BT12203 BUSINESS ACCOUNTING

SEMESTER 2 SESSION 2022/2023

GROUP ASSIGNMENT GUIDELINES

1.0 General instruction

1.1 The assignment title is “BT12203 Business Accounting – Recording Business

Transactions and Costs Classifications” and should be completed on a group basis.
Please refer to the Group List in iTeL/BT12203 Telegram Group Channel.
1.2 Please find your group members using the Telegram group link listed in the
Group List. The Telegram group can be used for your group discussion.
1.3 The questions are divided into Part A and Part B. Part A comprises financial
accounting questions and Part B comprises management accounting questions.
1.4 Students are required to answer the questions given below and to prepare type-
written answers using the templates provided in the guidelines. Marks will be
awarded based on the accuracy of the answers and the rubric assessment (refer to
Appendix 3).
1.5 In addition, students must prepare a task completion report (refer to Appendix 1) and
a work diary in completing the group assignment (refer to Appendix 2).
1.6 Finally, students will perform a peer assessment to assess each group member’s
teamwork in completing the group assignment via iTeL.

2.0 Format of the report

2.1 Use Times New Roman (size 12) with 1.0 line spacing.
2.2 The report is recommended to follow the following structure:
(i) Part A: Recording Business Transactions
(a) Section I: T-Accounts
(b) Section II: Trial Balances
(c) Section III: Financial Statements
(ii) Part B: Accounting Costs
(a) Section IV: Costs Classifications
(iii) Appendices

3.0 Submission of the report

3.1 Use cover page (refer to Appendix 4) when submitting the assignment. All
appendices must be submitted together with the report.
3.2 Two forms of submission (hard copy and soft copy) should be made. Both copies of
the group assignment should be submitted before 4.00 pm, 03/07/2023 (Monday).
3.3 For online submission, upload the soft copy of the group assignment to the
submission link in iTeL. Please convert your assignment to PDF format before you
submit it. For hard copy submission, please print your assignment and submit it to
the Accounting Centre, Level 2, FPEP.
3.4 The standard penalty for late submission of assessment tasks is 5% of the marks for
the delay in submission. Non-submission of the assignment is a failure to complete
one of the assessment components and will result in an automatic grade of “F” for

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the course in accordance with “Perkara 9.1.4, Bahagian 9, Kaedah Pengajian

Prasiswazah Universiti Malaysia Sabah”.

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Appendix 1: Group List & Task Completion

Group number: _____
(Note: You MUST include your group number on the cover page when submitting the
assignment later)
Group members:

Name Matric No. Task(s) completed*

BB2111000 E.g. Part 1 Section 1
1 Student A
1 Compiling

BB2111000 E.g. Part 2

2 Student B
2 Work diary

10

IMPORTANT NOTES:
(a) You MUST include in your submission the actual work done by each of the members by
completing the form above.
(b) Provide a few pictures of the group discussions conducted to complete this assignment.
Attach the pictures in the Appendices section.
(c) If the group experiences non-cooperation from any of the member(s), please inform the
lecturer immediately.

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APPENDIX 2: THE DIARY OF GROUP ASSIGNMENT (EXAMPLE ONLY)*

* Students are to report any events/activities made during the group discussions and students
December use their own words (the template below is an example only). Provide pictures of
meetings/discussions by the group and to be compiled with this work diary.

DATES ACTIVITIES & OUTCOMES ATTENDANCE REMARKS

1 December 2022 Discussion Johnny All attended.
 Discussion of the questions Michael
 Discussion of task allocations Adrian
Elvira
Task allocation Michelle
1) Part 1 Section 1 – Johnny Emma
2) Part 1 Section 2 – Michael
3) Part 1 Section 3 – Adrian
4) Part 1 Section 4 – Elvira
5) Part 2 Question 1 – Michelle
6) Part 2 Question 2– Emma

All members must prepare the

answers and to submit the first draft
by ____ to ___ for compilation.

Next meeting: ______

11 December 2022 Discussion and review Johnny All attended

 Discussion of the first draft Michael except for Emma
 Amendments to be made to Adrian (food poisoning)
improve the first drafts Elvira
Michelle
Emma
The revised content should be
submitted to _____ by _______.

Next meeting: ______

18 December 2022 Discussion and review Johnny All attended.

 Review of the revised contents. Michael
 Compilation of report by Adrian
________. Elvira
Michelle
Next meeting: ______ Emma

20 December 2022 Review and finalisation Johnny All attended.

 Review of the whole content of Michael
the report Adrian
 Report is ready for submission, Elvira
will be done by _________. Michelle
Emma
*The minimum number of meetings should be not less than 3 times.

