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    ASSIGNMENT

    Uploaded by

    Doreen Ong
    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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    ASSIGNMENT

    Uploaded by

    Doreen Ong
    41 views3 pages
    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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    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views3 pages

    ASSIGNMENT

    Uploaded by

    Doreen Ong
    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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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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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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