ACC106

INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING

SEMESTER NOV 2013 MARCH 2014
GROUP ASSIGNMENT
Marks Allocated: 15%
1.
2.
3.

Form a group of 3 members (maximum)

Each group is required to create a simple business of a sole proprietor.
Report outline:
A. INTRODUCTION
i.
Name of business
ii.
Place/ location of business
iii.
Business activity/ activities
iv.
Capital contribution
v.
Financial year end
vi.
State the month selected for the transactions
B. TRANSACTION FOR ONE MONTH
Minimum 21 transactions which include the followings:
i.
Credit and cash sales
ii.
Credit and cash purchases
iii.
Return outwards and return inwards
iv.
Expenses (cash and credit)
v.
Revenue [other than sales in (i)]
Example:
Date
Transactions
01 January 2011 The owner started the business with cash amount RM 30,000 and
Motor Vehicle valued RM 20,000.
C. Record all the transactions created in the appropriate journal
D. Post all the transactions to the appropriate ledger accounts based on the journal
prepared
E. Close the ledger accounts appropriately showing clearly the date, bal c/d and bal b/d
F. Transfer all the closing balance to the Trial Balance. State clearly all the details (title,
date, debit column, credit column, total amount in RM, etc).

4.

Please submit the complete assignment before/ on 21 February 2014. You must be
responsible for the deadlines & no reminder would be given. If you miss out on the
dates, then you will earn a zero mark!