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Account Assignment
Account Assignment
Account Assignment
PREPARED BY:
PREPARED FOR:
INTRODUCTION 4
ACCOUNTING TRANSACTION 5
JOURNALS 8
SPECIAL JOURNAL 8
GENERAL JOURNAL 9
LEDGER ACCOUNT 11
TRIAL BALANCE 13
CONCLUSION 18
REFERENCES 18
APPENDIX 18
ACKNOWLEDGMENT
We have taken a lot of effort into this project. However, the completion of this project could
not have been possible without the participation and assistance of a lot of individuals contributing to
this project. However, we would like to express our deep appreciation and indebtedness to our teachers
and supervisors for their endless support, kindness, and understanding during the project duration. We
would like to thank her for providing the necessary information and resources for this project. We
would like to express our gratitude towards our parents & our friends for their kind co-operation and
encouragement which help us a lot in completing this project. Our thanks and appreciations also go to
our colleagues in developing the project. Thank you to all the people who have willingly helped us out
with their abilities.
INTRODUCTION
Business Products:
ACCOUNTING TRANSACTION
Attic Book Centre Sdn. Bhd started a business selling books and stationery on 1 December 2020.
The following transactions were completed during December.
Da Transactio
te ns
Dec 1 Invested cash RM 50,000, bank RM 30,000, and office equipment RM
10,000 in the business as an opening capital.
Received full payment by cheque from Uptown Books for merchandise sold
14
7 December 2020
26
27
28
29
30
Assets Liabilities Owner’s Equity
Da = +
te (RM) (RM) (RM)
1 +50 000 +90 000
(Cash) (Capital)
+30 000
(Bank)
+10 000
(Office Equipment)
5 +15 000 +15 000
(Purchase) (Accounts Payable)
7 + 6 200 + 6 200
(Accounts (Revenue)
Receivable)
8 + 350
-350
(Accounts Payable) (Purchase Return
and Allowance)
9 +5 000
+5 000 (Accounts
(Furniture) Payable Others -
Meadow
Furniture
Enterprise)
11 -600
-600
(Accounts ( Sales Return
Receivable) And Allowance)
12 -200 -200
(Cash) (Drawing)
13 -15 000 -15 000
(Bank) (Accounts Payable)
13 -1 350
(Cash)
+1 350
(Purchase)
14 -6 200
(Accounts
Receivable)
+6 200
(Bank)
16 -900 -900
(Cash) (Office Rent
Expenses)
18 +2 300 +2 300
(Bank) (Commission
Revenue)
20 +13 800 +13 800
(Cash) (Revenue)
23 -100 -100
(Purchase) (Drawings)
25 -2 500 -2 500
(Bank) (Salaries Expenses)
26 -560 -560
(Cash) (Utility Bill
Expenses)
JOURNALS
➢ SPECIAL JOURNAL
Sales Journal
Dr.Ac.
Date Accounts Terms Receivable
Debited Cr.Sales
(RM
)
Dec 7 Uptown Books 2/10, 6,2
n/60 00
31 Total 6,2
00
Purchase Journal
Dr. Purchase
Date Accounts Terms Cr. Ac. Payable
Credited (RM
)
Dec 5 Book Valley 2/15, 15,000
n/30
3 Total 15,000
1
Dr.
Dr.B Dr.C
Date Accounts Credited Sales
ank ash
Discou
(R (R
nts
M) M)
(R
M)
Dec 1 Capital 50,000
1 Capital 30,0
00
14 AR – Uptown 5,48 11
Books 8 2
18 Commission 2,30
Revenue 0
20 Sales 13,800
31 Total 37,7 63,800 11
88 2
Cash Payment Journal
Cr.
Cr.B Cr.C
Date Accounts Debited Purchase
ank ash
Discounts
(R (R
(RM)
M) M)
Dec Drawings 200
12
13 AP – Book Valley 14,357 293
13 Purchase 1,350
16 Office Rent 900
Expenses
25 Salaries Expenses 2,500
26 Utility Bill 560
Expenses
31 Total 16,857 3,010 293
➢ GENERAL JOURNAL
General Journal
D C
Date Accounts Title and Explanations
r. r.
