BKAF1023 IT Project A091
BKAF1023 IT Project A091
BKAF1023 IT Project A091
INTEGRATION PROJECT
BKAF1023
PENGANTAR PERAKAUNAN KEWANGAN
(A091)
OBJECTIVE:
The main objective of this project is to expose students with the application of
spreadsheet software in accounting practices. Students are required to use Microsoft
Excel to analyze and record transactions, prepare financial statements and complete the
accounting cycle. Students are also expected to work in group and inculcate teamwork
spirits.
REQUIREMENTS:
1. The project must be carried out in a GROUP of maximum five (5) or minimum
four (4).
2. The project must be completed by using spreadsheet MICROSOFT EXCEL.
3. Formatting – Font type: Arial, Font size: 12 points. Use comma style and 2
decimal place for all amount (e.g. 12,300.00)
4. Save all your works with a single file with filename :
<BKAF1023_Project_’YourGroupName’>.
5. Prepare your answers in ELEVEN (11) WORKSHEETS as follows:
• Sheet 1: General Journal – January 2008
• Sheet 2: General Journal – February 2008
• Sheet 3: General Journal – March 2008
• Sheet 4: General Ledger – January 2008
• Sheet 5: General Ledger – February 2008
• Sheet 6: General Ledger – March 2008
• Sheet 7: Unadjusted Trial Balance, Adjustment and Adjusted Trial
Balance worksheets
• Sheet 8: Income Statement
• Sheet 9: Balance Sheet
• Sheet 10: Closing journal entries
• Sheet 11: Post closing trial balance
6. Use appropriate FORMULA in the Microsoft Excel to calculate the followings
(Do not calculate them manually):
• Total balance in each account in general ledger.
• Balance after adjustment on affected accounts in the Adjusted Trial
Balance column/ worksheet.
• Total debit and credit balance in the Unadjusted Trial Balance,
Adjustments and Adjusted Trial Balance.
• Total revenue and total expenses in the Income Statement.
• Gross profit
• Net profit.
• Total assets and Total liabilities and equities in Balance Sheet.
• Total debit and credit balance in Post-closing Trial Balance.
7. Write down the name of every group members at the top right-hand corner of
each sheet.
8. Print all your worksheets. Set the print area to fit onto A4 sheets.
9. Submission date: 22 OCTOBER 2009
10. Please submit your answer in HARDCOPY and SOFTCOPY (burn in CD)
version. Please make sure your CD can be run and free of virus.
WARNINGS:
1. Mark (s) will be deducted for any late submission.
2. Students involve in any form of plagiarism will be PENALISED/FAILED.
INTRODUCTION: TT SOLUTION SDN BHD
Encik Alimahmood is the owner of TT Solution Sdn Bhd. He started his very own
company on October 1, 2006. Since that, his company has been successful in providing
consulting services, computer system installations and custom program development.
Starting from 1 January 2008, the company took another step to expand the business and
began selling computer software. The company’s financial year end was on 31 December
every year. The company does not use reversing entries and, therefore, all revenue and
expenses accounts have zero balances as of 1 January every year.
In response to request from customers, the company offered credit terms of 1/10, n/30,
FOB shipping point, to all customers who purchase the merchandise. However, no cash
discount is available on consulting fees. Its transactions for January through March 2008
were as follows:
Jan. 4 Paid cash to Akiff for five days’ work at the rate of RM175 per day. Four
of the five days relate to wages payable that were accrued in the prior
year.
5 TT Solution Sdn Bhd invested an additional RM75,000 cash in the
business.
7 Purchased RM17,400 of merchandise from BCC Ent. with terms 2/10,
n/30, FOB shipping point, invoice dated 7 January.
9 Received full cash payment from Hulu Co. on its account.
11 Completed a 5-day project for Ali Engineering Co. and billed it RM16,500,
which is the total price of RM21,000 less the advance payment of
RM4,500.
13 Sold merchandise with a retail value of RM15,600 and a cost of
RM10,680 to KL B Corp., invoice dated 13 January.
15 Paid RM1,800 cash for freight charges on merchandise purchased on 7
January.
16 Received RM12,000 cash from GDF Ent. for computer services provided.
17 Paid BCC Ent. for the invoice dated 7 January, net of the discount.
20 KL B Corp. returned RM1,500 of defective merchandise from its invoice
dated 13 January. The returned merchandise, which had RM960 cost, is
discarded. (The policy of TT Solution Sdn Bhd is to leave the cost of
defective products in cost of sales.)
22 Received the balance due from KL B Corp., net of both discount and the
credit for the returned merchandise.
24 Returned defective merchandise to BCC Ent. and accepted a credit against
future purchases. The defective merchandise invoice cost, net of discount,
was RM1,488.
26 Purchased RM27,000 of merchandise from BCC Ent. with terms of 1/10,
n/30, FOB destination, invoice dated 26 January.
26 Sold merchandise with a RM13,920 cost for RM17,400 on credit to Pen
Ent. invoice dated 26 January.
26 Received a RM1,488 credit memorandum from BCC Ent. concerning the
merchandise returned on 24 January.
31 Paid cash to Akiff for 10 days’ work at RM175 per day.
Feb. 1 Paid RM2,475 cash to Sintok Mall for another three months’ rent in
advance.
3 Paid BCC Ent. for the balance due, net of the cash discount, less the
RM496 amount in the credit memorandum.
5 Paid RM600 cash to the local newspaper for advertising insert in today’s
paper.
11 Received the balance due from Ali Engineering Co. for fees billed on 11
January.
15 Encik Alimahmood withdrew RM4,800 cash for personal use.
23 Sold merchandise with a RM2,660 cost for RM3,220 on credit to GDF
Ent. invoice dated 23 February.
26 Paid cash to Akiff for eight days’ work at RM175 per day.
27 Reimbursed Alimahmood for business automobile mileage (600 miles at
RM0.85 per mile.
Additional Information:
1. Prepare journal entries to record each of the January through March transactions.
2. Post the journal entries in part 1 to the accounts in the company’s general ledger.
Use only 3 columns ledger. T-Accounts are NOT allowed. (Note: Begin with the
ledger’s post closing adjusted trial balances as of 31 December 2007.)
3. Prepare a work sheet consisting of the first six columns that includes the
unadjusted trial balance, the 31 March adjustments (a) through (g), and the
adjusted trial balance. Do not prepare closing entries yet and do not journalize the
adjustments or post them to the ledger.
4. Prepare an income statement (from the adjusted trial balance in part 3) for the
three months ended 31 March 2008. Use a multiple-step format.
5. Prepare a statement of owner’s equity (from the adjusted trial balance in part 3)
for the three months ended 31 March 2008.
6. Prepare a balance sheet (from the adjusted trial balance) as of 31 March 2008.
7. Prepare closing entries as of 31 March 2008.
8. Prepare a post-closing trial balance as at 31 March 2008.
“END OF PROJECT”