Contoh assignemnt Account, University Malaysia

 

14.0 ACTIONS TAKEN BY THE GROUP TO GUIDE AND HELP THE BUSINESS TO IMPROVE A SYSTEMATIC RECORDING OF BUSINESS TRANSACTIONS.

 

          Kedai Dobi is a shop that provides laundry service and some daily uses such as mineral water, snack, instant food, some stationery and others. The shop is very important to the college students because it provides daily uses and others service. Kedai Dobi also needs to continue the business to gain more profit. To improve the Kedai Dobi to become more successful in future, a good systematic recording business transaction need to exist. According to the law, every business must keep the accurate records and it can help to save money too. A successful business must have a good record keeping and it can easy finding out the important document. Having an accurate account and systematic recording business transactions can make it quicker to prepare the year end accounts. This action may help the owner of the shop to clearly know the company’s cash flow and ensure they are tax – efficient. The good recording also contains the information about salaries and others important information such as expenses, dividends and etc.

          Keeping a good and accurate account can be simplest the things by do it often. There are a range of apps and website on the online, many of them which are free and it provide the accounting skills that can help a lot to Kedai Dobi. Example, Accounting Couch is a website that established in 2003. This website is allow students, bookkeepers and small business owner to learn new accounting skills or to increase their present knowledge. The only requirement to study on this website is an Internet connection. Some apps are to do the taxes such as File This. File This app that can help in recording accounts and taxes. This app also can store and categorize all the document of all kinds and make it easy to find necessary paperwork at tax time. It also allows the users to backup in cloud storage, Dropbox, Google Drive and Evernote. It is very safe to use this app. Those apps and website can help a lot in accountings and don’t need to keep a hard copy of their invoices and receipts. In fact, storing all the documents online make it much easier to report the incomes and expenses each month and prevent the documents disappear.

          Besides that, do and pay every transaction via online. The transaction doing online can keep a good record and the record can collect and save into the apps. The record will always save through the online and won’t be disappear. The owner should also do the backup process to make sure that the documents and the records have another copy in the hand of the owner. The owner also can pay the money to the supplier through online. Nowadays, many banks have released their own apps. This action can help the businessman to pay the money to the supplier through online. Via this app, the owner can save their time to rush to the bank and transfer the money in anywhere, anytime. Every record will be recorded in the apps and very useful and safe to use it.

          Furthermore, a good accounting file must be neat and tidy. The documents of the business must be separate well. It is better to arrange and list systematically the documents every month. If the clerk sorts out the documents monthly, this action may help you in the end of the year. Every year end, the owner must pass up the document to let the government side to check the account and the documents. After finish arranging the documents into the file, the owner must find a place to store the file. The file must store it together since the business started because all the documents are very important and cannot be lost.

          Next, every transaction must be recorded to make sure that the important point such as revenue, liabilities and others increase or decrease. This is because all the important point must recorded and to make a balance account. The company should separate the business and personal finance. It is very important and the main reason are for tax and personal protection purposes. The owner should not use the personal account to carry on the business because the money will mix together and very difficult to separate after the money mixing. By that, the owner should open his own personal bank account and a business account for business purpose in bank. This way, they won’t confuse with the money spent on business or spent on his personal.

Last but not least, account is representing the language of a business. Keeping good records as a habit and do it every day that all successful business must have. With a good account, the owner also can make the decision with excellent and can understand the financial about the business more clearly. Through the good records to have a better financial controls over their company’s growth and success.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.0 A FULL SET OF ACCOUNTS FOR ONE MONTH

