FACULTY OF COMPUTER AND MATHEMATICAL SCIENCES

CS290 – BACHELOR OF SCIENCE (HONS.) MANAGEMENT

MATHEMATICS AND BACHELOR OF BUSINESS ADMINISTRATION
(HONS) BUSINESS ECONOMICS

ACC 407 – FUNDAMENTAL FINANCIAL ACCOUNTING & REPORTING

PREPARED BY:

NAME STUDENT GROUP

NO.
HANA NATASYA BT ABD HAMID 2021477406 CS2901A

KHAIRUNNISA BT KHAIRUL HIZAM 2021886734 CS2901A

NURSAIDATINA SHAHIRA BINTI SAZALI 2021453828 CS2901A

WAN NUR ALYA SOFEA BT WAN MOHD SUKRI 2021823216 CS2901A

MUHAMAD FARIS ISKANDAR BIN MOHAMAD 2021494634 CS2901A

FAUZI

PREPARED FOR:

DR. RAZIAH BI BT MOHAMED SADIQUE

 TABLE OF CONTENT

INTRODUCTION 4

ACCOUNTING TRANSACTION 5

JOURNALS 8
SPECIAL JOURNAL 8
GENERAL JOURNAL 9

LEDGER ACCOUNT 11

TRIAL BALANCE 13

CONCLUSION 18

REFERENCES 18

APPENDIX 18
 ACKNOWLEDGMENT

We have taken a lot of effort into this project. However, the completion of this project could
not have been possible without the participation and assistance of a lot of individuals contributing to
this project. However, we would like to express our deep appreciation and indebtedness to our teachers
and supervisors for their endless support, kindness, and understanding during the project duration. We
would like to thank her for providing the necessary information and resources for this project. We
would like to express our gratitude towards our parents & our friends for their kind co-operation and
encouragement which help us a lot in completing this project. Our thanks and appreciations also go to
our colleagues in developing the project. Thank you to all the people who have willingly helped us out
with their abilities.
INTRODUCTION

Attic Book Centre Sdn.Bhd

Type of ownership: Sole Proprietorship

Name of business: Attic Book Centre Sdn.Bhd Phone
Number: 011-10806672
Address: Lot 39,Lorong Perusahaan Ringan 1,Kawasan Perusahaan Sesama, 68100 Batu
Caves,Selangor.
E-mail: ABCentre03@gmail.com.my
Period of Transactions: 01/12/2020 - 31/12/2020

Business Products:
ACCOUNTING TRANSACTION

Attic Book Centre Sdn. Bhd started a business selling books and stationery on 1 December 2020.
The following transactions were completed during December.

Da Transactio
te ns
Dec 1 Invested cash RM 50,000, bank RM 30,000, and office equipment RM
10,000 in the business as an opening capital.

Purchased merchandise on account from Book Valley, RM 15,000, term

5
2/15, n/30

7 Sold books to Uptown Books on account, RM 6,200, terms 2/10, n/60

8 Return damaged merchandise to Book Valley, RM 350

9 Purchased furniture on credit from Meadow Furniture Enterprise, RM 5,000

11 Uptown Books return damaged goods, RM 600

12 Withdraw RM 200 cash for personal use.

13 Paid Book Valley by cheque for merchandise purchased on 5 December

2020
13 Purchased stationery by cash from Inked Stationery, RM 1,350

Received full payment by cheque from Uptown Books for merchandise sold
14
7 December 2020

16 Pay RM 900 cash for December office rent

18 Received commission revenue, RM 2,300 by cheque

20 Sold merchandise by cash to Starlight Shd.Bhd, RM 13,800

23 Takes book and stationery to gifted for son’s birthday, RM 100

25 Paid salaries expense RM 2,500 by cheque

26 Paid utility bill RM 560 in cash

26

27

28

29

30
 Assets Liabilities Owner’s Equity
Da = +
te (RM) (RM) (RM)
1 +50 000 +90 000
(Cash) (Capital)
+30 000
(Bank)
+10 000
(Office Equipment)
5 +15 000 +15 000
(Purchase) (Accounts Payable)
7 + 6 200 + 6 200
(Accounts (Revenue)
Receivable)
8 + 350
-350
(Accounts Payable) (Purchase Return
and Allowance)
9 +5 000
+5 000 (Accounts
(Furniture) Payable Others -
Meadow
Furniture
Enterprise)
11 -600
-600
(Accounts ( Sales Return
Receivable) And Allowance)
12 -200 -200
(Cash) (Drawing)
13 -15 000 -15 000
(Bank) (Accounts Payable)
13 -1 350
(Cash)
+1 350
(Purchase)
14 -6 200
(Accounts
Receivable)
+6 200
(Bank)
16 -900 -900
(Cash) (Office Rent
Expenses)
18 +2 300 +2 300
(Bank) (Commission
Revenue)
20 +13 800 +13 800
 (Cash) (Revenue)
23 -100 -100
(Purchase) (Drawings)
25 -2 500 -2 500
(Bank) (Salaries Expenses)

