KOLEJ MATRIKULASI PERLIS

GROUP ASSIGNMENT

CONTINUOUS ASSESSMENT
ACCOUNTING 1
AA015
SEMESTER 1
SESSION 2022/2023

PREPARED FOR:

Norafizah Binti Mohd Ali__

PREPARED BY:
NAME OF GROUP MEMBERS CLASS MATRIC NUMBER
KAN CHANG HENG A2T4 MA2214106786
FITRI JOHAN BIN SHAHRUL MAZLI A2T4 MA2214107304
MUHAMMAD NUR AUFA BIN MOHD NASIR A2T4 MA2214301348

SUBMISSION DATE: _____14/10/2022___

ASSIGNMENT MARKS
(%)
ASSIGNMENT 1 (5%)
ASSIGNMENT 2 (15%)
ASSIGNMENT 3 (10%)
TOTAL
 ASSIGNMENT 1

Question 1

  Asset = Liability + Owner's Equity

Account
Account
  Cash Receivabl Vehicle Equipment     Capital Notes
Payable
e
1) 100,000     35,000       135,000  
2) 8,000 2,000           10,000  
3) (500)     2,000   1,500      
4)     50,000     50,000      
Consultation
5) 2,500 5,500           8,000
Revenue
6) (800)             (800) Drawings
7) 2,000 (2,000)              
8) (1,500)         (1,500)      
Rental
9) (2,500)             (2,500)
expense
10 (15,000 Salaries
(15,000)            
) ) expense
                   
C/f 92,200 5,500 50,000 37,000   50,000   134,700  
  184,700   184,700  
Question 2

1) Assets = Liability + Owner’s Equity

= RM135,000 + RM155,000
= RM 290,000

2) Assets = Liability + Owner’s Equity

Liability = Assets – Owner’s Equity
Liability = RM 450,000 – RM 25,000
Liability = RM 200,000

3) x = assets
y = liabilities

1
y= x .…(1)
3
x = y + 330,000 ….(2)
sub (1) into (2)
1
x = x + 330,000
3
3x = x + 990,000
2x = 990,000
x = RM495,000

sub x = 495,000 into (1)

1
y = (RM 495,000)
3
y = 165,000

Liabilities = RM165,000

4) Beginning Liabilities = RM430,000 – RM225,000

= RM205,000
During the year,
Assets = RM430,000 + RM25,000
= RM455,000
Liabilities = RM205,000 – RM21,000
= RM184,000
 Owner’s Equity = RM455,000 – RM184,000
= RM271,000

ASSIGnMENT 2

Business Profile
(i) Introduction of business
H.A.F Furniture was newly established on 1 January 2022. Our business is a sole
proprietorship and sold desserts. The transaction period is throughout January 2022. The
capital of H.A.F Furniture was brought in by the owner with RM 100,000 and owner’s
relatives with RM 50,000. The total capital is RM 150,000 to start the business.

(ii) Reasons for choosing the business

I chose the furniture business because it has the potential to grow. After all, the
surrounding area is a densely populated and newly developing area. It has become necessary
for those residents who have just settled in the area to need furniture for their homes. Other
than that, it has less competition as there is only a small furniture store far from this
residential area. People will only go to a nearby furniture store as it will be much simple to
bring home. Lastly, I has previous work experience in other places related to furniture and it
will be easier for him to handle.

(iii) Possible Risks

The possible risk for our business is competition risk. This happens when competitors are
taking more part of the share of the market for furniture as they use different promoting
techniques such as selling online and delivery services on platforms such as Mudah.my. The
second possible risk for our business is reputational risk. For example, customer received
damaged product. It will affect our reputation when the customer posted negative comments
about our business selling products that had gone bad on various social media platforms. The
third possible risk for our business is financial risk. This occurs when our business did not
perform well. This might happen when our business did not make management and financial
planning ahead of time. Our net income is not enough to cover all the operating expenditures
and may result in bankruptcy when our business makes too many loans.
 (iv) Organization chart

