OBJECTIVE To provide students with a better understanding on how the basic accounting cycle works that starts with recordings in journals, ledgers till summarizing them in the form of a trial balance. This assignment would test the students understanding in the beginning stage of the module. EXPECTED OUTCOME Students are expected to record the transactions using double entry system in journal, ledger, balance them off at the end of the month and extract a trial balance. SUBMISSION INFORMATION The assignment must have cover page with clear particulars of student ID of all the group members, name of lecturer, module code, module name & date of submission. The answers need to be type written. Include the assignment question after the cover page. All accounts must be clearly shown with title and dates. The assignment must be neatly bound using comb-binding. DEADLINE FOR THE SUBMISSION OF INDIVIDUAL ASSIGNMENT IS ON 30th NOVEMBER 2021. MARKING CRITERIA The University requires students to adhere to submission deadlines for any form of assessment. Penalties are applied in relation to unauthorized late submission of work. Coursework submitted after deadline but within 1 week will be accepted for a maximum mark of 20%. Work handed in following the extension of 1 week after the original deadline will be regarded as a non-submission and marked zero.

RULES AND REGULATIONS It must be TYPED (DOUBLE SPACING, FONT TIMES ROMAN 12). Marks will be given for good presentation of accounts, tidiness and accuracy.

Individual Assignment 20%

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INDIVIDUAL ASSIGNMENT

QUESTION: Omar Established the Special Craft Trading Enterprise for the month of March 2021. March 1 Omar started business with RM100,000 in Bank. 3 Bought office fixtures by cheque RM8,500. 4 Bought goods by cheque RM35,000. 5 Withdrew RM8,000 from bank for use in shop. 6 Bought goods on credit : Norah RM2000; Rami RM3400. 7 Paid wages by cash RM350. 8 Bought Office Equipment RM1,500 by cheque. 9 Cash sales RM9,520. 10 Bought goods on credit from: Osama RM5,000; Wendy RM1,600. 11 Took some of the stock from shop RM300 for personal use. 13 Goods sold on credit to: Ali RM4,000; Farrah RM3,000. 15 Bought office stationery for cash RM290. 16 Received cash from Farrah RM500. 17 Paid cash to Wendy (50% of account balance). 19 Paid cheque to Osama RM3,000. 20 Omar takes RM500 drawings in cash. 22 Bought goods on credit from William RM20,000. 25 Returned goods to William RM400. 26 Bought office stationery RM220 by cash. 27 Received cheque from Ali RM2500; Farrah RM1200 28 Cash sales RM18,000. 29 Paid sundry expenses by cash RM550. 31 Paid salary by cheque RM2000.

REQUIRED: a) Record all the transactions in JOURNAL. b) Post the entries in journal to LEDGERS. c) BALANCE OFF all the accounts for the month of March 2021. d) Extract a TRIAL BALANCE as at 31 March 2021.