QUESTION 1

You are required to prepare the following statement:

i) Journal entries

ii) Trial balance

QUESTION 2

As an accountant, you need to prepare comprehensive financial statement that cover the following statement; Statement of Profit or Loss, Statement of Financial Position, Statement of Cash Flow, Statement of Changes in Equity and Notes to the Financial Statement. Besides, you also need to make budgeting and make financial decision on behalf of company. A good financial statement will give benefit to the users. On your personal opinion, you will point out several reasons on why should an accountant prepare a very good financial statement. As this is critical thinking situation, there are no right or wrong answer, it just the matter on how you support your answers.

araphrasing Tool Quillot Individual Assignment 2 UECH11 X ginfile.php/73686/mod_resource/content/0/Individual%20Assignment%202%20UECH1104%20Semester%201%202019 2020.p Question 1 Siti Sarah is the owner of Bublebee Sdn Bhd that operate on selling clothes. On 1 May 2020, the company start to run the business with sole proprietorship business type. The following are the transactions that happened within the first month. BUSINESS TRANSACTIONS May Transactions 1 Siti Sarah started her business with RM15,000. 2 Purchased RM6,000 of inventory on account from Nordin Bhd. 2 Bought RM1,800 worth of furniture. 3 Paid RM400 for rent for the month. 5 Borrowed RM15,000 long-term loan from Maybank. 7 Sell shoes for RM4,200 in cash. 8 Paid RM200 for utilities. 9 Sell shoes to Kimara Co. amounted RM3,000 on credit. 10 Paid for the purchase on account on 2nd May and received a 20% discount. 13 Kimara Co. return 10 pairs of shoes due to not satisfy the required measurement. A pair of shoes cost RM30. 14 Purchased a new van with a cheque amounted RM9,500. 18 Take 3 pairs of shoes for daughter's birthday. A pair of shoes cost RM30. 19 Sell shoes to Laura Fare amounted RM6,000. Laura Fare paid half of the amount by cash and the balance is on credit. 20 Received a cheque from Kimara Co. and allowed her discount RM250 22 Received RM700 cash for rental income. 24 Paid RM300 cash for repairing van. 26 Purchased office equipment for RM2,500 on account using notes payable. 27 Received commission cost RM180. 30 Paid RM3,600 for employee salaries il L M @ w araphrasing Tool Quillot Individual Assignment 2 UECH11 X ginfile.php/73686/mod_resource/content/0/Individual%20Assignment%202%20UECH1104%20Semester%201%202019 2020.p Question 1 Siti Sarah is the owner of Bublebee Sdn Bhd that operate on selling clothes. On 1 May 2020, the company start to run the business with sole proprietorship business type. The following are the transactions that happened within the first month. BUSINESS TRANSACTIONS May Transactions 1 Siti Sarah started her business with RM15,000. 2 Purchased RM6,000 of inventory on account from Nordin Bhd. 2 Bought RM1,800 worth of furniture. 3 Paid RM400 for rent for the month. 5 Borrowed RM15,000 long-term loan from Maybank. 7 Sell shoes for RM4,200 in cash. 8 Paid RM200 for utilities. 9 Sell shoes to Kimara Co. amounted RM3,000 on credit. 10 Paid for the purchase on account on 2nd May and received a 20% discount. 13 Kimara Co. return 10 pairs of shoes due to not satisfy the required measurement. A pair of shoes cost RM30. 14 Purchased a new van with a cheque amounted RM9,500. 18 Take 3 pairs of shoes for daughter's birthday. A pair of shoes cost RM30. 19 Sell shoes to Laura Fare amounted RM6,000. Laura Fare paid half of the amount by cash and the balance is on credit. 20 Received a cheque from Kimara Co. and allowed her discount RM250 22 Received RM700 cash for rental income. 24 Paid RM300 cash for repairing van. 26 Purchased office equipment for RM2,500 on account using notes payable. 27 Received commission cost RM180. 30 Paid RM3,600 for employee salaries il L M @ w