The objective of this assignment is to expand students' knowledge through hands-on application of preparing financial statement according to the Financial Reporting Standard (FRS 101). This will enable the students to develop their critical thinking abilities in preparing and analysing the company performance. This assignment also intends to assess the student's teamwork skills in preparing accounting group assignment. INSTRUCTIONS: 1. Students will go to the short field trip to the company to observe and gather the data about the real working environments. The company that have been selected for this assignment is Melaka International Bowling Centre (MIBC). 2. Students are required to form a group of 3 person and prepare a complete FINANCIAL STATEMENT based on the observations in MIBC by referring to the given guidelines. ASSIGNMENT DETAILS GUID 1. Students are required to describe the details of business information of the company and to create business transactions based on the observation in MIBC Assume the type of ownership of the company is SOLE PROPRIETORSHIP. The require details include . The name of business and type of industry. Describe the main business operations. Detail information of company product, sources of revenue and operating cost. . Organization chart and other relevant information about the business. . 2. The observation may involve: To observe the types of assets in the company a. To observe the potential liabilities in the company b. To observe the sources of revenue in the company To observe the varieties of expenses that might incurred in the company. C. d. 3. Students are required to identifies and prepare 10 economic transactions, 1 non-economic transaction and at least 3 adjusting entries for each months for ONE (1) months upon . Begin your tronsactions by creating the BEGINNING BALANCE of the previous Record ALL transactions by complying with 9 steps in the accounting cycle and complete the fulfilling the observation process. account. ie Balance of asset, liabilities and owner equity 4. Financial Statement for the month. (Start with creoting and analysing the transactions until preparotion of Post-Closing Trial Bolance) 5. Students are required to write a conclusion and summary of financial performance for the company FULLGIVEN MARKS MARKS 1. Describe the details of business information of the company Business name, type of industry, main business operations, company4 etc source of revenue. 10 13 16 10 economic trans non-economic transactions 3. Journalise current month transactions 4. Enter the January 1 balances in the ledger (T-account) and post current month transactions to res ve ledger accounts Trial Balance for current month. at least 3 adjusting entries an adjusted Trial Balance 8. Prepare the Statement of Profit or Loss for the month of Janua 2019 9. Prepare the Statement of Changes in Equity for the month of 2019 10. Prepare a classified Statement of Financial Position as at 31 January 2019 11. Prepare and post the closing-entries for the temporary accounts at 31 January 2019 12 13. Conclusion and summary of financial 14. Creativity and problem solving (ability to create unique transactions, the post-closing trial balance at 31 January 2019 ance for the com identifies and analyses problems; formulates alternative solutions TOTAL 100 The objective of this assignment is to expand students' knowledge through hands-on application of preparing financial statement according to the Financial Reporting Standard (FRS 101). This will enable the students to develop their critical thinking abilities in preparing and analysing the company performance. This assignment also intends to assess the student's teamwork skills in preparing accounting group assignment. INSTRUCTIONS: 1. Students will go to the short field trip to the company to observe and gather the data about the real working environments. The company that have been selected for this assignment is Melaka International Bowling Centre (MIBC). 2. Students are required to form a group of 3 person and prepare a complete FINANCIAL STATEMENT based on the observations in MIBC by referring to the given guidelines. ASSIGNMENT DETAILS GUID 1. Students are required to describe the details of business information of the company and to create business transactions based on the observation in MIBC Assume the type of ownership of the company is SOLE PROPRIETORSHIP. The require details include . The name of business and type of industry. Describe the main business operations. Detail information of company product, sources of revenue and operating cost. . Organization chart and other relevant information about the business. . 2. The observation may involve: To observe the types of assets in the company a. To observe the potential liabilities in the company b. To observe the sources of revenue in the company To observe the varieties of expenses that might incurred in the company. C. d. 3. Students are required to identifies and prepare 10 economic transactions, 1 non-economic transaction and at least 3 adjusting entries for each months for ONE (1) months upon . Begin your tronsactions by creating the BEGINNING BALANCE of the previous Record ALL transactions by complying with 9 steps in the accounting cycle and complete the fulfilling the observation process. account. ie Balance of asset, liabilities and owner equity 4. Financial Statement for the month. (Start with creoting and analysing the transactions until preparotion of Post-Closing Trial Bolance) 5. Students are required to write a conclusion and summary of financial performance for the company FULLGIVEN MARKS MARKS 1. Describe the details of business information of the company Business name, type of industry, main business operations, company4 etc source of revenue. 10 13 16 10 economic trans non-economic transactions 3. Journalise current month transactions 4. Enter the January 1 balances in the ledger (T-account) and post current month transactions to res ve ledger accounts Trial Balance for current month. at least 3 adjusting entries an adjusted Trial Balance 8. Prepare the Statement of Profit or Loss for the month of Janua 2019 9. Prepare the Statement of Changes in Equity for the month of 2019 10. Prepare a classified Statement of Financial Position as at 31 January 2019 11. Prepare and post the closing-entries for the temporary accounts at 31 January 2019 12 13. Conclusion and summary of financial 14. Creativity and problem solving (ability to create unique transactions, the post-closing trial balance at 31 January 2019 ance for the com identifies and analyses problems; formulates alternative solutions TOTAL 100
