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ACC 406 - INTERMEDIATE FINANCIAL ACCOUNTING & REPORTING FINAL PROJECT: ACCOUNTING SIMULATION PROJECT 15% INTRODUCTION: This assignment is designed to test on the understanding of students in the recording of the business transactions using the double entry system under the book of prime entry format. Students are required to form a group of 4 members. INSTRUCTIONS: 1. Assuming you are planning to set up a sole trading business selling finished goods (name your product) to customers in Shah Alam area ("any area choose by the student is acceptable) 2. Create possible business transactions between your business and supplier and also between your business and customers. 3. The business transactions should include at least: Contribution of capital by the owner of the business CASH, NCA 3 credit purchase 1 cash purchase 3 credit sales 1 cash sales 1 purchase of non-current assets in credit 1 purchase of non-current assets by cash 2 payment to supplier 2 payment by receivables 1 transactions on payment of expenses 1 transactions on revenue received 1 transactions on non-current liabilities 2 Drawings (goods and cash) by the owner For merchandising business: 1 transaction on sales retum 1 transaction on purchases retum 4. Your report should include the following infomation: a. The business background (including capital contributed, name of the business, address, type of goods sold, etc) b. Accounting transactions (for 1 months) c. Specialised journals - CHAPTER 15 7 JOURNALS) - IGNORE PETTYCASH BOOK d. Subsidiary ledgers account - CHAPTER 15 - GENERAL LEDGER, PURCHASE PAYABLE LEDGER, SALES/RECEIVABLE LEDGER BALANCE OFF THE ACCOUNTS- BALANCE CD (AT THE END OF THE MONTH). BALANCE B/D AT THE BEGINNING OF NEXT MONTH e. Trial Balance as at that date. 5. Report format a. Cover page b. Table of content c. Introduction d. Content e. Conclusion f. References 6. Important notes a. The assignment must be typed with the minimum of 10 pages excluding appendices. ACC 406 - INTERMEDIATE FINANCIAL ACCOUNTING & REPORTING FINAL PROJECT: ACCOUNTING SIMULATION PROJECT 15% INTRODUCTION: This assignment is designed to test on the understanding of students in the recording of the business transactions using the double entry system under the book of prime entry format. Students are required to form a group of 4 members. INSTRUCTIONS: 1. Assuming you are planning to set up a sole trading business selling finished goods (name your product) to customers in Shah Alam area ("any area choose by the student is acceptable) 2. Create possible business transactions between your business and supplier and also between your business and customers. 3. The business transactions should include at least: Contribution of capital by the owner of the business CASH, NCA 3 credit purchase 1 cash purchase 3 credit sales 1 cash sales 1 purchase of non-current assets in credit 1 purchase of non-current assets by cash 2 payment to supplier 2 payment by receivables 1 transactions on payment of expenses 1 transactions on revenue received 1 transactions on non-current liabilities 2 Drawings (goods and cash) by the owner For merchandising business: 1 transaction on sales retum 1 transaction on purchases retum 4. Your report should include the following infomation: a. The business background (including capital contributed, name of the business, address, type of goods sold, etc) b. Accounting transactions (for 1 months) c. Specialised journals - CHAPTER 15 7 JOURNALS) - IGNORE PETTYCASH BOOK d. Subsidiary ledgers account - CHAPTER 15 - GENERAL LEDGER, PURCHASE PAYABLE LEDGER, SALES/RECEIVABLE LEDGER BALANCE OFF THE ACCOUNTS- BALANCE CD (AT THE END OF THE MONTH). BALANCE B/D AT THE BEGINNING OF NEXT MONTH e. Trial Balance as at that date. 5. Report format a. Cover page b. Table of content c. Introduction d. Content e. Conclusion f. References 6. Important notes a. The assignment must be typed with the minimum of 10 pages excluding appendices