DIPLOMA IN ACCOUNTING

AA101 4.1

INTERMEDIATE FINANCIAL ACCOUNTING 2

PFA 2153

GROUP PROJECT

PREPARED BY :

NAME NO . ID
MASHITAH BINTI SHUIB ASJ210110271
NAZATUL IESNA BINTI ABDUL AZIZ ASJ210110259
AISYAH MAISYARAH BINTI SAIFUL ANUAR ASJ210110257
DINI ADWA’ MIZA BINTI NOR ZAINI ASJ210110358
INTAN SYAMIMIE BINTI SHAHARUL NIZAM ASJ210110382

SUBMISSION DATE : 6 SEPTEMBER 2022

PREPARED FOR :

MADAM FADLIZAWATI BTE ISA

 TABLE OF CONTENT

CONTENTS PAGES
INTRODUCTION 1
FIRST YEAR : TRIAL BALANCE 2
: STATEMENT OF COMPREHENSIVE INCOME 3
: APPROPRIATION ACCOUNT 4
: PARTNERS’ CURRENT ACCOUNT 5
: PARTNERS’ CAPITAL ACCOUNT 5
: STATEMENT OF FINANCIAL POSITION 6
SECOND YEAR : TRIAL BALANCE 7
: STATEMENT OF COMPREHENSIVE INCOME 8
: APPROPRIATION ACCOUNT 9
: PARTNERS CURRENT ACCOUNT 10
: GOODWILL ACCOUNT 11
: REVALUATION ACCOUNT 12
: PARTNERS’ CAPITAL ACCOUNT 13
: STATEMENT OF FINANCIAL POSITION 14
: CONCLUSION 15
: REFERENCE 16
 INTRODUCTION

THE NAME OF THE BUSINESS IS ACY STORE BOOKSHOP. WHICH IS LOCATED AT

DAMANSARA, KUALA LUMPUR AND AT SHAH ALAM,SELANGOR. BASICALLY THIS PATNERSHIP
BUSINEES IS ABOUT SELLING AND PROVIDING STATIONARY,BOOKS AND OTHER STUFFS FOR
DAILY USAGE AND STUDY. OUR ACCOUNTING BUSINESS YEAR ENDED 31 DECEMBER AT EVERY
YEAR.QASEH, QHALISH AND AYDEN ARE IN PARTNERSHIP SINCE 2019 AND THEIR AGREEMENT
INCLUDES THE FOLLOWING PROVISIONS. SUCH AS INTEREST ON CAPITAL AT 10% PER ANNUM.
THE INTEREST ON DRAWING IS AT 5% PER ANNUM. QASEH IS TO RECEIVE SALARY RM1 800. THE
PROFIT SHARING BETWEEN QASEH,QHALISH AND AYDEN IS 2:2:1. THE YEAR ENDED FOR THIS
PARTNERSHI BUSINESS IS AT 31 DECEMBER 2019.

ON 31 DECEMBER 2020, QHALISH DIED BECAUSE OF AN ACCIDENT AND BEING REPLACE

WITH HIS OWN TWIN WHICH IS QHALISAH. QHALISAH JOIN THE PARTNERSHIP. THEN, SHE
CONTRIBUTE RM10 000 CASH AS CAPITAL AND RM5 000 CASH FOR HER CONTRIBUTION FOR A
GOODWIL. A NEW AGGREMENT WAS DRAWN UP WHICH STATED THE FOLLOWING. INTEREST ON
CAPITAL AT 5% PER ANNUM. QASEH IS TO RECEIVE SALARY RM2 000. AND THEIR PROFIT
SHARING RATIO BETWEEN QASEH, AYDEN AND QHALISAH ARE 4:4:2.