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Appendix 3: Group Assignment Assessment Rubric

Assessment Rubric: Teamwork (Peer Assessment Activity through iTeL)

Below Expectation Meets Expectation Exceeds Expectation

Attributes Weightage
0 1-3 4-6 7-9
Interact with team members Less interaction with team Less interaction with team Good interaction with team Excellent interaction with team
33.3%
in a friendly manner. members in a friendly manner. members in a friendly manner. members in a friendly manner. members in a friendly manner.
Foster relationships among Foster reasonable relationships Foster reasonable relationships Foster good relationships Foster excellent relationships
each other and collaborate among each other and among each other and among each other and among each other and
33.3%
effectively towards goal collaborate fairly towards goal collaborate fairly towards goal collaborate adequately towards collaborate effectively towards
achievement. achievement. achievement. goal achievement. goal achievement.
Respect each other's opinions Show less respect towards Show less respect towards Show good respect towards Show excellent respect
in achieving common goals. other's opinions in achieving other's opinions in achieving each other's opinions in towards each other's opinions 33.3%
common goals. common goals. achieving common goals. in achieving common goals.
MARKS (y): 100%
TOTAL MARKS: y / 100 x 5%

Assessment Rubric: Personal Skills

Below Expectation Meets Expectation Exceeds Expectation

Attributes Weightage
0 1-3 4-6 7-9
Time Management No attempt to complete work on Rarely completes work on time. Completes work on time by Completes tasks ahead of
time. Not able to manage time. Not able to manage time well. taking advantage of the time schedule by creating a plan and
50%
provided and by using time scheduling time to complete the
management skills. work.
Delegation of work Work was not divided equally. Work was divided minimally Work was divided well amongst Work was divided excellently
Only few members are doing the amongst group members. group members. amongst group members. 50%
work while others are ignored.
MARKS (y): 100%
TOTAL MARKS: y / 100 x 5%

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BT12203 BUSINESS ACCOUNTING

SEMESTER 2 SESSION 2022/2023

GROUP ASSIGNMENT

RECORDING BUSINESS TRANSACTIONS AND COSTS

CLASSIFICATIONS

Due date : 3 July 2023

Submission date : ____________________
Group Number : ____________________

We are submitting the assignment for a group project on behalf of all members of the group. It is
hereby confirmed that the submission is authorised by all members of the group.

We declare that:
(i) the assignment here submitted is original except for source material explicitly
acknowledged;
(ii) the piece of work, or a part of the piece of work has not been submitted for more than one
purpose (e.g. to satisfy the requirements in two different courses) without declaration;
(iii) we also acknowledge that we are aware of the University’s policy and regulations on
honesty and plagiarism in academic work, and of the disciplinary guidelines and procedures
applicable to breaches of such policy and regulations.

Name (Alphabetical Order) Matric No.

1
2
3
4
5
6
7
8
9
10

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PART A: RECORDING BUSINESS TRANSACTIONS

Peyton Sawyer enjoys listening to all types of music. Over the years, Peyton has gained a local
reputation for knowledge of music from classical to rap and the ability to put together sets of
recordings that appeal to all ages. On 1 January 2022, Peyton established a proprietorship known
as Tree Hill Music. Using an extensive collection of music, Peyton serves as a DJ and provides
music playlists on a fee basis for weddings, parties, and other events. Below are the account
balances for Tree Hill Music as of 31 October 2022:
RM
Cash 9,945
Accounts Receivable 4,150
Supplies 275
Prepaid Insurance 2,475
Office Equipment 7,500
Accumulated Depreciation - OE 50
Accounts Payable 8,350
Unearned Fees 3,600
Wages Payable 140
Capital 12,205

During November, Peyton entered into the following transactions:

Nov 2. Received RM3,500 from a local radio station for serving as the guest DJ for the
month of November.
2. Paid RM800 for the rent of the office.
4. Purchased supplies from City Office Supply Sdn Bhd for RM350. Agreed to pay
RM100 within 10 days and the remainder by 3 December 2022.
6. Paid RM500 to a local radio station to advertise the services of Tree Hill Music
twice daily for two weeks.
8. Paid RM675 to a local electronics store for renting digital recording equipment.
12. Paid RM350 (music expense) to Cool Music for the use of its current music demos
to make various music sets.
13. Paid City Office Supply Sdn Bhd RM100 on account.
16. Received RM300 from a dentist for providing two music sets for the dentist to play
for her patients.
22. Served as a DJ for a wedding party. The father of the bride agreed to pay RM1,000
in December.
25. Received RM500 for serving as the DJ for a cancer charity ball hosted by the local
hospital.
29. Paid RM240 (music expense) to Galaxy Music for the use of its library of music
demos.
30. Received RM900 for serving as a DJ for a local club's monthly dance.
30. Paid RM400 for the receptionist's wages for November.
30. Paid RM300 for the utilities for the month.
30. Determined that the cost of supplies on hand is RM170.
30. Paid for miscellaneous expenses, RM415.

