AA015: GROUP ASSIGNMENT 2022/2023

KOLEJ MATRIKULASI LABUAN

AA015: ACCOUNTING 1
GROUP ASSIGNMENT ( SESSION 2022/2023)
(30%)

GENERAL REQUIREMENTS:

1. A complete report should consist of:

a. Table of content

b. Declaration form

c. Page number

d. Front cover - need to include the following details:

i. Name of subject : Accounting 1

ii. Code of subject : AA015

iii. Lecturer’s name

iv. Group members’ name and matric card number.

v. Tutorial Group

2. Note:

a. This Group Assignment consists of three (3) Tasks.

b. The report should consist of all task given, compiled as one file, typed

using font Arial, size 12, spacing 1.5.

c. The task should be carried out in groups of 3-4 members.

d. The task should be completed within the time period given and

submitted to your lecturer via digital platform or hardcopies before the

due date. [Due date : 14th October 2022]

e. Marks will be deducted for non-compliance.

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TASK 1

TOPIC 2: BASIC ACCOUNTING CONCEPT

QUESTION 1

Prosperity Sdn. Bhd commenced its business operations on January 1, 2022. The company is
doing interior design consultations. Here are the transactions for the first month of
operation.

Jan 1 Started business by investing RM80,000 in cash , office equipment RM10,000

and vehicle RM25,000.

2 Hired 5 employees each with a monthly salary of RM1,800.

5 Rendered services to customer amounting to RM18,000 where RM2,500 was

received in cash while the balance was on credit.

6 Purchased office supplies use amounting to RM500 in cash.

14 Received the remaining payments on services rendered to customers on

January 5 in cash.

15 Business owners took cash of RM2,000 and office supplies worth RM50 for
personal use.

22 Billed customer RM8,000 for providing consultations to customer.

25 Purchased additional supplies on credit worth RM1,000.

28 Made half of the payment purchased on January 25 by cheque.

30 Paid the business vehicle insurance policy for one year from 1 February 2022
worth RM1,500 in cheque.

31 Settled the following payments in cash:

Employees’ salaries .
Utilities of RM600
Office rental expense RM7,200.

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Required:
a. Prepare a tabular analysis of the January transaction for this company using the table
given.

Assets = Liabilities + Owner’s Notes

Equity

Cash Bank Office Vehicles Accounts Office Prepaid Accounts Capital

Equipment Receivables Supplies Insurance Payable

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TASK 2:
TOPIC 3: ACCOUNTING CYCLE

INSTRUCTIONS:

You are the owner of a business established since 1st January 2020. You need to come out
with a business name and list of products the business is selling. Prepare the requirements
as below;

SECTION A

i. Prepare a product list your company is selling. The list must have four (4)
different items with full product descriptions. The list must also include the
purchasing and selling price per unit.
ii. Prepare an opening balances for assets ( 7 items), liabilities ( 2 items) and
capital for the current accounting period ( 1st January 2022- 31st December
2022). For Accounts Receivable and Accounts Payable, the balances should
also include the details of balances for subsidiary ledger ( 2 items for each).

SECTION B

i. Create a business transaction for the month of January 2022.For credit

sales and credit purchases, the transactions must also include credit and
shipping terms. [min 18 transactions: General Journal (4), Purchases
Journal (2), Sales Journal (2), Cash Receipts Journal (5) and Cash Payments
Journal (5)] and determine the source document involved for each
transaction using the following table.

Example:

Source
Date Business Transactions Journal
document

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SECTION C
i. Journalize the transactions to the appropriate journals.
ii. Post all the business transactions from journals to the subsidiary ledgers
using columnar form ledgers
iii. Post all the business transactions from journals to the general ledgers using
columnar form ledgers.
iv. Transfer all the ending balances of general ledger to the Trial Balance.

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TASK 3:
TOPIC 5 : ADJUSTMENT AT THE END OF ACCOUNTING PERIOD

The following information from Jamil Enterprise account balances for the financial year
ending 31 st December 2022.

Accounts RM
Capital – 1 January 2022 100,000
Vehicles 70,000
Accumulated Depreciation – Vehicles 14,000
Office Equipments 25,000
Accumulated Depreciation - Office Equipments 5,000
Inventory 1st January 2022 24,800
Cash 2,900
Purchases 145,000
Sales 220,000
Bad Debts Expense 800
Accounts Receivable 42,800
Accounts Payable 13,500
Purchase Discount 1,250
Sales Discount 950
Salaries Expense 25,800
Sales Returns And Allowances 2,500
Miscellaneous Expense 6,600
Purchase Returns And Allowances 1,300
Rental Expense 8,200
Commission Revenue 3,300
Drawings 3,000

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Additional information:
(1) Inventories as at 31 December 2022 RM18,000.
(2) Commission RM700 received for January 2023.
(3) Shop rental RM800 for January 2023 was paid in December 2022.
(4) The owner takes a cash RM1,300 from business for personal use.The transaction has
not been recorded.
(5) Accounts Receivable RM750 is written off as bad debts because the debtor has been
reported as bankrupt.
(6) Miscellaneous expenses RM850 has not been paid.
(7) Depreciation of vehicles and office equipment for the year amounted to RM7,000 and
RM3,750 respectively.

INSTRUCTIONS:
a. Journalize all the entries in general journal.
b. Prepare the adjusted trial balance after adjustments have been made.
c. Prepare the Statement of Profit or Loss for the year ended 31st December 2022.
d. Prepare the Statement of Financial Position on 31st December 2022.

PREPARED BY, CHECKED BY VERIFIED BY

(SYIRLEEN ADLYNA BINTI (NORASNIZAH ARIYANI BINTI (RABIYATUL BASARIYA BINTI M.

OTHMAN) ABDUL KINI) MOHAIDEEN)

HEAD OF ACCOUNTING UNIT

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