CEO
KAN CHANG HENG

Manager of Finance Manager of Operating

MUHAMMAD NUR AUFA FITRI JOHAN BIN SHAHRUL
BIN MOHD NASIR MAZLI
Assignment 3
a.
Zara Design Company
Adjusting journal
Date Accounts Dr. (RM) Cr. (RM)
2022      
June 30 Depreciation Expense-Vehicle 18000
  Accumulated Depreciation-Vehicle 18000
  (To record vehicle depreciation expense)

  Salaries Expense 750

  Salaries Payable 750
  (To record salaries payable)

  Prepaid Insurance 1800

  Insurance Expense 1800
  (To record prepaid insurance)

  Drawings 200
  Cash 200
  (To record drawings)

  Accounts Receivable 300

  Sales 300
  (To record sales)

  Rental Revenue 600

  Unearned Rental Revenue 600
  (To record unearned rental revenue)

  Purchase Returns and Allowances 250

  Purchase Discounts 250
  (To record error correction)

  Bad Debt Expense 500

  Accounts Receivable-Puan Naimah 500
  (To record bad debt)
b.
Zara Design Company
Adjusted Trial Balance
Accounts Debit(RM) Credit(RM)
Cash (31800-200) 31,600
Accounts Receivable (9750+300-500) 9,550
Inventory as at July 1, 2021 7,500
Vehicles 120,000
Accumulated Depreciation – Vehicles (18000+18000) 36,000
Accounts Payable 27,000
Capital, Zara 83,500
Drawings, Zara (1500+200) 1,700
Sales (10500+300) 105,300
Sales Return And Allowances 3,150  
Purchases 52,500  
Purchases Return And Allowances (3300-250)   3,050
Freight-out 2,400  
Freight-in 1,200  
Sales Discounts 750  
Purchases Discounts (2000+250)   2,250
Purchases Insurance 750  
Insurance Expense (2700-1800) 900  
Salaries Expense (8250+750) 9,000  
Rental Revenue (1800-600)   1,200
Interest Revenue   1,650
Salaries Payable   750
Unearned Rental Revenue   600
Bad Debt Expense 500  
Prepaid Insurance 1,800  
Depreciation Expense 18,000  
Total 261,300 261,300
As at June 30, 2022
c.
Zara Design Company
Statement Of Comprehensive Income
For the year ended 30 June 2022
  RM RM RM
Sales   105,300
(-) Sales Discount   (750)
(-) Sales Returns and Allowances   (3,150)
Net Sales   101,400
     
Less: Cost of Goods Sold:    
Beginning Inventories   7,500  
Purchases 52,500  
(-) Purchase Discounts (2,250)  
(-) Purchase Returns and Allowances (3,050)  
Net purchase 47,200  
(+) Freight in 1,200  
(+) Purchase Insurance 750  
    49,150  
Cost of goods available for sale   56,650  
(-) Ending Inventories   (8,800)  
Cost of Goods Sold   47,850
Gross Profit   53,550
     
Add: Other Revenues    
Rental Revenue   1,200  
Interest Revenue   1,650  
    2,850
    56,400
Less: Operating Expenses    
Freight-Out   2,400  
Insurance Expense   900  
Salaries Expense   9,000  
Depreciation Expense - Vehicle   18,000  
Bad Debt Expense   500  
    (30,800)
Net Profit     25,600
d.
Zara Design Company
Statement Of Change in Equity
For the year ended June 30, 2022
  RM
Beginning Capital 83,500
(+) Net Profit 25,600
  109,100
(-) Drawings (1,700)
Ending Capital 107,400
e.
Zara Design Company
Statement Of Financial Position
As at 30 June 2022
  RM RM
Current Assets:    
Cash 31,600  
Accounts Receivable 9,550  
Ending Inventories 8,800  
Prepaid Insurance 1,800  
TOTAL CURRENT ASSETS   51,750
     
Non-current Assets:    
Vehicle 120,000  
(-) Accumulated Depreciation = Vehicle (36,000)  
TOTAL NON-CURRENT ASSETS   84,000
TOTAL ASSETS   135,750
     
Owner's Equity    
Ending Capital 107,400  
TOTAL OWNER'S EQUITY   107,400
     
Current Liabilities:    
Accounts Payable 27,000  
Salaries Payable 750  
Unearned Rental Revenue 600  
TOTAL CURRENT LIABILITIES   28,350
TOTAL OWNER'S EQUITY AMD LIABILITIES   135,750