Introduction

Over the years, IKEA is getting so much interest from the Malaysian. Not only operated at the
pioneer branch, Damansara, IKEA now has four branches all over Malaysia. However, the growing
interest and fame IKEA received is actually started to flame during Perintah Kawalan Pergerakan
(PKP). People are going mad with so many viral videos especially the decoration ideas for house. The
Do-It-Yourselves (DIY) videos has also contributed to the rising interest on the IKEA furniture. This is
due to the overwhelming boredom while staying at home. People tend to be more creative and
posted so many good ideas on DIY Project using many of IKEA items.

Four branches of IKEA are located at Tebrau Johor, Damansara Selangor, Cheras Kuala Lumpur and
Batu Kawan Pulau Pinang. Melaka was not in the list. Hence, taking this opportunity, Baitul Imdad
Resources (BaIRec) was created to fulfill the demand and supply the needs of IKEA furniture at
Melaka.

Company Overview

Baitul Imdad Resources (BaIRec) was founded by Ahmad Imdad in 2022. The business takes place in
Melaka, specifically located at the shop lot number 2 in Taman Bukit Beruang Indah near Ayer Keroh.
It only takes about 10 minutes from Ayer Keroh Toll Plaza and very about 10 km from Melaka City.

BaIRec mission is to become a furniture store with an expertise in interior design service. Package
with full installation of both house and office furniture, BaIRec also provide the customers with door-
to-door delivery services.

As a sole-proprietor business, BaIRec owner, Imdad has contributed RM 20,000 at the bank an RM
10,000 cash for the business capital. The business started to operate in ……. 2022 and will fulfilled a
financial year from ….. to ……. As a start-up, we hired two employees. One is dedicated to Operation
Department which is to deliver and install. While the other is hired for Administration Department
which includes marketing, accounting and customer service.

type of the business, and brief explanation of accounting cycle business (including capital
contributed, name of business, address, type of goods sold, business activities, financial year end,
state the transaction for which month etc).
Baitul Imdad Month June Transactions

Date
June Transactions
2022
1 Imdad deposited RM 20,000 at the bank as a capital for the business and RM 10,000 cash.
1 Obtain a bank loan of RM 100,000 from OCBC bank. This amount was directly credited to the
business’s bank account.
1 Purchased a secondhand panel van at Toyota Sdn. Bhd. amount for RM 30,000 by cheque.
2 Purchased a laptop from DELL INC. for business purposes for RM 3200 by cash.
3 Purchased IKEA Damansara furniture for fitting and furniture worth RM 20,000 by cheque.
3 Purchased CCTV, labelling tools, cordless drill, jigsaw drill and hacker drill for RM 5,000 by cash at
Chin Chun Hardware.
4 Bought inventory amount RM 20,000 on credit from IKEA Damansara.
4 Sold inventory worth RM 30,000 for cash to Rizman Rizalman .
5 Bought inventory amount RM 50,000 on credit from IKEA Cheras.
5 Sold inventory to Nur Amirah Ab Rahman worth RM 22,000 for cash.
5 Sold inventory to Khairul Nadhiah worth RM 17,000 for credit.
5 Sold inventory to Hanif Salleh worth RM 23,000 for credit.
6 Paid RM 18,000 by bank to IKEA Damansara and received RM 2000 discount for lumpsum payment
for purchase dated 4th June
7 Bought inventory amount RM 60,000 from IKEA Tebrau by cheque.
7 Rental revenue of a panel van from Q Resources for RM 4,200 cash.
8 Received a cheque from Khairul Nadhiah amounted RM 16,800 with RM 200 discount for the full
settlement of the account.
9 Revenue of Interior Design Services from BungaRustic House for RM 9,000 by cash.
11 Sold inventory to Siti Aisyah worth RM 8,000 for credit.
13 Paid building rentals of RM 850 by cash to Robert Kuok
14 Sold inventory to Nordinah worth RM 34,000 .RM 4,000 by cash and RM30,000 by cheque
14 Sold inventory to Norfavilah worth RM 19,000 by cash.
15 Revenue of Interior Design Services from Favillaz Homestay for RM 6,000 by cash.
18 Bought inventory amount RM 11,000 on credit from IKEA Batu Kawan.
20 Sold inventory to Norlaila worth RM 12,000 for credit.
21 Bought inventory amount RM 9,000 from IKEA Damansara by cash.
23 Make a payment RM 46,000 to IKEA Cheras and received RM 4000 discount for lumpsum
payment, payment by cheque.
23 Received cash from Hanif Salleh amounted RM 22,600 with RM 400 discount for the full
settlement of the account.
24 Paid vehicle insurance for RM 2500 by cash.
24 Paid RM 90 for telephone bills by cash to Celcom.
24 Revenue of Interior Design Services from MFH House for RM 13,000 by cash.
25 Imdad withdrew RM 5000 by cash from the business account to pay for his medical bills.
26 Paid electricity bill RM 200 by cash
28 Norlaila return goods worth RM 1600.
28 Received a cheque from Siti Aisyah RM 8,000
28 Received a cheque from Norlaila RM10,400
29 Return inventory to IKEA Batu Kawan worth RM 6,000.
30 Paid to Ikea Batu Kawan RM 5,000 by cash

