2.

PROFILE OF THE BUSINESS

NEKO BUCKS

Company Name Neko Bucks

Date of Commencement 1 January 2019
Business Owner Shada Chan
Staffs Khairol, Najla and Hana
Company Address G-14-06, Damansara, Avenue Mall, Bandar Sri Damansara,
52200, Selangor.
Business Operation Monday to Sunday including Public Holidays, 8AM-8PM
Nature of Business Foods and Beverages
Type of Business Sole Proprietorship
Capital Contributions Begin business with RM300,000 cash at bank and owe loan
RM35,000 from Tiger Bank.

Business activities

 An approach to coffee that is fueled by globally conscious ethics, a rich

appreciation for quality and diversity, and a thriving community that spans
the globe.
 Sold coffee and bakery with online or walk-in
 Free wifi for the customer
 Lounge concept
Financial year end 31 December 2019
Transaction for December 2019

7. Conclusion
In NEKO BUCKS business, the accounting process starts with recording of business
transactions that are taken from several of source document, depends on type of the
transactions. They are then classified and recorded in books of prime entry such as journals.
Accounting transactions comprises of five categories of account, which is assets, owner’s
equity, liability, revenues and expenses.
The basic accounting equation of Assets = Capital + Liabilities forms the basis of the whole
double-entry bookkeeping system. The equality of the accounting equation is always
maintained regardless of the number of transactions recorded in the business.
Every transaction will have double effects on the accounting equation. The
effects will be an increase or decrease whether in assets, liabilities or capital.
After that, the total will be posted to the appropriate accounts in the ledgers. In
financial accounting, journal is referring to a record of all the transactions of a business
which occur within a specific time period. The NEKO BUCKS business transactions are
recorded chronologically in a journal each one with a short description. Specialized Journals
are used by NEKO BUCKS which involved in numerous transactions each day.
A subsidiary ledger is a group of similar accounts whose combined balances equal the
balance in a specific general ledger account. The combined balance of every account in this
subsidiary ledger equals the balance of accounts receivable in the general ledger.
At the end of month NEKO BUCKS, trial balance is prepared. The purpose is to
check whether transactions have been recorded correctly in the books of accounts.
Adjustment have to be made if there are errors. If all accounting entries are recorded
correctly and all the ledger balances are accurately extracted, the total of all debit balances
appearing in the trial balance must equal to the sum of all credit balances