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30. Paid RM1,000 royalties (music expense) to National Music for use of various artists'
music during the month.
30. Withdrew RM500 of cash from Tree Hill Music for personal use.

On 30 November 2022, these additional data were assembled for the adjustments:
(a) The balance of the prepaid insurance account is RM2,250.
(b) Depreciation of the office equipment is RM50.
(c) The balance of the unearned revenue account is fully earned.
(d) Accrued wages as of 30 November 2022 were RM160.

During December, Peyton entered into the following transactions:

Dec 1. Peyton Sawyer made an additional investment in Tree Hill Music by depositing
RM5,000 in Tree Hill Music's current account.
1. Peyton decided to rent a new office space near a local music store. Paid rent for
December, RM1,750.
2. Received RM1,000 cash from customers on account.
3. On behalf of Tree Hill Music, Peyton signed a contract with a local radio station,
KXMD, for the next three months. The contract requires Tree Hill Music to provide
a guest DJ for 80 hours per month for a monthly fee of RM3,600. Any additional
hours beyond 80 will be billed to KXMD at RM40 per hour. In accordance with the
contract, Peyton received RM7,200 from KXMD as an advance payment for the first
two months.
3. Paid RM250 to creditors on account.
4. Paid an attorney RM900 for reviewing the December 3 contract with KXMD.
(Record as Miscellaneous Expense.)
8. Paid for a newspaper advertisement, RM200.
11. Received RM1,000 for serving as a DJ for a party.
13. Paid RM700 to a local audio electronics store for the rental of digital recording
equipment.
14. Paid wages of RM1,200 to the receptionist and part-time assistant.
16. Received RM2,000 for serving as a DJ for a wedding reception.
18. Purchased supplies on account, RM850.
21. Paid RM620 (music expense) to HM Music for the use of its current music demos in
making various music sets.
22. Paid RM800 to a local radio station to advertise the services of Tree Hill Music
twice daily for the remainder of December.
23. Served as DJ for a party for RM2,500. Received RM750, with the remainder due on
4 January 2023.
27. Paid electric bill, RM915.
28. Paid wages of RM1,200 to the receptionist and part-time assistant.
29. Paid miscellaneous expenses, RM540.
30. Served as a DJ for a charity ball for RM1,500. Received RM500, with the remainder
due on 9 January 2023.
31. Received RM3,000 for serving as a DJ for a party.
31. Paid RM1,400 royalties (music expense) to National Music for use of various artists'

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music during December.

31. Paid the outstanding accrued wages.
31. Withdrew RM1,250 cash from Tree Hill Music for personal use.

On 31 December 2022, these additional data were assembled for the adjustments:
(e) During December, Tree Hill Music provided a guest DJ for KXMD for a total of 115
hours. Record the amount of the accrued revenue to be billed to KXMD, based on the
information stated in the contract signed on 3 December 2022.
(f) Supplies on hand at 31 December 2022 are RM275.
(g) The balance of the prepaid insurance account is reduced by RM225.
(h) Depreciation of the office equipment is RM50.
(i) The balance of the unearned revenue account is RM3,600.

Instructions

1. Post the business transactions to T-accounts based on Tree Hill Music’s chart of accounts
(use Section I template).

Chart of Accounts for Tree Hill Music

Cash Office Rent Expense
Accounts Receivable Advertising Expense
Supplies Equipment Rent Expense
Prepaid Insurance Music Expense
Office Equipment Wages Expense
Accumulated Depreciation - Office Equipment Utilities Expense
Accounts Payable Supplies Expense
Unearned Fees Miscellaneous Expense
Wages Payable Insurance Expense
Capital Depreciation Expense
Drawing Income Summary
Fees Earned

2. Post the adjusting transactions (a) to (f) to the appropriate T-accounts (use the same T-
accounts in instruction 1).

3. Prepare unadjusted, adjusted and post-closing trial balance for the year ended 31
December 2022. Use Income Summary to close the temporary accounts.

4. Prepare an income statement, a statement of owner's equity, and a balance sheet for the
year ended 31 December 2022 (use Section II templates).