          i. Journal for one month transactions

	Journal
1-Aug	Cash	453
	Sales		453
	( Being cash sales)
2	Cash	384
	Sales		384
	( Being cash sales)
3	Cash	520
	Sales		520
	( Being cash sales)
4	Cash	496
	Sales		496
	( Being cash sales)	383
5	Cash		383
	Sales
	( Being cash sales)
6	Cash	460
	Sales		460
	( Being cash sales)
7	Cash	483
	Sales		483
	( Being cash sales)
8	Cash	550
	Sales		550
	( Being cash sales)
9	Cash	531
	Sales		531
	( Being cash sales)
10	Cash	548
	Sales		548
	( Being cash sales)
	Purchases	2800
	Cash		2800
	( Being cash purchases)
11	Cash	564
	Sales		564
	( Being cash sales)
12	Cash	412
	Sales		412
	( Being cash sales)
13	Cash	421
	Sales		421
	( Being cash sales)
14	Cash	522
	Sales		522
	( Being cash sales)
15	Cash	530
	Sales		530
	( Being cash sales)
16	Cash	452
	Sales		452
	( Being cash sales)
17	Cash	536
	Sales		536
	( Being cash sales)
18	Cash	552
	Sales		552
	( Being cash sales)
19	Cash	510
	Sales		510
	( Being cash sales)
20	Purchases	2200
	Cash		2200
	( Being cash purchases)
	Cash	453
	Sales		453
	( Being cash sales)
21	Cash	530
	Sales		530
	( Being cash sales)
22	Cash	467
	Sales		467
	( Being cash sales)
23	Cash	527
	Sales		527
	( Being cash sales)
24	Cash	584
	Sales		584
	( Being cash sales)
25	Cash	596
	Sales		596
	( Being cash sales)
26	Cash	517
	Sales		517
	( Being cash sales)
27	Cash	490
	Sales		490
	( Being cash sales)
	Water	218
	Cash		218
	(paid water fee by cash)
28	Cash	487
	Sales		487
	( Being cash sales)
	Electric	784
	Cash		784
	(Paid electric fee by cash)
	Purchases	2900
	Cash		2900
	( Being cash purchases)
	Rent	1100
	Cash		1100
	(paid rent by cash)
29	Sales	493
	Cash		493
	( Being cash sales)
30	Sales	508
	Cash		508
	( Being cash sales)
	Salaries	3800
	Cash		3800
	(paid salaries by cash)
	Drawings	1400
	Purchases		1400
	(The boss takes the goods for his own use）

 

 

 

 

 

 

 

 

 

Business transactions for Ogos 2018 are as follows :

Date	Transactions	Amount(RM)
2018 August 1	Cash Sales	453
2	Cash Sales	384
3	Cash Sales	520
4	Cash Sales	496
5	Cash Sales	383
6	Cash Sales	460
7	Cash Sales	483
8	Cash Sales	550
9	Cash Sales	531
10	Cash Sales Purchases	548 2800
11	Cash Sales	564
12	Cash Sales	412
13	Cash Sales	421
14	Cash Sales	522
15	Cash Sales	530
16	Cash Sales	452
17	Cash Sales	536
18	Cash Sales	532
19	Cash Sales	510
20	Cash Sales Purchases	453 2200
21	Cash Sales	530
22	Cash Sales	467
23	Cash Sales	527
24	Cash Sales	584
25	Cash Sales	596
26	Cash Sales	517
27	Cash Sales Water	490 218
28	Cash Sales Purchases Rent Electric	487 2900 1100 784
29	Cash Sales	493
30	Cash Sales Salaries Drawings	508 3800 1400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii. Ledgers

Capital Account

2018		RM	2018		RM
August 31	Balance c/d	35,000	August 1	Balance b/d	35,000
		35,000			35,000
			Sept 1	Balance b/d	35,000

 

 

Sales Account

2018		RM	2018		RM
August 31	Balance c/d	14,959	August 1	Cash	453
			2	Cash	384
			3	Cash	520
			4	Cash	496
			5	Cash	383
			6	Cash	460
			7	Cash	483
			8	Cash	550
			9	Cash	531
			10	Cash	548
			11	Cash	564
			12	Cash	412
			13	Cash	421
			14	Cash	522
			15	Cash	530
			16	Cash	452
			17	Cash	536
			18	Cash	552
			19	Cash	510
			20	Cash	453
			21	Cash	530
			22	Cash	497
			23	Cash	527
			24	Cash	584
			25	Cash	596
			26	Cash	517
			27	Cash	490
			28	Cash	487
			29	Cash	493
			30	Cash	508
		14,959			14,959
			Sept 1	Balance b/d	14,959

 

Purchases Account

2018		RM	2018		RM
August 10	Cash	2,800	August 30	Drawings	1400
20	Cash	2,200	August 31	Balance c/d	6,500
28	Cash	2,900
		6,500			6,500
Sept 1	Balance b/d	6,500

 

Cash Account

2018		RM	2018		RM
August 1	Sales	453	August 27	Water	218
2	Sales	384	28	Electric	784
3	Sales	520		Rent	1,100
4	Sales	496	30	Salaries	3,800
5	Sales	383		Balance c/d	9,057
6	Sales	460
7	Sales	483
8	Sales	550
9	Sales	531
10	Sales	548
11	Sales	564
12	Sales	412
13	Sales	421
14	Sales	522
15	Sales	530
16	Sales	452
17	Sales	536
18	Sales	552
19	Sales	510
20	Sales	453
21	Sales	530
22	Sales	497
23	Sales	527
24	Sales	584
25	Sales	596
26	Sales	517
27	Sales	490
28	Sales	487
29	Sales	493
30	Sales	508
		14,959			14,959
Sept 1	Balance b/d	9,057