General Journal
 Date Description Debit Credit
June 2022
1 Bank 20,000
Cash 10,000
Capital 30,000
Bank 100,000
OCBC 100,000
Panel Van 30,000
( Cash ) Toyota 30,000
Sdn Bhd
2 Office Equipment 3,200
(Laptop)
Cash 3,200
Bank 25,000
Liza Yahaya( Lender) 25,000
3 Fitting and Furnitures 20,000
Cash
3 Office Equipment 5,000
(CCTV, labelling tools,
cordless drill, jigsaw
drill and hacker drill)
Cash 5,000
25 Drawing 5000
Cash 5000

Purchase Journal

Date Particulars Invoice Ref. Amount(RM)

No.
4/6/2022 Ikea Damansara 20,000
5/6/2022 Ikea Cheras 50,000
18/6/2022 Ikea Batu Kawan 11,000
(Transferred to purchases account) 81,000

Sales Journal

Date Particulars Invoice No. Ref. Amount (RM)

5/6/2022 Khairul Nadiah 17,000
5/6/2022 Hanif Salleh 23,000
11/6/202 Siti Aisyah 8,000
2
20/6/202 Norlaila 12,000
2
(Transferred to sales account) 60,000

CASH PAYMENT JOURNAL

 Date Particulars Ref Discount Cash(RM) Bank (RM)
Received(RM)
2/6/2022 Purchase - Dell Inc 3,200
3/6/2022 Purchase - Ikea Damansara 20,000
(Fitting and Furnitures)
3/6/2022 Purchase - Chin Chun 5,000
Hardware
6/6/2022 Accounts Payable Ikea 2,000 18,000
Damansara
7/6/2022 Purchase- IKEA Tebrau 60,000
11/6/2022 Accounts Payable Toyota 1,200
Sdn Bhd
13/6/2022 Robert Kuok (Building 850
Owner)
21/6/2022 Purchase - Ikea Damansara 9,000
23/6/2022 Purchase -Ikea Cheras 50,000
24/6/2022 Vehicle Insurance 2,500
24/6/2022 Celcom 90
26/6/2022 Electricity 200
Total ( Dr) 2,000 20,840 149,200

CASH RECEIPT JOURNAL

Date Particulars Ref Discount Cash(RM) Bank(RM)

