ACC1113: The Integrated Theoretical Principles of Accounting - Financial Accounting Assignment Help

Assignment Task:

Learning Outcomes tested
LO1: Understand the integrated theoretical principles of accounting and to explain by recognizing the accounting concepts and conventions present in accepted accounting principles & in line with MFRS/IFRS.

LO2: Acquire information from primary and secondary sources to facilitate the effective recording and summarizing of accounting data by  explaining through data collection methodology techniques and approaches assessed through journals and statements

LO3: Apply and Prepare basic financial statements for profit-making & non-profit-making organizations by analyzing accounting transactions, explaining in an integrative perspective & interpreting information according to the standards of IFRS/MFRS and in communicating effectively the accounting information in forms of statements for better decision making by users.

Question:

You are required to prepare a written report for the following tasks:

Transactions for the month of December of a small finishing retailer, LANGKAWI Enterprise are given as the following.

2019 DEC

1 The initial investment to start the business with RM105,000 cash
2 Put RM90,000 of the cash into a bank account
3 Bought goods for cash RM5,500
4 Bought goods on credit from Kayu RM800; Sayu RM930; Jayu RM160; Bayu RM510
5 Bought stationery on credit from Berdy Bhd RM89
6 Sold goods on credit to: Camex RM170; Bamex RM240; Games RM326; Timex RM204.    
8 Rent paid by cheque RM220
10 Bought fixtures & fittings by credit from Chamm Bhd RM610.
11 Paid salaries in cash RM790.
14 Returned goods to Sayu RM30; Jayu RM42.
15 Bought van by cheque RM6,500.
16 Received loan from Baitulmal by cheque RM2,000.
18 Purchases return Camex RM5; Games RM20.
21 Cash sales RM145
24 Sold goods on credit to Bamex RM130, Timex RM410; Pamex RM158.
26 Eva paid the following by cheque: Sayu RM900; Jayu RM118.
29 Received cheques from Pamex RM158; Bamex RM370.
30 Received a further loan from Baitulmal by cash RM500.
30 Received RM614 cash from Timex                    

Required:            
(a) Prepare a Prime Book Entry for the above transactions    

(b) Record the transactions in Ledgers and Balance-off the ledgers.    

(c) Extract a trial balance.                            

(d) Prepare Statement of Profit or Loss & Statement of Financial Position.    

(e) Briefly explain about Accounting Cycle according to the standards.        

(f) Explain about the Accounting Principles and its importance in preparing accounting information.    

(g) Explain briefly on the history of Accounting Standards and its development in Malaysia with examples of its professional bodies as well.

(h) Discuss and explain the importance Provision for Doubtful Debt according to situations in making a performance decision in a business entity.

Question:

You have started a business of your own.  Choose any type of organization. The chosen organization should be critically evaluated in terms of its accounting system and its specifications based on the following questions.
(a) Discuss in brief the background of the organization including its mission, vision, and objective of the organization and address the importance of the entity chosen.
(b) Elaborate its capital, assets and liabilities as well as its equities and justify its value as well.
(c) An analysis of it’s any ONE(1) month of its transactions(not less than 30 transactions) including the Prime Book Entries. 
(d) Discuss the analysis from the above(c) transactions with relevant Financial Statement Extract from your organization after balancing off the transactions Ledgers.
(e) Illustrate the organizations any ONE(1) month Petty Cash Book to show future cash flow prospects.
(f) Accommodate the company with any ONE(1) month bank reconciliation done in current or any prior date.

Required Task:
(1) Your mark in this presentation will carry a 20% weight in the assessment of your overall performance in this module.
(2) You will be working on this presentation in a group of not more than 3(THREE).
(3) The presentation will be done in PowerPoint format in not more than 15 TO 20 minutes (including a 5 minutes question and answer session).
(4) Appropriate APA Referencing System will be employed where applicable.
(5) Your presentation must be submitted in Blackboard.
(6) Use an appropriate cover sheet with the particulars of all group members, as the cover page for the slides.
 

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