1
 ACY STORE BOOKSHOP

TRIAL BALANCE AS AT 31 DECEMBER 2019

RM RM
MOTOR VEHICLES 20000
EQUIPMENT 8000
ACCUMULATED DEPRECIATION : MOTOR VEHICLES 3500
: EQUIPMENT 1100
ACCOUNT RECEIVABLES 4000
ACCOUNT PAYABLE 6450
BANK 5000
INVENTORY AS AT 1 JANUARY 2021 16500
CASH 2000
CAPITAL : QASEH 6231
: QHALISH 6231
: AYDEN 3115
LOAN FROM BANK 10000
MORTGAGE LOAN 8000
DRAWING : QASEH 1200
: QHALISH 1200
: AYDEN 600
SALES 35153
PURCHASES 13200
SALES RETURN 300
PURCHASE RETURN 150
CARRIAGE INWARDS 500
INSURANCE ON PURCHASES 300
RENT 3000
SALARIES : QASEH 1800
: QHALISH 1800
: AYDEN 900
ADVERTISING 500
DISCOUNT ALLOWED 450
DISCOUNT RECEIVED 970
MISCELLANEOUS EXPENSES 250
TELEPHONE EXPENSES 250
COMMISSION RECEIVED 850
81 750 81 750

2
 ACY STORE BOOKSHOP

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019

RM RM RM
SALES 35153
(-) SALES RETURN (300)
DISCOUNT ALLOWED (450) (750)
NET SALES 34403

LESS : COST OF GOODS SOLD

OPENING INVENTORY 16500
(+) PURCHASES 13200
(-) PURCHASES RETURN (150)
DISCCOUNT RECEIVED (970)
(+) INSURANCE ON PURCHASES 300
CARRIAGE INWARDS 500 12880
COSTS OF GOODS AVAILABLE FOR SALES 29380
(-) CLOSING INVENTORY (5 000)
COST OF GOODS SOLD (24380)
GROSS PROFIT 10023

ADD: OTHER REVENUE

COMMISSION RECEIVED 850

LESS : EXPENSES
RENT (3000)
SALARY (4500)
ADVERTISING (500)
MISCELLANEOUS EXPENSES (250)
TELEPHONE EXPENSES (250) (8500)
NET INCOME 2373

3
 APPROPRIATION ACCOUNT

INTEREST ON CAPITAL : NET INCOME 2373

QASEH ( 10% x 6231 ) 623

QHALISH ( 10% x 6231 ) 623 INTEREST ON DRAWING :

AYDEN ( 10% x 3115 ) 312 QASEH ( 5% x 1200 x 12/12 ) 60

QHALISH ( 5% x 1200 x 12/12) 60

AYDEN ( 5% x 600 x 12/12 ) 30

PARTNERS’ SALARY :

QASEH 1800

REMAINING LOSS :

QASEH ( 2/5 × 3 208) 1283

QHALISH ( 2/5 × 3 208 ) 1283

AYDEN ( 1/5 × 3 208 ) 642

3 358 3 358

4
 PARTNERS’ CURRENT ACCOUNT

QASEH QHALISH AYDEN QASEH QHALISH AYDEN

BALANCE B/D 6600 6600 3300
INTEREST ON 60 60 30 PARTNERS 1800 - -
DRAWING SALARY
DRAWING 1200 1200 600 INTEREST ON 623 623 312
CAPITAL
REMAINING LOSS 1 283 1 283 642
BALANCE C/D 6 480 4680 2 340
9 023 7 223 3 612 9 023 7 223 3 612

PARTNERS’ CAPITAL ACCOUNT

QASEH QHALISH AYDEN QASEH QHALISH AYDEN

BALANCE B/D 6231 6231 3115

BALANCE C/D 6231 6231 3115

6231 6231 3115 6231 6231 3115

5
 ACY STORE BOOKSHOP

STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2019

RM RM
ASSETS :
NON – CURRENT ASSETS :
MOTOR VEHICLES 20000
(-) ACCUMULATED DEPRECIATION (3500) 16 500
EQUIPMENT 8000
(-) ACCUMULATED DEPRECIATION (1100) 6 900

CURRENT ASSETS :
CLOSING INVENTORIES 5000
BANK 5000
ACCOUNT RECEIVABLES 4000
CASH 2000 16 000
TOTAL ASSETS : 39 400

OWNER’S EQUITY :
CAPITAL 15577
(+) NET INCOME 2373
(-) DRAWING (3000) 14 950

NON-CURRENT LIABILITY :
MORTGAGE LOAN 8000
LOAN BANK 10000 18 000

CURRENT LIABILITY :
ACCOUNT PAYABLES 6 450
TOTAL EQUITY AND LIABILITIES 39400

6
 ACY STORE BOOKSHOP

TRIAL BALANCE AS AT 31 DECEMBER 2020

RM RM
MOTOR VEHICLES 18 000
EQUIPMENT 12 000
ACCUMULATED DEPRECIATION : MOTOR VEHICLES 4 000

: EQUIPMENT 1 500
ACCOUNT RECEIVABLES 4 500
ACCOUNT PAYABLE 7 500
BANK 50 000
INVENTORY AS AT 1 JANUARY 2020 18 500
CASH 14 000
CAPITAL : QASEH 12 000