Received
1/6/2022 Capital 10,000
1/6/2022 OCBC 100,000
Longterm
loan
2/6/2022 Liza Yahaya 25,000
4/6/2022 Rizman 30,000
Rizalman
5/6/2022 Nur Amirah 22,000
Ab Rahman
7/6/2022 Rental 4,200
Revenue
8/6/2022 Khairul 200 16,800
Nadhiah
9/6/2022 BungaRustic 9,000
House
15/6/2022 Favillaz 6,000
Homestay
14/6/2022 Nordinah 4,000 30,000
14/6/2022 Norfavilah 5,000 14,000
23/6/2022 Hanif Salleh 400 22,600
24/6/2022 MFH House 13,000
Total 600 103,200 208,400

Sales return journal

 Date Particulars Ref Credit No Total
28 Norfavilah 1,600
Receivable control a/c (Cr) 1,600
Sales Return A/c (Dr)

Purchase return journal

Date Particulars Ref Debit Note Total (RM)

29 Ikea Damansara 6,000
Payable control A/c 6,000
Purchase Return A/c

Ledger

General Ledger

A/C Bank

Date Details Ref Debit Credit Balance

1 Capital 20,000 20,000
OCBC 100,000 120,000
 2 Liza Yahaya 25,000 145,000
3 Fitting and 20,000 125,000
Furnitures
6 Ikea 18,000 107,000
Damansara
7 Ikea Tebrau 60,000 47,000
8 Khairul 16,800 63,800
Nadhiah
9 Toyota 1,200 62,600
(Installment)
14 Sales 30,000 92,600
(Nordinah)
14 Sales 14,000 106,600
(Norfavilah)

A/C Cash

Date Details Re Debit Credit Balance

f
1 Capital 10,000 10,000
2 Office Equipment (Laptop) 3,200 6,800
3 Office Equipment 5,000 1,800
(CCTV, labelling tools,
cordless drill, jigsaw drill
and hacker drill)
4 Sales ( Rizman Rizalman) 30,000 31,800
5 Sales (Nur Amirah Ab 22,000 53,800
Rahman)
7 Rental Revenue 4,200 58,000
9 Design Service Revenue 9,000 67,000
(Bunga Rustic)
13 Building Rentals 850 66,150
14 Sales ( Nordinah) 4,000 70,150
14 Sales (Norfavilah) 5,000 75,150
15 Design Service Revenue 6,000 81,150
21 Purchase 9,000 72,150
23 Hanif Salleh 22,600 94,750
24 Vehicle Insurance 2,500 92,250
24 Phone Bill 90 92,160
24 Design Service Revenue 13,000 105,160
25 Drawing 5,000 100,160
26 Electricity Bill 200 99,960

A/C OCBC

Date Details Ref Debit Credit Balance

1 Bank 100,000 100,000

A/C Capital

Date Details Ref Debit Credit Balance

1 Bank 20,000 20,000
 Cash 10,000 30,000

A/C Panel Van

Date Details Ref Debit Credit Balance

1 Toyota 106,000 106,000

A/C Toyota

Date Details Ref Debit Credit Balance

1 Panel Van 106,000 106,000
10 Bank 1,200 104,800

A/C Office Equipment

Date Details Ref Debit Credit Balance

2 Laptop 3,200 3,200
3 CCTV, labelling tools, cordless 5,000 8,200
drill, jigsaw drill and hacker
drill

A/C Liza Yahaya (Lenders)

Date Details Ref Debit Credit Balance

2 Bank 25,000 25,000

A/C Furniture and Fittings

Date Details Ref Debit Credit Balance

2 Bank 20,000 20,000

A/C Purchase

Date Details Ref Debit Credit Balance

4 Ikea Damansara 20,000 20,000
5 Ikea Cheras 50,000 70,000
7 Ikea Tebrau 60,000 130,000
18 Ikea Batu Kawan 11,000 141,000
21 Cash( Ikea 9,000 150,000
Damansara)
23 Bank ( Ikea Cheras) 46,000 196,000
Discount Received 4,000 200,000
A/C Ikea Damansara (Accounts Payable)

