FACULTY OF BUSINESS MANAGEMENT

Bachelor in Office Systems Management (Hons)

BM232

ACC 406
INTERMEDIATE FINANCIAL ACCOUNTING AND REPORTING

NBS3A

GROUP ASSIGNMENT:

ASSIGNMENT 1

PREPARED BY:

NAME STUDENTS ID
MOHD YUSUF BIN AHMAD 2013860158
MUHAMAD FIRDAUS BIN ZAINAL 2013605514
HAZRIL BIN ZAMRI 2013478022
MOHD SUFIAN BIN RAZALI 2013650084
PREPARED FOR :
DR AIDA MARIA

DATE OF SUBMISSION:
3 December 2017

We are graduated from the Universiti Teknologi Mara with a Bachelor Degree in
Management. We agreed and so enthusiastic to become an entrepreneur and has just
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started a bakery shop and registered our business as Nice Bakery. We work together
and try to do much better for start and grow up our business. Nice Bakery offer services
such as sell the bread, toast, cake and also delivery service. Our business is located at
No 1, Blok 3 Jalan Klang Lama, 57000 Klang, Selangor Darul Ehsan. We started the
business with RM10,000.00 for capital from our saving and also received RM50,000
loan approved from Bank Islam in addition to our business capital. To help in the
business we hired 2 workers. Our business transactions for the month of Oct 2017 as
follows:

1 Oct 2017 Start a business with RM10,000 cash in hand

3 Oct 2017 Loan approved from Bank Islam RM50,000
4 Oct 2017 Purchase goods from Meng Supplier worth RM10,000 by cheque.
7 Oct 2017 Purchase goods from Linda’s Bread RM3,000 by credit
8 Oct 2017 KK shop buy goods worth RM1,500 paid by cheque.
10 Oct 2017 Returns goods to Meng Supplier worth RM1,000
11 Oct 2017 Budin buy goods worth RM500 by credit.
17 Oct 2017 Sold goods by cash worth RM1,000
15 Oct 2017 Budin return goods worth RM100
17 Oct 2017 Paid electricity bill worth RM400 by cash
21 Oct 2017 Sold goods by cash worth RM400
22 Oct 2017 Sold goods by cash worth RM1,500
23 Oct 2017 Paid wages RM2,000 by cheque
28 Oct 2017 Owner took RM500 for his own use.
29 Oct 2017 Owner took RM200 for his own use.

EFFECTS OF THE TRANSACTION

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 TRANSACTIONS EFFECTS
Start a business with RM10,000 cash in Cash increase
hand Capital increase
Loan approved from Bank Islam Bank increase
RM50,000 Loan increase
Purchase goods from Meng Supplier worth Purchase expenses increase
RM10,000 by cheque. Capital decrease
Purchase goods from Linda’s Bread Purchases Expenses increase
RM3,000 by credit Creditor increase
KK shop buy goods worth RM1,500 paid Sales Revenues increase
by cheque. Capital decrease
Returns goods to Meng Supplier worth Purchases expenses decrease
RM1,000 Creditor decrease
Budin buy goods worth RM500 by credit. Sales Revenues increase
Debtor increase
Sold goods by cash worth RM1,000 Sales Revenues increase
Budin return goods worth RM100 Sales Revenues decrease
Debtor decrease
Paid electricity bill worth RM400 by cash Electricity and water expenses increase
Cash decrease
Sold goods by cash worth RM400 Sales Revenues increase
Sold goods by cash worth RM1,500 Sales Revenues increase
Paid wages RM2,000 by cheque Expenses increase
Owner took cash RM500 for his own use. Capital decrease
Cash decrease
Owner took cash RM200 for his own use. Capital decrease
Cash decrease

ACCOUNTS TO BE DEBITED AND ACCOUNTS TO BE CREDITED

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 ACCOUNT TO DEBITED & ACCOUNTS
TRANSACTIONS
TO BE CREDITED
Start a business with RM10,000 cash in Debit account capital
hand Credit Owner Equity
Loan approved from Bank Islam Debit account capital
RM50,000 Credit Bank Islam account
Purchase goods from Meng Supplier worth Debit account purchases
RM10,000 by cheque. Credit Capital
Purchase goods from Linda’s Bread Debit accounts purchases
RM3,000 by credit Credit account Linda’s Bread (creditor)
KK shop buy goods worth RM1,500.00 Debit account bank
paid by cheque. Credit account sales
Returns goods to Meng Supplier worth Debit account Bank
RM1,000 Credit Purchases
Budin buy goods worth RM500 by credit. Debit debtor Budin
Credit sales
Sold goods by cash worth RM1,000 Debit account cash
Credit account sales
Budin return goods worth RM100 Debit Return inwards
Credit debtor Budin
Paid electricity bill worth RM400 by cash Debit account electricity expenses
Credit account cash
Sold goods by cash worth RM400 Debit account cash
Credit account sales
Sold goods by cash worth RM1,500 Debit account cash
Credit account sales
Paid wages RM2,000 by cheque Debit account salary
Credit bank account
Owner took cash RM500 for his own use. Debit account drawing
Credit account cash
Owner took cash RM200 for his own use. Debit account drawing
Credit account cash

