AA015: Analyse the Effects of Business Transactions on Accounting Equation - Accounting Assignment Help

Assignment Task:

Task:

Question 1 1. Create 10 business transactions for services company.

2. Analyse the effects of business transactions on accounting equation.

Question 2 You are the business owner who selling computers and accessories. The company is assisted by six workers. The salary of a worker is RM1,200 per month. The following is the Statement of Financial Position as at 31 July 2020 Business name Statement of Financial Position as at 31 July 2020 RM RM Non-current Asset Building 495 000 Equipment 98 000 Furniture 15 000 Office Equipment 33 000 Total non-current asset 641 000 Current Asset Inventory 180 000 Account Receivable 15 000 Bank 62 000 Cash 4 000 Total current asset 261 000 Total assets 902 000 Owner’s Equity Beginning Capital 432 000 (+) Net Profit 152 500 (-) Drawings 10 500 Ending Capital 574 000 Non-current Liability Long Term Loan 170 000 Note Payable Total non-current liability 80 000 178 000 Current Liability Account Payable 78 000 Total liabilities and owner’s equity 902 000 Accounting 1 (AA015) | 2020/2021 Accounting Unit, KMPh 2 1. The following information should be considered in the preparation of the assignment:

(a) Type of business : Sole proprietorships

(b) Business status : Continuing business

(c) Transaction period : per month of the current year

2. The following information should be considered in the preparation of transactions based on the statement of financial position given:

(a) the list of debtors and creditors of the existing

(b) the type and quantity of the merchandise must be determined by yourself but the total inventory must be based on the existing inventory value.

3. You are required to provide a complete set of accounts based on the transactions and the statement of financial position given.

4. Group should be consisted of 2 to 3 students.

5. Group assignments should be made using a computer.

6. Group assignments must be printed in compliance with the following:

(a) Paper size : A4

(b) Font size : 12pt

(c) Font type : Times New Roman

7. List down the transactions for the current month. The transactions are based on these guidelines Transactions Detail Number of Transactions

a)Cost of good sold component - Credit Purchases - Cash purchases - Purchases Return and Allowance - Freight In /Insurance on Purchase/Duty on purchases 6

b)Net Sales Component - Credit Sales - Cash Sales - Sales Return And Allowance 6

c)Payment Component - Account Payable - Expenses 6

d)Receipt component - Account Receivable - Revenue 5

e)Non-current Assets Acquistion - Cash/Credit 1

f) Drawings - Cash / merchandise 1 Total transactions 25

8. Record the transactions to Journal and post to Ledger.

9. Prepare Trial Balance.

10. Prepare Profit or Loss Statement.

11. Prepare Financial Position Statement.

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