: QHALISH 12 000

: AYDEN 8 400
LOAN FROM BANK 10 000
MORTGAGE LOAN 8 000
DRAWING : QASEH 600

: QHALISH 600

: AYDEN 1 200
SALES 80 000
PURCHASES 15 000
SALES RETURN 200
PURCHASE RETURN 250
CARRIAGE INWARDS 700
INSURANCE ON PURCHASES 400
RENT 3 000
SALARIES : QASEH 2 000

: QHALISH 2 000

: AYDEN 1 100
ADVERTISING 650
DISCOUNT ALLOWED 400
DISCOUNT RECEIVED 1 000
MISCELLANEOUS EXPENSES 400
TELEPHONE EXPENSES 300
COMMISSION RECEIVED 1 000
PREPAID INSURANCE 100
145 650 145 650

7
 ACY STORE BOOKSHOP

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020

RM RM RM
SALES 80 000
( - ) SALES RETURN 200
DISCOUNT ALLOWED 400 ( 600 )
NET SALES 79 400
( - ) COST OF GOOD SOLD
OPENING INVENTORY 18 500
( + ) PURCHASES 15 000
( - ) PURCHASES RETURN ( 250 )
DISCOUNT RECEIVED ( 970 )
( + ) INSURANCE ON PURCHASES 400
CARRIAGE INWARDS 700 14 880
COST OF GOODS AVAILABLE FOR SALES 33 380
( - ) CLOSING INVENTORY ( 4 000 )
COST OF GOOD SOLD ( 29 380 )
GROSS PROFIT 50 020
( + ) OTHER REVENUE
COMMISSION RECEIVED 1 000
( - ) EXPENSES
RENT 3 000
SALARIES 5 100
ADVERTISING 650
MISCELLANEOUS EXPENSES 400
TELEPHONE EXPENSES 300
( 9 450 )
NET INCOME 41 570

ADDITIONAL INFORMATION :

1. GOODWILL WAS VALUED RM 50 000 AND IT IS NOT MAINTAINED IN THE BOOK .

2. AFTER DEATH , THE VALUED OF FREEHOLD LAND WAS INCREASED BY RM 45 000 WHILE
THE VALUE OF EQUIPMENT & MOTOR VEHICLES DECREASED BY RM 4 000 & RM 5 000 .
3. ACY STORE BOOKSHOP WAS ADDED RM 4 492 IN THE ACCOUNT PAYABLE AT THE
STATEMENT OF FINANCIAL POSITION THE YEAR ENDED 31 DECEMBER 2020 .

8
 APPROPRIATION ACCOUNT

INTEREST ON CAPITAL : NET INCOME 41 570

QASEH ( 5% x 12 000 ) 600

QHALISH ( 5% x 12 000 ) 600 INTEREST ON DRAWING :

AYDEN ( 5% x 8 400 ) 420 QASEH ( 5% x 600 x 12/12 ) 30

QHALISH ( 5% x 600 x 12/12) 30

AYDEN ( 5% x 1 200 x 12/12 ) 60

PARTNERS’ SALARY :

QASEH 2 000

REMAINING PROFIT :

QASEH ( 2/5 × 38 070 ) 15 228

QHALISH ( 2/5 × 38 070 ) 15 228

AYDEN ( 1/5 × 38 070 ) 7 614

41 690 41 690

9
 PARTNERS’ CURRENT ACCOUNT

QASEH QHALISH AYDEN QASEH QHALISH AYDEN

BALANCE B/D 6 480 4 680 2 340
INTEREST ON 30 30 60 PARTNERS 2 000 - -
DRAWING SALARY
DRAWING 600 600 1 200 INTEREST ON 600 600 420
CAPITAL
PATNERS CAPITAL - 19 878 - REMAINING 15 228 15 228 7 614
ACCOUNT PROFIT
BALANCE C/D 23 678 - 9 114
24 308 20 508 10 374 24 308 20 508 10 374

