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ASSIGNMENT

The document provides guidelines for a group assignment on preparing financial statements for a small business. Students are asked to prepare: 1) A statement of profit or loss for Eva Trading for the year ended 31 August 2022 based on account balances and additional information provided. 2) A statement of financial position as at 31 August 2022. The additional information includes inventory amounts, depreciation rates, prepaid/accrued items, bad debt adjustments, and owner withdrawals. The financial statements are to be prepared in accordance with the guidelines and submitted by the deadline of 16 January 2023 for 40 marks contributing to 10% of the overall course grade.

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Doreen Ong
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58 views3 pages

ASSIGNMENT

The document provides guidelines for a group assignment on preparing financial statements for a small business. Students are asked to prepare: 1) A statement of profit or loss for Eva Trading for the year ended 31 August 2022 based on account balances and additional information provided. 2) A statement of financial position as at 31 August 2022. The additional information includes inventory amounts, depreciation rates, prepaid/accrued items, bad debt adjustments, and owner withdrawals. The financial statements are to be prepared in accordance with the guidelines and submitted by the deadline of 16 January 2023 for 40 marks contributing to 10% of the overall course grade.

Uploaded by

Doreen Ong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Faculty of

Management

GROUP ASSIGNMENT

COURSE CODE : SBSC1303

COURSE : BUSINESS ACCOUNTING

PROGRAMME : BACHELOR DEGREE

DEADLINE : 16 JANUARY 2023 (MONDAY)

MARKS : 40 (CONTRIBUTING TO 10 PERCENT OF


THE OVERALL MARKS)

Guidelines:

1. Cover page
2. Times New Roman, Font Size 12, 1.5 Spacing
3. Answer all questions (Show all workings)
4. Evidence: Submit the group agreed solutions for the above
questions together with evidence of group discussions/meeting held
prior to submissions (As Attachment-Appendix).
5. Submit in PDF only.
1. Aleya owns a small business, Eva Trading. The following are the ending balances
of the ledger accounts for the year ended 31 August 2022.

Eva Trading
Trial Balance as at 31 August 2022
Debit Credit
(RM) (RM)
Buildings 28,000
Vehicles 12,000
Machinery 18,000
Provision for depreciation – Buildings 6,000
Provision for depreciation – Vehicles 2,400
Provision for depreciation – Machinery 4,000
Inventory as at 1 September 2021 16,400
Accounts receivable 23,500
Bank 9,800
Cash 5,200
Accounts Payable 31,560
Capital 46,800
Sales 88,330
Purchases 35,420
Sales returns 2,300
Purchase returns 800
Carriage inwards 430
Salaries expenses 18,740
Sundry expenses 500
Commission received 800
Rent expenses 800
Interest expenses 100
Salesmen’s commissions expense 2,100
Electricity expenses 1,700
Insurance expenses 1,900
Advertising 1,000
Lighting and heating expenses 500
Provision for doubtful debt 1,000
Bad debts 2,800
Drawings 500
181,690 181,690

Additional information:
(i) Inventory at 31 August 2022 is RM20,500.
(ii) Depreciation is to be provided on a straight-line basis as follows:
Buildings - 15% of costs
Vehicles - 20% of costs
Machinery - 10% of costs
2
(iii) RM200 has been prepaid for rent.
(iv) Salesmen’s commission of RM260 is still owing.
(v) Prepaid insurance of RM120.
(vi) Additional bad debt written off is RM300.
(vii) The provision for doubtful debts is to be adjusted to 5% of outstanding
accounts receivable.
(viii) The owner had taken RM400 worth of cash for her own use.

Prepare
(a) Statement of Profit or Loss for the year ended 31 August 2022.
(b) Statement of Financial Position as at 31 August 2022.
(40 marks)

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