Key in MYOB software:

-Opening balances -January transactions together with the adjustments needed (in Additional Information for Adjusting Entries). -Generate Income Statement (Accrual) for the month ended 31 January 2020. -Generate Standard Balance Sheet as at 31 January 2020. -Generate Bank Reconciliation report as at 31 January 2020. - Generate General Journal as at 31 January 2020.

(This is Computerized accounting course)

i. Opening Statement of Financial Position MSG Enterprise Statement of Financial Position as at 31 December 2019 Acc. Cost Dep NBV RM RM RM Non Current Assets: Office equipment Motor vehicles Office furniture 30,000 150,000 20,000 3,000 27,000 15,000 135,000 2,000 18,000 180,000 200,000 5% Fixed deposit Current Assets: Petty Cash Cash at bank Inventories Trade receivable Less: Allowance for doubtful debts Total current assets 50 504,865 45,000 23,200 1,160 22,040 571,955 Total assets 951,955 Liabilities and shareholders' equity: Current liabilities: Trade payables Accrued rent 26,000 2,000 28,000 Shareholders' equity: Capital Add: Net profit Total shareholders' equity 500,000 23,955 523,955 Non Current Liabilities: 5.5% Long term loan - RHB Bank 400,000 Total liabilities and equity 951,955 Trade receivables listing as at 31 December 2019 1 UCC College 2 Prince International School 3 Durian Enak Sdn. Bhd. RM 11,000 7,000 5,200 23.200 Trade payables listing as at 31 December 2019 1 Eastern Supplies Sdn. Bhd. (Inv. No.:B9120) 2 Teammate Sdn. Bhd. (Inv. No.:1520) 3 Maju Sdn. Bhd. (Inv. No.: INV2013) 4 Double AA Sdn. Bhd. (Inv. No.: 1913) RM 8,500 10,000 5,000 2,500 26,000 Loan from RHB Bank A loan of RM400,000 was taken for five years at 5.5% interest per annum. The agreement was signed on 28 December 2019. ii. Transactions in January 2021 Date 1 1 1 2 2 2 5 Descriptions MSG Enterprise paid Maju Sdn Bhd for inv. no. INV2013. Received discount RM50. (Cheque no. 760249). Paid RM48 to Maria Enterprise for miscellaneous expenses using Petty cash. Reimburse petty cash RM200. (Cheque no. 760250) Purchase office table on credit from CCF Furniture RM1,400. Received payment from Prince International School RM7,000 (Cheque no. RHB 740563). Sold computer's hardware on credit to Durian Enak Sdn. Bhd. RM1,400. (Inv. no. 0122). MSG Enterprise issued credit note to Durian Enak Sdn. Bhd. for overcharged RM700. CN 001 Apply to sale inv. No. 0122 Sold computer's hardware RM1,500 on credit to UCC College - Inv. no. 0123. UCC College paid for previous invoice RM 11,000 (Cheque no. MB 770342). Purchase on credit from Eastern Supplies Sdn. Bhd. - Inv. no. B9386: Computer's hardware RM3,000, Laptop's parts RM1,750. Purchased stationery RM45 from Jaya Trading. Paid to Eastern Supplies Sdn. Bhd. for Iny no. B9120. (Cheque no. 760252). Purchased software RM2,262.50 from Teammate Sdn. Bhd. - Inv. no. 15544. Received credit note RM250 from Eastern Supplies Sdn. Bhd. Apply to sale for inv. no. B9386. 5 5 5 6 9 10 10 iii. Additional Information for Adjusting Entries The following information were furnished on 31 January 2020: a) Insurance on building amounting to RM2,400 paid by cheque (cheque no: 760251) on 5th January 2020 for one-year insurance premium was found not recorded in the books. b) Monthly rental is RM2,000. The record of MSG Enterprise shows that the last payment made is only for November 2019. c) Telephone bill RM114 still not yet paid. d) Repayment of loan from RHB Bank is payable every month and the amount paid is inclusive of interest charged at 5.5% per annum. e) Bad debts to be written-off from Prince International School amounted to RM100. f) Allowance for doubtful debts is to be provided at 5% on net trade receivables. Interest on fixed deposit is yet to be received for the month of January 2020. h) Depreciation on all non-current assets for the month of January 2020 are: Office equipment RM225.00 Motor vehicles RM1,125.00 Office furniture RM161.67 i) Closing inventory was valued at RM30,000. iv. Bank Account Statement - January 2020 Debit Credit 4,950.00 200.00 7,000.00 11,000.00 8,500.00 5,200.00 665.00 Date Document Descriptions Balance c/d 1/1/2020 760249 Withdrawal 1/1/2020 760250 Cash withdrawal 2/1/2020 RHB 740563 Cheque Deposit 5/1/2020 MB 770342 Cheque Deposit 9/1/2020 760252 Withdrawal 10/1/2020 RHB 550633 Cheque Deposit 14/1/2020 RHB 550634 Cheque Deposit 14/1/2020 760253 Withdrawal 14/1/2020 760254 Withdrawal 16/1/2020 760255 Withdrawal 20/1/2020 760256 Withdrawal 23/1/2020 760257 Withdrawal 27/1/2020 MB 770363 Cheque Deposit 30/1/2020 Cash Deposit 31/1/2020 760259 Withdrawal 31/1/2020 760260 Withdrawal 31/1/2020 Cheque Book 31/1/2020 Bank Charges TOTAL FOR THE MONTH 2,500.00 10,000.00 1,400.00 70.00 2,104.12 Balance 504,865.00 499,915.00 499,715.00 506,715.00 517,715.00 509,215.00 514,415.00 515,080.00 512,580.00 502,580.00 501,180.00 501,110.00 499,005.88 500,505.88 518,355.38 515,355.38 514,355.38 514,350.38 514,340.38 1,500 17,849.50 3,000.00 1,000.00 5.00 10.00 33,739.12 43,214.50