JOURNAL ENTRIES

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 PURCHASE JOURNAL

DATE LIST OF DEBTORS FOLIO AMOUNT (RM)

7/10/17 Account Linda’s Bread RM3,000
31/10/17 TOTAL CREDIT PURCHASES RM3,000

SALES JOURNAL

DATE LIST OF DEBTORS FOLIO AMOUNT (RM)

11/10/17 Account Budin RM 500

31/10/17 TOTAL CREDIT SALES RM 500

RETURNS INWARDS JOURNAL

DATE LIST OF DEBTORS FOLIO AMOUNT (RM)

15/10/17 Account Budin RM100

31/10/17 TOTAL RETUN INWARDS RM100

CASH RECEIPT JOURNAL

DATE PARTICULAR DISCOUNT CASH BANK SALES A/C OTHERS

ALLOWED RECEIVABLES
8/10/17 KK Shop RM1,500
17/10/17 Sold goods RM1,000
21/10/17 Sold goods RM400
22/10/17 Sold goods RM1,500
Total Cash RM2,900 RM1,500
Received

CASH PAYMENT JOURNAL

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 DATE PARTICULAR DISCOUNT CASH BANK PURCHASES A/C OTHERS
ALLOWED PAYABLES
4/10/17 Purchase RM10,000
goods from
Meng
Supplier
17/10/17 Paid RM400
electricity bill
23/10/17 Paid wages RM2,000
28/10/17 Owner RM500
drawing
29/10/17 Owner RM200
drawing
Total Cash RM1,100 RM2,000
Paid

LEDGERS ACCOUNT
CASH
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1/10/17 Owner Equity RM10,000 17/10/1 Electricity bill RM400
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17/10/17 Sales RM1,000 28/10/1 Drawing RM500
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21/10/17 Sales RM400 29/10/1 Drawing RM200
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22/10/17 Sales RM1,500 31/10/1 Balance c/d RM11,800
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RM12,900 RM12,900

1/11/17 Balance b/d RM11,800

OWNER EQUITY
31/10/17 Balance c/d RM10,000 1/10/17 Cash in hand RM10,000

RM10,000 RM10,000

1/11/17 Balance b/d RM10,000

BANK ISLAM
31/10/17 Balance c/d RM50,000 3/10/17 Loan from BANK RM50,000
ISLAM

RM50,000 RM50,000

1/11/17 Balance b/d RM50,000

PURCHASES
4/10/17 Meng Supplier RM10,000 10/10/1 Meng Supplier RM1,000
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7/10/17 Linda’s Bread RM3,000 31/10/1 Balance c/d RM12,000
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RM13,000 RM13,000

1/11/17 Balance c/d RM12,000

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 BUDIN
11/10/17 Sales RM500 15/10/1 Return inwards RM100
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31/10/1 Balance c/d RM400
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RM500 RM500

1/11/17 Balance b/d RM400

SALES
31/4/17 Balance c/d RM4,900 8/10/17 KK Shop RM1,500
11/10/1 Budin RM500
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17/10/1 Cash RM1,000
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21/10/1 Cash RM400
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22/10/1 Cash RM1,500
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RM4,900 RM4,900

1/11/17 Balance b/d RM4,900

ACCOUNT BANK
3/10/17 Loan Bank Islam RM50,000 4/10/17 Meng Supplier RM10,000
8/10/17 KK Shop RM1,500 23/10/17 Salary RM2,000
31/10/17 Balance c/d RM39,500

RM51,500 RM51,500

1/11/17 Balance b/d RM39,500

RETURN INWARDS
10/10/17 Meng Supplier RM1,000 31/10/1 Balance c/d RM1,100
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15/10/17 Budin RM100
RM1,100 RM1,100

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1/11/17 Balance b/d RM1,100

LINDA’S BREAD
31/10/17 Balance c/d RM3,000 7/10/17 Paper and Pen RM3,000

RM3,000 RM3,000

1/11/17 Balance b/d RM3,000

ELECTRICITY BILL
17/10/17 Cash RM400 31/10/1 Balance c/d RM400
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RM400 RM400

1/11/17 Balance b/d RM400

SALARY
23/10/17 By Cheque RM2,000 30/10/1 Balance c/d RM2,000
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RM2,000 RM2,000

1/11/17 Balance b/d RM2,000

DRAWING
28/10/17 Cash RM500 31/10/1 Balance c/d RM700
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29/10/17 Cash RM200

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 RM700 RM700

1/11/17 Balance b/d RM700

NICE BAKERY
Trial Balance as at 31 October 2017

Particulars Debit Credit

CASH RM11,800
OWNER EQUITY RM10,000
BANK ISLAM RM50,000
PURCHASES RM12,000
BUDIN RM400
SALES RM4,900
ACCOUNT BANK RM39,500
RETURN INWARDS RM1,100
LINDA’S BREAD RM3,000
ELECTRICITY BILL RM400
SALARY RM2,000
DRAWING RM700
TOTAL RM67,900 RM67,900

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