(R (R
M M
) )
Dec 1 Dr. Office 10,000
Equipment Cr. 10,000
Capital
(Invest office equipment in business as opening capital)
8 Dr. AP -Book Valley 350
Cr. Purchase Return and Allowance 350
(Return damaged merchandise to Book
Valley)
9 Dr. Furniture 5,000
Cr. AP (O) – Meadow Furniture Enterprise 5,000
(Purchased furniture on credit from Meadow
Furniture Enterprise)
11 Dr. Sales Return and 600
Allowance Cr. Ar - 600
Uptown Books
(Uptown Books return damaged goods)
23 Dr. 100
Drawings 100
Cr.
Purchase
(Takes book and stationery to be gifted for son’s
birthday)
LEDGER ACCOUNT
Accounts Receivable
Date Accou RM Date Accou RM
nts nts
Dec Sales 6,20 Dec Sales Return 600
31 0 11 And
Allowance
31 Bank 5,488
Sales Discounts 112
6,20 6,200
0
AR – Uptown Books
Dat Accou RM Date Accou RM
e nts nts
De Sales 6,20 Dec Sales Return 600
c7 0 11 And
Allowance
14 Bank 5,488
Sales Discounts 112
6,20 6,200
0
Accounts Payable Control Account
Accounts Payable
Date Accou RM Date Accou RM
nts nts
Dec Purchase Return 350 Dec Purchase 15,00
8 and Allowance 31 0
3 Bank 14,35
1 7
Purchase Discounts 293
15,00 15,00
0 0
AP – Book Valley
Date Accou RM Dat Accou RM
nts e nts
Dec Purchase Return 350 Dec Purchase 15,00
8 and Allowance 5 0
1 Bank 14,35
3 7
Purchase Discounts 293
15,00 15,00
0 0
TRIAL BALANCE
Dr Cr
Accoun
. .
t’s
(R (R
M M
) )
Sales (6,200 + 13,800) 20,000
Account Receivable (6,200 – 5,488 – 112 - 600) 0
Purchase (15,000 + 1,350 - 100) 16,250
Account Payable (15,000 – 14,357 – 293 - 350) 0
Bank (37,788 – 16,857) 20,931
Cash (63,800 – 3,010) 60,790
Sales Discounts 112
Capital (50,000 + 30,000 + 10,000) 90,000
Commission Revenue 2,300
Purchase Discounts 293
Drawings (200 + 100) 300
Office Rent Expense 900
Salaries Expense 2,500
Utility Bill Expense 560
Office Equipment 10,000
Purchase Return and Allowances 350
Furniture 5,000
AP (O) – Meadow Furniture Enterprise 5,000
Sales Return and Allowances 600
Total 117,943 117,943
Transactions For Adjustment :
1. RM 300 is commission revenue for January 2021
2. Dividend revenue RM 50 for December have not been received
3. RM 500 is the salary for January 2021
4. Interest RM 100 has not been paid
5. Depreciation for office equipment and furniture is 2% and 5% for December.
Adjusting Entries
D C
Date Accounts Title and Explanations
r. r.
(R (R
M) M)
Dec Dr. Unearned Commission 3
31 Revenue Cr. Commission 0 300
Revenue
0
Dr. Accrued Dividend 50
Revenue Cr. Dividend 50
Revenue
Dr. Prepaid Salaries 500
Expense Cr. Salaries 500
Expense
Dr. Interest Expenses 100
Cr. Interest Expense Payable 100
R R R
M M M
Sales 20,000
(-) Sales Discounts (112)
(-) Sales Return and Allowances (600)
Net Sales 19,288
R R R
M M M
Assets
Non – Current Assets 10,000
Office Equipment (200) 9,800
(-) Accumulated Depreciation – Office 5,000
Equipment
Furniture (250) 4,750
(-) Accumulated Depreciation - Furniture
Total Non- Current Assets 14,550
Current Assets
Cash 60,790
Bank 20,931
Accrued Dividend Revenue 50
Prepaid Salaries Expense 500
Total Current Assets 82,271
Liabilities
Current Liabilities
AP (O) – Meadow Furniture Enterprise 5,000
Interest Expense Payable 100
Unearned Commission Revenue 300 5,400
Total Liabilities
REFERENCES
APPENDIX