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PART B: ACCOUNTING COSTS

Part B: Cost Classifications
The following is a list of costs incurred by several businesses:

Direct Direct Manufacturing Selling Administrative

Costs material cost labour cost overhead cost costs costs
(a) Cost of fabric used by clothing
manufacturer
(b) Maintenance and repair costs for factory
equipment
(c) Rent for a warehouse storing raw materials
and work in process
(d) Wages of production quality control
personnel
(e) Depreciation of robot used to assemble a
product
(f) Travel costs of marketing executives to
annual sales meeting
(g) Depreciation of copying machines used by
the Marketing Department
(h) Fees charged by a collection agency on
past-due customer accounts
(i) Electricity used to operate factory
machinery
(j) Maintenance costs for factory equipment
(k) Pens, paper, and other supplies used by the
Accounting Department in preparing
various managerial reports
(l) Depreciation of microcomputers used in the
factory to coordinate and monitor the
production schedules

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(m) Fees paid to lawn service for office grounds

upkeep
(n) Cost of sewing machine needles used by a
shirt manufacturer
(o) Cost of plastic for a telephone being
manufactured
(p) Telephone charges by CEO's office
(q) Cost of a 30-second television commercial
(r) Surgeon's fee for heart bypass surgery
(s) Wages of a machine operator on the
production line
(t) Salary of the Vice President of
manufacturing operations

Instruction:
(a) Classify each of the product costs and period cost as direct material costs, direct labour costs, manufacturing overhead costs, and
selling or administrative costs. Put X in their appropriate column.

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TEMPLATES FOR PART A

SECTION I: T-ACCOUNTS

Cash
2022 RM 2022 RM
Nov 1 Capital XXXX

Nov 30 Balance XXXX

XXXXX XXXXX

Dec 1 Balance XXXX

Dec 31 Balance XXXX

XXXXX XXXXX
2023
Jan 1 Balance XXXX

Accounts Receivable
2022 RM 2022 RM

Supplies
2022 RM 2022 RM

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Prepaid Insurance
2022 RM 2022 RM

Office Equipment
2022 RM 2022 RM

Accumulated Depreciation – Office Equipment

2022 RM 2022 RM

Accounts Payable
2022 RM 2022 RM

Unearned Fees
2022 RM 2022 RM

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Wages Payable
2022 RM 2022 RM

Capital
2022 RM 2022 RM

Drawing
2022 RM 2022 RM

Fees Earned
2022 RM 2022 RM

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Office Rent Expense

2022 RM 2022 RM

Advertising Expense
2022 RM 2022 RM

Equipment Rent Expense

2022 RM 2022 RM

Music Expense
2022 RM 2022 RM

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Wages Expense
2022 RM 2022 RM

Utilities Expense
2022 RM 2022 RM

Supplies Expense
2022 RM 2022 RM

Miscellaneous Expense
2022 RM 2022 RM

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Insurance Expense
2022 RM 2022 RM

Depreciation Expense
2022 RM 2022 RM

Income Summary
2022 RM 2022 RM

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(PART A) SECTION II: TRIAL BALANCES

Tree Hill Music
Trial Balance as at 30 November 2022
Unadjusted Adjustment Adjusted
Account Name Debit Credit Debit Credit Debit Credit
(RM) (RM) (RM) (RM) (RM) (RM)
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Office Equipment
Accumulated
Depreciation - OE
Accounts Payable
Unearned Fees
Wages Payable
Capital
Drawing
Fees Earned
Office Rent Expense
Advertisement Expense
Equipment Rent
Expense
Music Expense
Wages Expense
Utilities Expense
Supplies Expense
Miscellaneous Expense
Insurance Expense
Depreciation Expense

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Tree Hill Music

Trial Balance as at 31 December 2022
Unadjusted Adjustment Adjusted Closing
Account Name Debit Credit Debit Credit Debit Credit Debit Credit
(RM) (RM) (RM) (RM) (RM) (RM) (RM) (RM)
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Office Equipment
Accumulated
Depreciation - OE
Accounts Payable
Unearned Fees
Wages Payable
Capital
Drawing
Fees Earned
Office Rent Expense
Advertisement Expense
Equipment Rent
Expense
Music Expense
Wages Expense
Utilities Expense
Supplies Expense
Miscellaneous Expense
Insurance Expense
Depreciation Expense

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(PART A) SECTION III: FINANCIAL STATEMENTS

Tree Hill Music
Income Statement for the Year Ended 31 December 2022
RM RM

Tree Hill Music

Statement of Owner’s Equity for the Year Ended 31 December 2022
RM RM

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Tree Hill Music

Balance Sheet as at 31 December 2022
RM RM

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