26 -560 -560
(Cash) (Utility Bill
Expenses)
JOURNALS
➢ SPECIAL JOURNAL

Sales Journal

Dr.Ac.
Date Accounts Terms Receivable
Debited Cr.Sales
(RM
)
Dec 7 Uptown Books 2/10, 6,2
n/60 00
31 Total 6,2
00

Purchase Journal

Dr. Purchase
Date Accounts Terms Cr. Ac. Payable
Credited (RM
)
Dec 5 Book Valley 2/15, 15,000
n/30
3 Total 15,000
1

Cash Receipts Journal

Dr.
Dr.B Dr.C
Date Accounts Credited Sales
ank ash
Discou
(R (R
nts
M) M)
(R
M)
Dec 1 Capital 50,000
1 Capital 30,0
00
14 AR – Uptown 5,48 11
Books 8 2
18 Commission 2,30
Revenue 0
20 Sales 13,800
31 Total 37,7 63,800 11
88 2
 Cash Payment Journal

Cr.
Cr.B Cr.C
Date Accounts Debited Purchase
ank ash
Discounts
(R (R
(RM)
M) M)
Dec Drawings 200
12
13 AP – Book Valley 14,357 293
13 Purchase 1,350
16 Office Rent 900
Expenses
25 Salaries Expenses 2,500
26 Utility Bill 560
Expenses
31 Total 16,857 3,010 293

➢ GENERAL JOURNAL

General Journal

D C
Date Accounts Title and Explanations
r. r.
(R (R
M M
) )
Dec 1 Dr. Office 10,000
Equipment Cr. 10,000
Capital
(Invest office equipment in business as opening capital)
8 Dr. AP -Book Valley 350
Cr. Purchase Return and Allowance 350
(Return damaged merchandise to Book
Valley)
9 Dr. Furniture 5,000
Cr. AP (O) – Meadow Furniture Enterprise 5,000
(Purchased furniture on credit from Meadow
Furniture Enterprise)
11 Dr. Sales Return and 600
Allowance Cr. Ar - 600
Uptown Books
 (Uptown Books return damaged goods)
23 Dr. 100
Drawings 100
Cr.
Purchase
(Takes book and stationery to be gifted for son’s
birthday)
LEDGER ACCOUNT

Accounts Receivable Control Account

Accounts Receivable
Date Accou RM Date Accou RM
nts nts
Dec Sales 6,20 Dec Sales Return 600
31 0 11 And
Allowance
31 Bank 5,488
Sales Discounts 112

6,20 6,200
0

Accounts Receivable Subsidiary Account

AR – Uptown Books
Dat Accou RM Date Accou RM
e nts nts
De Sales 6,20 Dec Sales Return 600
c7 0 11 And
Allowance
14 Bank 5,488
Sales Discounts 112

6,20 6,200
0
Accounts Payable Control Account

Accounts Payable
Date Accou RM Date Accou RM
nts nts
Dec Purchase Return 350 Dec Purchase 15,00
8 and Allowance 31 0
3 Bank 14,35
1 7
Purchase Discounts 293

15,00 15,00
0 0

Accounts Payable Subsidiary Account

AP – Book Valley
Date Accou RM Dat Accou RM
nts e nts
Dec Purchase Return 350 Dec Purchase 15,00
8 and Allowance 5 0
1 Bank 14,35
3 7
Purchase Discounts 293

15,00 15,00
0 0
TRIAL BALANCE

Attic Book Centre

Sdn.Bhd Trial Balance
As of 31 December 2020

Dr Cr
Accoun
. .
t’s
(R (R
M M
) )
Sales (6,200 + 13,800) 20,000
Account Receivable (6,200 – 5,488 – 112 - 600) 0
Purchase (15,000 + 1,350 - 100) 16,250
Account Payable (15,000 – 14,357 – 293 - 350) 0
Bank (37,788 – 16,857) 20,931
Cash (63,800 – 3,010) 60,790
Sales Discounts 112
Capital (50,000 + 30,000 + 10,000) 90,000
Commission Revenue 2,300
Purchase Discounts 293
Drawings (200 + 100) 300
Office Rent Expense 900
Salaries Expense 2,500
Utility Bill Expense 560
Office Equipment 10,000
Purchase Return and Allowances 350
Furniture 5,000
AP (O) – Meadow Furniture Enterprise 5,000
Sales Return and Allowances 600
Total 117,943 117,943
Transactions For Adjustment :
1. RM 300 is commission revenue for January 2021
2. Dividend revenue RM 50 for December have not been received
3. RM 500 is the salary for January 2021
4. Interest RM 100 has not been paid
5. Depreciation for office equipment and furniture is 2% and 5% for December.

