BBAW2103

FINANCIAL ACCOUNTING

MAY 2020 SEMESTER

NAME:

Villino binti Sangkar

STUDENT NO:

940121126890001

EMAIL:

villinoenno@gmail.com

MOBILE NO :

019-8026890
 Contents
ASSIGNMENT 1..................................................................................................................................3

Question 1: (CLO1)..........................................................................................................................3

Question 2 (CLO1)...........................................................................................................................3

ASSIGNMENT 2..................................................................................................................................5

QUESTION 1: (CLO 2)...................................................................................................................5

Journal Entries..............................................................................................................................5

Ledgers...........................................................................................................................................6

Trial Balance.................................................................................................................................7

QUESTION 2: (CLO 2)...................................................................................................................8

Adjusting Entries & Adjusted Trial Balance for Syarikat Afif Resources.............................8

QUESTION 3: (CLO 2)...................................................................................................................9

Income Statement.........................................................................................................................9

Owner’s Equity.........................................................................................................................................9

Balance Sheet..........................................................................................................................................10

REFERENCES...............................................................................................................................................11

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ASSIGNMENT 1
Question 1: (CLO1)
Accounting aids its users in making better financial decisions for their company and
organization. These users of accounting information are referred to as internal user and external users
who performs their respective duties inside and outside of a company.

Internal users are primary users of accounting who works within a company. They use the
information for the betterment of their company. For example, the company’s owner uses financial
statements to assess how well their business is performing. These financial statements are provided
by the employees working in the company’s accounting department by preparing and reviewing
various financial reports. Additionally, the managers also need accounting information to plan the
allocation of financial, human and capital resources.

External users are secondary users of accounting who works outside of a company. They are not
part of the company’s administrative process but they take an interest in the account information of
the company for the benefit of an economic flow. The most regular external users are the creditors
and investors. Creditors use accounting information to assess the potential borrower’s ability to repay
the loan by looking at the number of their assets, liabilities evidence of income and economic
position before lending them money. Investors provides capital to a business. Potential investors
need to look at a company’s financial information to make sure the investment is secure and will
profit them later.

Question 2 (CLO1)
Assuming that I am a potentially buying shares within a company, I will first read the company’s
Annual Report in order to determine whether or not it is profitable to invest in that particular
company. The Annual Report is a formal document of record that has been subjected to assurance
and adheres to a globally-recognized standards. The company’s management could potentially get
into trouble if they do not adhere to this standard. I would advise other potential investors to do the
same for several reasons.

If you are already a shareholder in a company, the Annual Report is something that you can use
to assess the performance and position of your investment. It will guide you to make an informed
decision to garner results to your benefit. Without it, you lack vital information to plan a strategy and

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may lead to an undesirable outcome such as potential loss of value or a drastic change of trend in
market for your investment.

If you are still considering whether or not to invest, it’s very likely that the annual report will be
your first port of call as you try to get up to speed to the company’s operations. While you will
definitely want to analyse the finances, you should not neglect to read the front end of the report. It is
the narrative that gives you a flavour for what the company is trying to achieve and how it will go
about it.

In addition, reading through the report will also give you a sense of the company’s overall value,
the transparency of their operations and their commitment in maintaining that transparency.
Therefore, reading the report provides an opportunity for investors to investigate. One of the ways of
doing so is by checking the ‘front-end’ of the report. The front part of the report contains images and
accompanying narrative of the company’s activities over the past year. The back part will detail the
financial and operational information. The front part must complement the back part of the report in
order to provide a coherent narrative of the company’s overall operation. A lack of coherence
between these two areas might indicate the company lacks transparency or even other areas.

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ASSIGNMENT 2
QUESTION 1: (CLO 2)

Journal Entries
CEPAT CETAK SDN. BHD. JOURNA
L1
MONTH: APRIL
DATE ACCOUNT POS DEBIT CREDIT
T
REF
1/4/2020 Cash 1 200, 000  
  Owner's capital 2   200, 000
  (Owner invest cash in business)    
3/4/2020 Land 3 240, 000  
Building 4 210, 000
  To Cash A/C 1   165, 000
  To Notes Payable A/C 6   285, 000
  (Owner purchase land and building)    
7/4/2020 Equipment 5 30, 000  
CASH
  To Cash A/C 1   NO.000
17, 1
Date
  Particulars
To PostA/CDebit
Accounts Payable Credit
7   Balance
13, 000
  ref equipment
(Owner purchased office   Debit  Credit
1/4/2020in  cash & on account J1 200,
to Amazing   200,00  
Interiors sdn. Bhd. within 60000
days) 0
3/4/2020Equipment
8/4/2020    J1   165,00
5 3,35,
400000   
  To Accounts Payable A/C 07   3, 400
7/4/2020
     J1
(Owner purchased motorcycle   on 17, 000   18, 000   
15/4/202account
  from Motorex Sdn.  Bhd
 J1 3, 400 14, 600  
0within 10 days)
20/4/202  
15/4/202 Accounts  J1
Payable A/C 30, 000  7 3,44,
400600   
0 0
  To Cash A/C 1   3, 400
  (Full payment made to Motorex    
Sdn. Bhd)
20/4/202 Cash 1 30, 000  
0
  To Note Payable A/C 6   30, 000
  (Borrowed from Bank Kaya due in    
6 months)

