Question
You are required to prepare a written report for the following tasks: Transactions for the month of April of a bakery, ColaCake Enterprise are given
You are required to prepare a written report for the following tasks:
Transactions for the month of April of a bakery, ColaCake Enterprise are given as the following.
2021
APR 1 Initial investment to start the business with RM200,000 cash
2 Put RM90,000 of the cash into a bank account
3 Bought goods for cash RM5,500
4 Bought goods on credit from: CIKU RM800; CAKU RM930; TIKU RM160; TAKU RM510
5 Bought stationery on credit from TULIS BHD RM89
6 Sold goods on credit to: GIGA RM170; MEGA RM240; PETA RM326; TERA RM204.
8 Rent paid by cheque RM220
10 Bought fixtures & fittings by credit from TABLE BHD RM610.
11 Paid salaries in cash RM790.
14 Returned goods to CAKU RM30; TIKU RM42.
15 Bought a Mobile Lorry by cheque RM6,500.
16 Received loan from RHB BHD by cheque RM2,000.
18 Sales return from GIGA RM5; PETA RM20.
21 Cash sales RM145
24 Sold goods on credit to MEGA RM130, TERA RM410; ZETA RM158.
26 ColaCake paid the following by cheque: CAKU RM900; TIKU RM118.
29 Received cheques from ZETA RM158; MEGA RM370.
30 Received a further loan from POSB BHD by cash RM500.
30 Received RM614 cash from TERA
Required:
- Prepare a Prime Book Entry for the above transactions
(10 marks)
- Record the transactions in Ledgers and Balance-off the ledgers.
(15 marks)
- Extract a trial balance.
(10 marks)
- Prepare Statement of Profit or Loss & Statement of Financial Position.
(15 marks)
- Briefly explain the importance of having a good accounting practices in a business.
(10 marks)
- Discuss four (4) users of accounting information and explain two importance of financial information to these four (4) users.
(20 marks)
- Explain the advantages and disadvantages of the following business entities: -
- Sole Proprietorship
- Partnership (20 marks)
(Total: 100 marks)
FORMATTING AND LAYOUT |
- A Microsoft Office Word Document or other relevant applications as permitted by module lecturer/ typed using computer. Usage of typewriter or hand - written is STRICTLY not allowed.
- 12 font size, Time New Roman font and bold title and sub titles
- A4 sized paper
- Fully justified alignment
- 1 line spacing
- Margins of 1 at top and bottom; left and right
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