INTRODUCTION TO FINANCIAL ACCOUNTING / INTRODUCTION TO

FINANCIAL ACCOUNTING AND REPORTING

(ACC117 / ACC106)

GROUP PROJECT 1 (25%)

INTRODUCTION:

In this group project, the students are expected to work collaboratively with each other in a
team to complete the accounting simulation project. At the end of this group project, every
team is expected to submit a written report for the accounting simulation project. Every
student should demonstrate a teamwork skill which is defined as a set of behaviours, that
can be learnt, which provide the individual with the capability of working towards team goals
whilst maintaining own integrity.

INSTRUCTIONS:

1. Form a team with a maximum of 4 members. Every team is expected to plan before
start and every teammate is expected to contribute and manage any conflict arises
accordingly.
2. Set up a sole proprietorship business selling goods/products to customers locally
(name your business and your product).
3. Submit a written report with the following information:
a. Business background by including (not limited to) name of the business, place
of business, business activities, capital contribution, financial year end.
b. Business transactions for the first month of your business. Clearly state the
month of the business transactions. The business transactions created are
between your business and supplier, and between your business and
customers. The business transactions should include:
1 cash and 1 non-cash capital 1 credit purchase of non-current
contributions asset
3 credit purchases 1 cash purchase of non-current
asset
1 cash purchase 1 cash drawing
3 credit sales 1 goods drawing
1 cash sale 1 non-current liability
2 purchases returns 2 expenses
2 sale returns 2 incomes
c. Journalise the business transactions in the appropriate journals (sales journal,
purchase journal, return inwards journal, return outwards journal, cash receipts
journal, cash payments journal, and general journal).
d. Prepare the appropriate ledgers accounts (General ledgers, purchase ledgers
and sale ledgers).
e. Prepare a Trial Balance as at the end of the month.
REPORT FORMAT
1. Cover page
2. Table of content
3. Introduction (Background of group assignment A)
4. Business background
5. Content
i. Business transactions
ii. Journals
iii. Ledgers
iv. Trial balance
6. Conclusion (Conclusion of group assignment A including team’s experiences and
limitations)

Friendly reminder:
i) Each team should produce business transactions on their own. If the business
transactions found similar or the same with the other team(s), a penalty will be
imposed on all teams involved.
ii) The deadline for submission is on WEEK 12.