Ledgers

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 ACCOUNTS PAYABLE NO. 7
Date Particulars Post Debit Credit Balance
ref Debit Credit
7/4/2020    J1   13, 000   13, 000
8/4/2020    J1   3, 400   16, 400
15/4/2020    J1 3, 400     13, 000

ADAM SYAQIF, CAPITAL NO. 2

Date Particulars Post Debit Credit Balance
ref Debit Credit
Trial 1/4/2020    J1   200, 000   200, 000

Balance

LAND NO. 3
Date Particulars
CEPATPost
CETAK Debit Credit
SDN. BHD. Balance
ref
TRIAL BALANCE Debit Credit
3/4/2020    J1 30-Apr-20
240,000   240, 000  

ACCOUNTS DEBIT CREDIT

Cash
BUILDINGS 44, 600   NO. 4
Adam Syaqif, Particulars
Date Capital  
Post Debit Credit 200, 000
Balance
Land 240, 000
ref   Debit Credit
Building
3/4/2020    J1 210, 210,
000 000   210, 000  
Equipment 33, 400
Notes Payable   315, 000
Accounts Payable
EQUIPMENT   13, 000 NO. 5
TOTAL
Date Particulars 528, 000
Post Debit Credit 528, 000Balance
ref Debit Credit
7/4/2020    J1 30, 000   30, 000  
8/4/2020 3, 400 33, 400

NOTES PAYABLE NO. 6

Date Particulars Post Debit Credit Balance
ref Debit Credit
3/4/2020    J1   285,000   285, 000
20/4/2020    J1   30, 000   315, 000

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QUESTION 2: (CLO 2)
Adjusting Entries & Adjusted Trial Balance for Syarikat Afif Resources

SYARIKAT AFIF RESOURCES

ADJUSTING ENTRIES
31/12/2019

DATE ACCOUNTS DEBIT CREDIT

31/12/2020 Wages Expenses 5000  
  Wages Payable   5000
       
31/12/2020 Insurance Expense 700  
  Prepaid Insurance   700
       
31/12/2020 Rent Income 350  
  Unearned Rent   350
       
31/112/202 Utilities Expense 200  
0
  Utilities Payable   200

SYARIKAT AFIF RESOURCES

ADJUSTED TRIAL BALANCE
31/12/2019

ACCOUNTS DEBIT CREDIT

Capital   29,250
Drawings 4,600  
Cash 3,500  
Salaries and Wages 28,000  
Rental Revenue   68,000
Land 35,000  
Accounts Receivable 12,700  
Accounts Payable   18,200
Office Expenses 2,500  
Utility Expenses 1,900  
Prepaid Insurance 2,100  
Building 15,000  
Office Equipment 2,300  
Vehicles 4,200  
Inventory 4,100  
Unearned Rental Revenue   850
Depreciation Expenses 400  
  116,300 116,300

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QUESTION 3: (CLO 2)
Income Statement

SYARIKAT AFIF RESOURCES

INCOME STATEMENT
FOR THE MONTH ENDED MARCH 31, 2020
             
REVENUE:        
Service Revenue     95,400  
Interest Income     11,500  
        106,900
           
Expenses:          
Salaries Expense     39,700    
Supplies Expense     4,200    
Depreciation Expense     1,200    
Rental Expense     35,000    
Miscellaneous Expense     120    
Total Expenses         80,220
Net Income         26680
               

Owner’s Equity

SYARIKAT AFIF RESOURCES

STATEMENT OF OWNER'S EQUITY
FOR THE MONTH ENDED MARCH 31, 2021
         
SYARIKAT AFIF RESOURCES, Capital
  1/3   0  
  Additional Contributions 71,220    
  Net Income 26680    
    97,900    
  Less Withdrawals -13,000    
  Increase in Owner's Equity   84,900  
SYARIKAT AFIF RESOURCES, Capital
  31/3   84,900  
                 
Balance Sheet

  SYARIKAT AFIF RESOURCES  

  BALANCE SHEET  

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   MARCH 31, 2020  

ASSETS
   
  Current Assets:      
  Cash 31,000    
  Accounts Receivable 76,000    
  Supplies 9,500    
    116,500  
  Property, Plant & Equipment:      
  Office Equipment 12,000      
  Less: Accumulated Depreciation -3,600      
      8,400  
  Total Assets     124,900  
       

LIABILLITIES
   
  Accounts Payable   24,000  
  Salaries Payable   16,000  
      40,000  
         

OWNER'S EQUITY
   
  SYARIKAT AFIF RESOURCES, Capital     84,900  
  Total Liabilities & Owner's Equity     124,900  
             

REFERENCES
1. https://www.youtube.com/channel/UCKG6Rrdk9ZRp9lGBEZqBD_A

2. Basic accounting. (2010). London: Teach Yourself.

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3. Deodutt, L., & Haiden, M. (2015). Understanding accounting: A beginners guide. Durban,

South Africa: RAM Computer Services.

4. Maritz, C. J. (2019). Bookkeeping. Cape Town, South Africa: Edge Learning Media.

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