Date Details Ref Debit Credit Balance

4 Purchase 20,000 20,000
6 Bank 18,000 2,000
Discount 2,000 0
Received
29 Purchase 6,000 (6,000)
Return

A/C Sales

Date Details Ref Debit Credit Balance

4 Cash (Rizman 30,000 30,000
Rizalman)
5 Nur Amirah 22,000 52,000
Ab Rahman
5 Khairul 17,000 69,000
Nadhiah
5 Hanif Salleh 23,000 92,000
11 Siti Aisyah 8,000 100,000
14 Nordinah 34,000 134,000
14 Norfavilah 19,000 153,000
20 Norlaila 12,000 165,000

A/C Ikea Cheras ( Accounts Payable)

Date Details Ref Debit Credit Balance

5 Purchase 50,000 50,000

A/C Khairul Nadiah (Accounts Receivable)

Date Details Ref Debit Credit Balance

5 Sales 17,000 17,000
8 Bank 16,800 200
Discount Allowed 200 0

A/C Hanif Salleh (Accounts Recivable)

Date Details Ref Debit Credit Balance

5 Sales 23,000 23,000
23 Cash 22,600 400
23 Disc Allowed 400 0

A/C Discount Received

Date Details Ref Debit Credit Balance

6 Ikea Damansara 2,000 2,000
23 Purchase 4,000 6,000

A/C Rental Revenue

 Date Details Re Debit Credit Balance
f
7 Cash ( Q resources) 4,200 4,200

A/C Discount Allowed

Date Details Ref Debit Credit Balance

8 Khairul Nadiah 200 200
23 Hanif Salleh 400 600

A/C Design Service Revenue

Date Details Ref Debit Credit Balance

9 Cash (Bunga Rustic House) 9,000 9,000
15 Cash( Favillaz Homestay) 6,000 15,000
24 Cash( MFH House) 13,000 28,000

A/C Siti Aisyah (Accounts Receivable)

Date Details Ref Debit Credit Balance

11 Sales 8,000 8,000

A/C Building Rental

Date Details Ref Debit Credit Balance

13 Cash 850 850

A/C Ikea Batu Kawan ( Accounts Payable)

Date Details Ref Debit Credit Balance

18 Purchase 11,000 11,000

A/C Nor Laila ( Accounts Receivables)

Date Details Ref Debit Credit Balance

20 Sales 12,000 12,000

A/C Vehicle Insurance

Date Details Ref Debit Credit Balance

24 Cash 2,500 2,500

A/C Phone Bill

Date Details Ref Debit Credit Balance

24 Cash 90 90

A/C Drawing
 Date Details Ref Debit Credit Balance
25 Cash 5,000 5,000

A/C Electricity Bill

Date Details Ref Debit Credit Balance

26 Cash 200 200

A/C Sales Return

Date Details Ref Debit Credit Balance

28 Bank (Norfavilah) 1,600 1,600

A/C Purchase Return

Date Details Ref Debit Credit Balance

29 Ikea Damansara 6,000 6,000

A/C Norfavilah ( Accounts Payable)

Date Details Ref Debit Credit Balance

28 Sales Return 1,600 1,600

Baitul Imdad Resources

Trial Balance as at 30 June 2022

Accounts Debit Credit

(RM) (RM)
Bank 106,600
Cash 99,960
Capital 30,000
OCBC 100,000
Panel Van 106,000
Toyota 104,800
Office Equipment 8,200
Liza Yahaya 25,000
Furniture and Fiitings 20,000
Purchase 200,000
Ikea Damansara 6,000
Sales 165,000
Ikea Cheras A/C payabale 50,000
Discount Received 6,000
Rental Revenue 4,200
Discount Allowed 600
 Design Service Revenue 28,000
Siti Aisyah 8,000
Building Rental 850
Ikea Batu Kawan( A/P) 11,000
Nor Laila 12,000
Vehicle Insurance 2,500
PhoneBill 90
Drawing 5,000
Electricity Bills 200
Sales Return 1,600
Purchase Return 6,000
Norfavilah 1,600
577,600 531,600
Beza rm44800

