BBAW2103: Access the Annual Report for the Year Ended 2019 of One Listed Company on Bursa: Financial Accounting Assignment, OUM, Malaysia

Subject BBAW2103: Financial Accounting

PURPOSE

The purpose of this assignment is to enhance learners’ understanding of the qualitative characteristics of accounting information and enhance skills to prepare the journal entry, trial balance, and financial statements.

REQUIREMENT

You are required to answer Assignment 1 and Assignment 2.  You have to submit both assignments ONCE only in a single file.

 ASSIGNMENT 1 (CLO 1):

Access the annual report for the year ended 2019 of one listed company on Bursa Malaysia.

  1. Discuss how ‘feedback value’ and ‘forecast value’ may assist users to make better decisions.
  2. Show four examples of accounting information from the annual report to support your discussion.

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ASSIGNMENT 2 (CLO 2):

Answer all the questions and show your detailed workings clearly and systematically.

Question 1:

Menara Wealth Management involved the following transactions during September 2020, the first month of its operation:

DateTransactions
September 1Started a financial planning services company by investing RM150,000 cash and office equipment of RM50,000.
2Purchased RM12,000 of office equipment by cash.
3Purchased RM3,000 of office supplies on credit.
4Completed service for a client and received a payment of RM9,000 cash.
8Completed service for Syarikat Bizara on credit amounted to RM17,000.
10Paid the supplier for the office supplies purchased on 3 September.
14Paid RM9,600 being the annual premium for an insurance policy.
18Received payment in full from Syarikat Bizara for the service completed on 8 September.
27The owner withdrew RM6,500 cash from the company for personal expenses.
30Paid RM1,750 cash for the utility bills in September.
31Received RM20,000 cash from a client for a financial service to be rendered next year.

 Required:

  1. Prepare journal entries to record all of the above transactions.
  2. Post the journal entries to the relevant three-column ledgers.
  3. Prepare the trial balance as of 30 September 2020.

Question 2: 

CoboroyBerhad prepared the following unadjusted trial balance on 30 June 2020 for its first year of operation:

AccountsDebit (RM)Credit (RM)
Cash271,350
Accounts receivable202,500
Supplies48,600
Motor vehicles1,023,300
Account payable47,250
Unearned revenue54,000
Capital702,000
Drawings40,500
Revenue1,221,750
Salary expense283,500
Utilities expense155,250
Total2,025,0002,025,000

Information for adjustment: 

  • Supplies in hand on 30 June were RM10,800.
  • Depreciation on motor vehicles was estimated to be RM36,900.
  • Unbilled revenue on 30 June was RM15,975.
  • The amount of unearned revenue in the above balance represents all the advanced payments received from customers. Sixty percent of services have been provided by 30 June.
  • Unpaid bills on utilities on 30 June amounted to RM5,400.

Required:

  1. Prepare the adjusting entries for the above transactions on 30 June 2020.
  2. Prepare the adjusted trial balance as of 30 June 2020.

Question 3:

The accounts’ balances for Klinik Dr. Khuzairi as of 30 June 2020 are as follows:

AccountsDebit RMCredit RM
Cash11,400
Accounts receivable3,500
Prepaid insurance3,150
Clinic supplies1,250
Clinic equipment10,650
Accumulated depreciation – Clinic equipment    4,500
Clinic premise144,750
Accumulated depreciation – Clinic premise14,375
Land138,500
Wages payable2,625
Interest payable2,750
Notes payable127,000
Capital, Khuzairi129,650
Consultation revenue73,000
Wages expense9,000
Utilities expense2,750
Insurance expense2,550
Maintenance expense5,125
Interest expense     12,750
Clinic supplies expense3,250
Depreciation expense – Clinic equipment1,500
Depreciation expense – Clinic premise3,775
Total353,900353,900

Required:

  1. Prepare the income statement for the year ended 30 June 2020.
  2. Prepare the statement of owner’s equity for the year ended 30 June 2020.
  3. Prepare the balance sheet as of 30 June 2020.

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