31 Transfer from cash

Particular

Credit RM

Transfer from

3,000

purchases journal 2,800

payment journal 3,000

3,000

10

Return Outwards Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

900

Dec 31

Particular

Credit RM

Transfer from return

900

outwards journal 900

900 2020 Jan 1

Balance b/d

900

Sales Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

6,800

Dec 31

Particular

Credit RM

Transfer from sales

6,500

journal 31 Transfer from cash

300

receipt journal

6,800

6,800 2020 Jan 1

Balance b/d

6,800

MPH Bookstore (debtor) Date

Particular

2019 Dec 3

Transfer from sales

Debit

Date

RM

2019

1,000

Dec 12

journal

Particular

Credit RM

Transfer from return

100

inwards journal 31 Transfer

from

cash

900

receipt journal 1,000

1,000

11

Hafiz Bookstore (debtor) Date

Particular

2019 Dec 8

Transfer from sales

Debit

Date

RM

2019

3,000

Dec 16

journal

Particular

Credit RM

Transfer from return

450

inwards journal 31 Balance c/d

2,550

3,000

3,000

2020 Jan 1

Balance b/d

2,550

Ida Bookstore (debtor) Date

Particular

2019 Dec 21

Transfer from sales

Debit

Date

RM

2019

2,500

Dec 26

journal

Particular

Credit RM

Transfer from return

400

inwards journal 31 Balance c/d

2,100

2,500

2,500

2020 Jan 1

Balance b/d

2,100

Return Inwards Date

Particular

2019 Dec 31

Transfer from return

Debit

Date

RM

2019

950

Dec 31

Particular

Credit RM

Balance c/d

950

inwards journal 950

950

2020 Jan 1

Balance b/d

950

12

Cash Date

Particular

2019 Dec 31

Transfer from cash

Debit

Date

RM

2019

15,750

Dec 31

receipt journal

Particular

Credit RM

Transfer from cash

1,000

payment journal

31 Balance c/d

14,750

15,750

15,750

2020 Jan 1

Balance b/d

14,750

Bank Date

Particular

2019 Dec 31

Transfer from cash

Debit

Date

RM

2019

900

Dec 31

receipt journal

31 Balance c/d

Particular

Credit RM

Transfer from cash

3,050

payment journal

2,150 3,050

3,050 2020 Jan 1

Balance b/d

2,150

Commission Received Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

450

Dec 31

Particular

Credit RM

Transfer from cash

450

receipt journal

450

450 2020 Jan 1

Balance b/d

450 13

Rental Expenses Date

Particular

2019 Dec 31

Transfer from cash

Debit

Date

RM

2019

500

Dec 31

Particular

Credit RM

Balance c/d

500

payment journal

500

500

2020 Jan 1

Balance b/d

500

Discount Received Date

Particular

2019 Dec 31

Balance c/d

Debit

Date

RM

2019

250

Dec 31

Particular

Credit RM

Transfer from cash

250

payment journal

250

250 2020 Jan 1

Balance b/d

250

14

TRIAL BALANCE

Showbox Bookstores Trial Balance as at 1 January 2020 Debit (RM) Motor vehicle

Credit (RM)

54,000

Capital

69,000

Drawings

500

Purchases

9.000

Computer

2,000

Nurul Gadget (creditor)

2,000

Harith Bookstore (creditor)

400

Samsan Bookstore (creditor)

4,400

Return Outwards

900

Hafiz Bookstore (debtor)

2,550

Ida Bookstore (debtor)

2,100

Sales Return Inwards Cash

6,800 950 14,750

Bank

2,150

Commission received Rental expenses

450 500

Discount received TOTAL

350 86,350

86,350

15...