Bank 50,200
Capital 30,000
Ocbc-loan 100,000
Vehicle 30,000
Office equipment 8,200
Liza yahya 25,000
F&F 20,000
purchase 150,000
sales 165,000
A rec -
A pay 23,000
Disc rec 6,000
Rental revenue 4,200
Disc allowed 600
Interior design service 28,000
cash 77,360
Phone bill 90
drawing 5,000
Electricity 200
 Sales return 1,600
Purchase return 6,000
Building Rentals 850
Vehicle Insurance 2,500
Inventory 40,600
387,200 387,200

Statement Of Profit Or Loss For The Month June 2022

RM RM RM
Sales 165,000
Less: Sales Return (1,600)
Less: Discount Allowed (600) (2,200)
Total Sales 162,800

Cost of Goods Sold

Purchases 150,000
Less: Purchase Return (6,000)
Net Purchases 144,000
Less: Closing Stock (40,600)
Cost of Goods Sold (103,400)

Gross Profit 59,400

Add: Revenue
Rent Received 4,200
Discount Received 6,000
Interior Design Service 28,000 38,200
97,600
Less: Expenses
Discount Allowed 600
Office equipment 8,200
Phone Bill 90
Electricity 200
Building Rentals 850
Vehicle Insurance 2500 (12,440)
Net Profit 85,160

Statement Of Financial Position As At 30 September 2022

RM RM RM
Cost Acc Dep NBV
Non Current Asset
Vehicle 30,000 0 30,000
Furnitures and Fittings 20,000 0 20,000
50,000
Current Assets
Closing stock 40,600
Cash 77,360
Bank 50,200 168,160
218160
Financed by:
Owners’ Equity
Capital 30,000
Add: Net Profit 85,160
Less: Drawings (5,000)
110160
Non-Current Liabilities
OCBC Bank 100,000
Accounts Payable 23,000
Liza Yahya 25,000
BANK 11,200
CASH 108,960
CAPITAL 30,000
SALES 165,000
PURCHASES 150,000
OCBC 100,000
MOTOR VEHICLE 30,000
OFFICE EQUIPMENT 8,200
FURNITURE AND FITTINGS 20,000
DISCOUNT RECEIVED 6,000
DISCOUNT ALLOWED 600
RENTAL REVENUE 4,200
SALES RETURN 1,600
PURCHASE RETURN 6,000
INTERIOR DESIGN REVENUE 28,000
BUILDING RENTALS 850
VEHICLE INSURANCE 2,500
PHONE BILLS 90
DRAWING 5,000
ELECRTICITY BILLS 200

339,200 339,200
Statement Of Profit Or Loss For The Month June 2022

RM RM RM
Sales 165,000
Less: Sales Return (1,600)
Total Sales 163,400

Cost of Goods Sold

Purchases 150,000
Less: Purchase Return (6,000)
Net Purchases 144,000
Cost of Goods Sold (144,000)

Gross Profit 19,400

Add: Revenue
Rent Received 4,200
Discount Received 6,000
Interior Design Service 28,000 38,200
57,600
Less: Expenses
Discount Allowed 600
Office equipment 8,200
Phone Bill 90
Electricity 200
Building Rentals 850
Vehicle Insurance 2500 (12,440)
Net Profit 45,160
Statement Of Financial Position As At 30 September 2022

RM RM RM
Cost Acc Dep NBV
Non Current Asset
Vehicle 30,000 0 30,000
Furnitures and Fittings 20,000 0 20,000
50,000
Current Assets
Cash 108,960
Bank 11,200 120,160
170,160
Financed by:
Owners’ Equity
Capital 30,000
Add: Net Profit 45,160
Less: Drawings (5,000)
70,160
Non-Current Liabilities
OCBC Bank 100,000 100,000
170,160