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Group Assignment

(20%)

\ You are required to create transactions related to the nature of your business for the month of Dec 2023. All the transactions are to be explained with the nature of your business (be creative). (Eg: For credit sales - you can write as (a) sold books on credit for RM12,000 or (b) Sold a dozen of book on credit worth RMI,00 each book The second one reflects creativity.]\ Marks will be based on your creativity.\ You must have the following transactions:\ \\\\table[[Transactions,Required],[> Capital Introduced (cash in hand, cash at bank & non-current assets,1],[

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Loan taken from a bank,1],[Non- current assets acquired on credit,2],[Non- current assets acquired on cash basis,1],[Trade goods purchased on credit (minimum 3 different suppliers),4],[Ir Trade goods purchased on cash basis,2],[

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Trade goods sold on credit (minimum 3 different customers),4],[

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Trade goods sold on cash basis,2],[

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Retum of goods by customers,2],[Retum of goods to suppliers,2],[Payment to supplier inclusive of discount received,3],[Payment by customers inclusive of discount allowed,3],[Dr- Payment of expenses by cheque,3],[Dayment of expenses by cash,3],[

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Receipt of income by cheque,2],[

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Receipt of income by cash,1],[Withdrawal of goods for personal use,1],[2. Withdrawal of cash for personal use,1]]\ Recording\ i. Prepare relevant journals and post the transactions to the relevant ledgers.\ ii. Prepare an unadjusted trial balance as at

30Dec2023

.\ iii. Prepare profit and loss statement for the month ended 30 Dec 2023 and Statement of

Group Assignment (20%) You are required to create transactions related to the nature of your business for the month of Dec 2023. All the transactions are to be explained with the nature of your business (be creative). [Eg: For credit sales - you can write as (a) sold books on credit for RM12,000 or (b) Sold a dozen of book on credit worth RM1,00 each book The second one reflects creativity.] Marks will be based on your creativity. You must have the following transactions: \begin{tabular}{|c|c|} \hline Transactions & Required \\ \hline> Capital Introduced (cash in hand, cash at bank \& non-current assets & 1 \\ \hline> Loan taken from a bank & 1 \\ \hline Non- current assets acquired on credit & 2 \\ \hline Non- current assets acquired on cash basis & 1 \\ \hline Trade goods purchased on credit (minimum 3 different suppliers) & 4 \\ \hline Dr Trade goods purchased on cash basis & 2 \\ \hline> Trade goods sold on credit (minimum 3 different customers) & 4 \\ \hline> Trade goods sold on cash basis & 2 \\ \hline> Retum of goods by customers & 2 \\ \hline Retum of goods to suppliers & 2 \\ \hline Payment to supplier inclusive of discount received & 3 \\ \hline Dayment by customers inclusive of discount allowed & 3 \\ \hline Do Payment of expenses by cheque & 3 \\ \hline Do Payment of expenses by cash & 3 \\ \hline> Receipt of income by cheque & 2 \\ \hline> Receipt of income by cash & 1 \\ \hline Withdrawal of goods for personal use & 1 \\ \hline D- Withdrawal of cash for personal use & 1 \\ \hline \end{tabular} Recording i. Prepare relevant journals and post the transactions to the relevant ledgers. ii. Prepare an unadjusted trial balance as at 30Dec2023. iii. Prepare profit and loss statement for the month ended 30Dec2023 and Statement of financial position as at 30 Dec 2023 . (Please note that there should not be any

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