10
 GOODWILL ACCOUNT

PATNERS’ CAPITAL ACCOUNT : PATNERS’ CAPITAL ACCOUNT :

QASEH ( 2/5 x 50 000 ) 20 000 QASEH ( 4/10 × 50 000 ) 20 000

QHALISH ( 2/5 x 50 000 ) 20 000 AYDEN ( 4/10 × 50 000 ) 20 000

AYDEN ( 1/5 x 50 000 ) 10 000 QHALISAH ( 2/10 × 50 000 ) 10 000

50 000 50 000

11
 REVALUATION ACCOUNT

EQUIPMENT 4 000 LAND 45 000

MOTOR VEHICLES 5 000

PROFIT ON REVALUATION :

QASEH ( 2/5 × 36 000 ) 14 400

QHALISH ( 2/5 × 36 000 ) 14 400

AYDEN ( 1/5 × 36 000 ) 7 200

45 000 45 000

12
 PARTNERS’ CAPITAL ACCOUNT

QASEH QHALISH AYDEN QHALISAH QASEH QHALISH AYDEN QHALISAH

GOODWILL 20 000 - 20 000 10 000 BALANCE B/D 6231 6231 3115 -
GOODWILL 20 000 20 000 10 000 -
BANK - 60 509 - - PROFIT ON 14 400 14 400 7 200 -
REVALUATION
PARTNERS - 19 878 - -
CURRENT
ACCOUNT
CASH - - - - 5 000
GOODWILL
CASH - CAPITAL - - - 10 000

BALANCE C/D 20 631 - - 5 000 BALANCE C/D - - 8 685 -

40 631 60 509 20 000 15 000 40 631 60 509 20 000 15 000

13
 ACY STORE BOOKSHOP

STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2020

RM RM
ASSETS :
NON – CURRENT ASSETS :
MOTOR VEHICLES 18 000
(-) ACCUMULATED DEPRECIATION (4 000) 14 000
EQUIPMENT 12 000
(-) ACCUMULATED DEPRECIATION (1500) 10 500

CURRENT ASSETS :
CLOSING INVENTORIES 4 000
BANK 50 000
ACCOUNT RECEIVABLES 4 500
CASH 14 000
PREPAID INSURANCE 100 72 600
TOTAL ASSETS : 97 100

FINANCED BY :
PARTNERS’ CAPITAL ACCOUNT :
QASEH 20 631
AYDEN 8 685
QHALISAH 5 000 34 316

PARTNERS’ CURRENT ACCOUNT :

QASEH 23 678
AYDEN 9 114 32 792

NON-CURRENT LIABILITY :
MORTGAGE LOAN 8 000
LOAN BANK 10 000 18000

CURRENT LIABILITY :
ACCOUNT PAYABLES ( 7 500 + 4 492) 11 992
TOTAL EQUITY AND LIABILITIES 97 100

14
 CONCLUSION

The conclusion that can be conclude in this project is before the statement is being
recorded directly , the partner’s of business need to obey the agreement and the following
provisions. Partnership can be a successful way to run a business, but it can also destroy
friendships. Picking the right partner is a vital step in the strategic planning of a business. All
partners should enter into a general contract with all expectations clearly stated in writing for
their own protection as well as the protection of the partners. For the first years, we need to
comfirmed that all the amount and differences of each partners , so the correctly amount will
record perfectly in statement of financial position. It it also useful for the another next year
which for the second year transanction, we need to create the new agreement because one of
the partnership is gone, and replace with his sister. In addition, all the statement will be record
acccording the new agreement, so the totally for profit and loss will get the new. We need to
record the amount again in appriopriation account, partners’ current account, partner’s capital
account, goodwill for the second year , revalution account , and last in statement in financial
position for the current years. Last but not least , the partnership agreement need to create
new if one of the partnership is gone, missing or get out from the partnership. So , we need to
be careful when put the amount in every calculation because if we put the uncorrectly amount,
it will effected to all transaction.

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REFERENCE

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