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Bkaf 1023 Introduction To Financial Accounting: Additional Information

ZAZU Interior Design Services Enterprise is preparing its financial statements for January 2019. Transactions during the month include investments of cash and equipment into the business, payments for rental, supplies, insurance, and a purchase of a van. The company provided interior design services and received payments from customers. Adjusting entries were needed for depreciation, supplies used, and a prepaid utilities bill. Financial statements were prepared, including an income statement and balance sheet as of January 31, 2019.

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366 views2 pages

Bkaf 1023 Introduction To Financial Accounting: Additional Information

ZAZU Interior Design Services Enterprise is preparing its financial statements for January 2019. Transactions during the month include investments of cash and equipment into the business, payments for rental, supplies, insurance, and a purchase of a van. The company provided interior design services and received payments from customers. Adjusting entries were needed for depreciation, supplies used, and a prepaid utilities bill. Financial statements were prepared, including an income statement and balance sheet as of January 31, 2019.

Uploaded by

Keshini Thanabalu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BKAF 1023 INTRODUCTION TO FINANCIAL ACCOUNTING

Tutorial 2
Semester A201
Topics 3, 4 and 5
Submission date: 26/11/2020

ZAZU Interior Design Services Enterprise is operating in Jitra beginning 1 January 2019.
Currently, ZAZU Interior Design Services Enterprise is preparing its financial statements on
a monthly basis. The following transactions for ZAZU Interior Design Services Enterprise for
the month of January 2019 were as follows:

2 Jan. ZAZU made investments of RM150,000 cash and RM90,000 equipment into the
business.
3 Paid RM24,000 cash for the whole year 2019 of rental.
5 Purchased office supplies for RM4,000 cash.
8 Paid RM6,000 cash for a one-year insurance policy.
15 Purchased a van for RM10,000 on account from Jalan Company.
18 Provided interior design services to Mep Company and earned RM70,000,
received RM50,000 cash and the remaining balance was on account.
19 Paid RM6,000 to Jalan Company.
20 Received RM10,000 in advance from Aiz Enterprise for interior design
services.
20 Received utilities bill of RM2,000, to be paid on 12 February 2019.
25 Prepared invoice for salary of RM12,000, to be paid on 2 February 2019.
26 Received RM12,000 from Mep Company.
29 Provided interior design services to Aiz Enterprise related to the transaction on
20 January.
Additional information:
i. ZAZU Interior Design Services Enterprise used the straight line method at a rate of
12% per annum to depreciate both the equipment and van.
ii. The used of supplies during the month of January 2019 was RM3,000.

REQUIRED:
(a) Prepare the journal entries to record each of the transactions including all the necessary
adjustments for the month of January 2019 (Explanations are not required).
BKAF 1023 INTRODUCTION TO FINANCIAL ACCOUNTING

(b) Post the journal entries in (a) above to the three column ledgers.
(c) Prepare an adjusted trial balance for ZAZU Interior Design Services Enterprise for the
month of January 2019.
(d) Prepare the Statement of Comprehensive Income for ZAZU Interior Design Services
Enterprise for the month of January 2019.
(e) Prepare the Statement of Financial Position for ZAZU Interior Design Services
Enterprise as at 31 January 2019.

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