Adjusting Entries
D C
Date Accounts Title and Explanations
r. r.
(R (R
M) M)
Dec Dr. Unearned Commission 3
31 Revenue Cr. Commission 0 300
Revenue
0
Dr. Accrued Dividend 50
Revenue Cr. Dividend 50
Revenue
Dr. Prepaid Salaries 500
Expense Cr. Salaries 500
Expense
Dr. Interest Expenses 100
Cr. Interest Expense Payable 100

Dr. Depreciation Expense – Office Equipment 200

Cr. Accumulated Depreciation - Office Equipment 200
(𝟐% × 𝐑𝐌 𝟏𝟎, 𝟎𝟎𝟎 = 𝐑𝐌 𝟐𝟎𝟎)
Dr. Depreciation Expense – Furniture 250
Cr. Accumulated Depreciation - Furniture 250
(𝟓% × 𝐑𝐌 𝟓, 𝟎𝟎𝟎 = 𝐑𝐌 𝟐𝟓𝟎)
 Attic Book Centre
Sdn.Bhd Adjusted Trial
Balance
As of 31 December 2020
Dr. Cr.
Accoun
t’s (RM) (R
M)
Sales 20,000
Accounts Receivable 0
Purchase 16,250
Accounts Payable 0
Bank 20,931
Cash 60,790
Sales Discounts 112
Capital 90,000
Commission Revenue ( 2,300 – 300) 2,000
Purchase Discounts 293
Drawings 300
Office Rent Expense 900
Salaries Expense (2,500 – 500) 2,000
Utility Bill Expense 560
Office Equipment 10,000
Accumulated Depreciation – Office Equipment 200
Purchase Return and Allowances 350
Furniture 5,000
Accumulated Depreciation – Furniture 250
AP (O) – Meadow Furniture Enterprise 5,000
Sales Return and Allowances 600
Depreciation Expense (250 + 200) 450
Interest Expense 100
Interest Expense Payable 100
Prepaid Salaries Expense 500
Accrued Dividend Revenue 50
Dividend Revenue 50
Unearned Commission Revenue 300
Total 118,543 118,543
 Attic Book Centre Sdn.
Bhd Statement of Profit
or Loss
For the month ended 31 December 2020

R R R
M M M

Sales 20,000
(-) Sales Discounts (112)
(-) Sales Return and Allowances (600)
Net Sales 19,288

(-) Cost of Goods Sold:

Beginning Inventory 0
(+) Purchase 16,250
(-) Purchases Discounts (293)
(-) Purchase Return And Allowances (350)
Net Purchases 15,607
Cost of Goods Available For Sales 15,607
(-) Ending Inventory 0
Cost of Goods Sold (15,607)
Gross Profit 3,681

(+) Other Revenues:

Dividend Revenue 50
Commission Revenue 2,000 2,050

(-) Operating Expenses:

Office Rent Expense (900)
Salaries Expense (2,000)
Utility Bill Expense (560)
Depreciation Expense (450)
Interest Expense (100) (4,010)

Net Profit 1,721

 Attic Book Centre Sdn. Bhd
Statement of Financial
Position As of 31 December
2020

R R R
M M M
Assets
Non – Current Assets 10,000
Office Equipment (200) 9,800
(-) Accumulated Depreciation – Office 5,000
Equipment
Furniture (250) 4,750
(-) Accumulated Depreciation - Furniture
Total Non- Current Assets 14,550

Current Assets
Cash 60,790
Bank 20,931
Accrued Dividend Revenue 50
Prepaid Salaries Expense 500
Total Current Assets 82,271

Total Assets 96,821

Owner’s Equity & Liabilities

Owner’s Equity
Beginning Capital 90,000
(+) Net Profit 1,721
(-) Drawings (300)
Ending Capital 91,421

Liabilities
Current Liabilities
AP (O) – Meadow Furniture Enterprise 5,000
Interest Expense Payable 100
Unearned Commission Revenue 300 5,400
Total Liabilities

Total Owner’s Equity & Liabilities 96,821

CONCLUSION

REFERENCES

APPENDIX