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Understanding financial management and accounting principles are important in managing a successful business for engineering entrepreneurs. Without these understanding, the business may not be sustainable, especially for start-up companies. The following are some financial information about Company XYZ. A. Nature of business Purchase various components from China and assemble Industrial Size 3D printers for manufacturing industries. B. Various Assets and liability of the company as at 31.12.2019 Bil. I No. Jumlah / Amount (RM) 1. 1,050 2. 32,002 3. Penerangan / Description Wang tunai runcit di pejabat / Petty cash in the office Wang tunai di dalam bank / Cash in banks Nilai bahan mentah di dalam stor / Value of raw material in the store Jumlah nilai peralatan / Total equipment value Nilai bangunan pejabat (pemilik) / Value of the office building (owned) Lori / Lorry 180,200 4. 480,000 5. 643,000 6. 125,000 7. Kereta / Car 55,500 8. Motosikal / Motorcycle 12,650 9. 85,500 10. 780,500 11. 120,000 12. Nilai paten yang dibeli untuk jig spesifik / Value of patent purchased for a specific jig Bayaran kepada pembekal / Payments to suppliers Gaji dan tuntutan yang perlu dibayar / Salaries and claims to be paid Cukai pendapatan yang perlu dibayar / Income tax to be paid Bayaran kepada Setiausaha Syarikat Payments for Company Secretary Pendahuluan oleh pelanggan / Deposits given by customers Bayaran sewa mesin fotokopi / Photocopier rental payment 121,000 13. 25,650 14. 62,000 15. 12,345 C. Income and main expenditures for Jan-March 2020 duration Pendapatan / Income Jumlah | Amount (RM) 650,000 125,000 Jualan pencetak 3D / Sale of 3D printers Jualan melalui sewaan pencetak 3D / Sale through rental of 3D printers Jualan melalui perkhidmatan kontrak pencetak 3D / Sale through contract service for 3D printers Jualan bahagian pencetak 3D / Sale of 3D printer parts Jualan melalui perkhidmatan percetakan / Sale through printing services 85,435 10,950 79,345 Perbelanjaan utama / Main expenses 480,310 Pembelian komponen / Component purchase Pembelian bahan percetakan / Printing material purchase Gaji dan tuntutan / Salary and claims 34,879 65,034 Pengangkutan / Transport 11,020 Penyelenggaraan pejabat / Office maintenance 23,900 Kerugian / Losses Nilai pencetak 3D yang rosak (produk dipulangkan) / 76,500 Value of faulty 3D printer (product return) (a) Perform a balance sheet calculation to estimate the equity by shareholders at the end of 31/12/2019. (b) By performing a simple income statement from the information given, discuss the financial situation of the company at the end of March 2020. (C) In this case, you still need your cash-flow account. Explain why this is still required. (d) In addition to the above, management account is also important to the company. Explain what is the use of the management account. Understanding financial management and accounting principles are important in managing a successful business for engineering entrepreneurs. Without these understanding, the business may not be sustainable, especially for start-up companies. The following are some financial information about Company XYZ. A. Nature of business Purchase various components from China and assemble Industrial Size 3D printers for manufacturing industries. B. Various Assets and liability of the company as at 31.12.2019 Bil. I No. Jumlah / Amount (RM) 1. 1,050 2. 32,002 3. Penerangan / Description Wang tunai runcit di pejabat / Petty cash in the office Wang tunai di dalam bank / Cash in banks Nilai bahan mentah di dalam stor / Value of raw material in the store Jumlah nilai peralatan / Total equipment value Nilai bangunan pejabat (pemilik) / Value of the office building (owned) Lori / Lorry 180,200 4. 480,000 5. 643,000 6. 125,000 7. Kereta / Car 55,500 8. Motosikal / Motorcycle 12,650 9. 85,500 10. 780,500 11. 120,000 12. Nilai paten yang dibeli untuk jig spesifik / Value of patent purchased for a specific jig Bayaran kepada pembekal / Payments to suppliers Gaji dan tuntutan yang perlu dibayar / Salaries and claims to be paid Cukai pendapatan yang perlu dibayar / Income tax to be paid Bayaran kepada Setiausaha Syarikat Payments for Company Secretary Pendahuluan oleh pelanggan / Deposits given by customers Bayaran sewa mesin fotokopi / Photocopier rental payment 121,000 13. 25,650 14. 62,000 15. 12,345 C. Income and main expenditures for Jan-March 2020 duration Pendapatan / Income Jumlah | Amount (RM) 650,000 125,000 Jualan pencetak 3D / Sale of 3D printers Jualan melalui sewaan pencetak 3D / Sale through rental of 3D printers Jualan melalui perkhidmatan kontrak pencetak 3D / Sale through contract service for 3D printers Jualan bahagian pencetak 3D / Sale of 3D printer parts Jualan melalui perkhidmatan percetakan / Sale through printing services 85,435 10,950 79,345 Perbelanjaan utama / Main expenses 480,310 Pembelian komponen / Component purchase Pembelian bahan percetakan / Printing material purchase Gaji dan tuntutan / Salary and claims 34,879 65,034 Pengangkutan / Transport 11,020 Penyelenggaraan pejabat / Office maintenance 23,900 Kerugian / Losses Nilai pencetak 3D yang rosak (produk dipulangkan) / 76,500 Value of faulty 3D printer (product return) (a) Perform a balance sheet calculation to estimate the equity by shareholders at the end of 31/12/2019. (b) By performing a simple income statement from the information given, discuss the financial situation of the company at the end of March 2020. (C) In this case, you still need your cash-flow account. Explain why this is still required. (d) In addition to the above, management account is also important to the company. Explain what is the use of the management account