 

Water Account

2018		RM	2018		RM
August 27	Cash	218	August 31	Balance c/d	218
		218			218
Sept 1	Balance b/d	218

 

Electric Account

2018		RM	2018		RM
August 28	Cash	784	August 31	Balance c/d	784
		784			784
Sept 1	Balance b/d	784

 

Salaries Account

2018		RM	2018		RM
August 30	Cash	3,800	August 31	Balance c/d	3,800
		3,800			3,800
Sept 1	Balance b/d	3,800

 

 

Rent Account

2018		RM	2018		RM
August 28	Cash	1,100	August 31	Balance c/d	1,100
		1,100			1,100
Sept 1	Balance b/d	1,100

 

Washing Mechine Account

2018		RM	2018		RM
August 1	Balance b/d	15,000	August 31	Balance c/d	15,000
		15,000			15,000
Sept 1	Balance b/d	15,000

 

Bank Account

2018		RM	2018		RM
August 1	Balance b/d	5,100	August 31	Balance c/d	5,100
		5,100			5,100
Sept 1	Balance b/d	5,100

 

 

 

Drawings Account

2018		RM	2018		RM
August 30	Purchases	1400	August 31	Balance c/d	1400
		1400
		1400			1400
Sept 1	Balance b/d	1400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii. Trial Balance

          Kedai Dobi Block K

Trial Balance as at 31 Ogos 2018

	Debit (RM)	Credit (RM)
Capital		35,000
Sales		14,959
Purchases	6,500
Cash	9,057
Water	218
Electric	784
Salaries	3,800
Rent	1,100
Closing Stock	7,000
Washing Machine	15,000
Bank	5,100
Drawings	1,400
	49,959	49,959

 

 

 

 

iv. Statement of Profit and Loss

 

Kedai Dobi Block K

 

Trading Profit & Loss Account for the year ended 31 August 2018

                               RM                           RM                           RM

 

Sales                                                                                                 14,959

 

 

 

Less: Cost Of Good Sold

 

Opening Stock                                                   20,000

 

Purchases                                                           6,500

 

                                                                        13,500

 

Less: Closing Stock                                               7,000   

 

                                                                                                           6,500

 

Gross Profit                                                                                           8,459   

 

 

 

 

Less: Expenses

 

Water                                                                   218

 

Electric                                                                 784

 

Salaries                                                               3800

 

Rent                                                                   1100

                                                                                                          5,902   

                             

Net Profit                                                                                             2,557

 

Kedai Dobi Block K

 

Balance Sheet as at 31 August 2018

              

                 RM                    RM                  RM

Fixed Asset

 

Washing Machine                                                                 15,400

 

 

Current Asset

 

Closing Stock                                                 19,000

 

Cash                                                             2415

 

Bank                                                             5600

                                                                 

                                                                                           27,015 

                                                                                           42,415   

 

 

Financed By:

 

Capital                                                                                 39,600

Net Profit                                                                               2,815   

 

                                                                                          42,415                                                                                                                                                           

                                                                    

 

v. List all Assets and Liabilities

Accounting standards define an asset as something that some company owns that can provide future economic benefits. All assets including cash, inventory, accounts receivable, land, buildings, equipment. Besides, liabilities are the company's obligations either money that must be paid or services that must be performed. A successful company has more assets than liabilities, meaning it has the resources to fulfill its obligations. On the other hand, a company whose liabilities exceed its assets is probably in trouble.

Through this report on Kedai Dobi Block K, we found that this shop also have some assets. This is the list of the assets which is :

 

Assets of Kedai Dobi Block K:

- Washing Machine

- Cash

- Bank

- Closing Stock

 

 

 

 

 

 

 

 

6.0 THE IMPORTANT OF ACCOUNTING TO THE MICRO BUSINESSES / PETTY TRADERS ACTIVITIES.

 

          Accounting roles are very important in a business regardless of small or large scale business. Accounting is a service activity. It is important as it provides quantitative information of financial nature to various stakeholders which is intended to be used in making economic decision. These stakeholders include investors, management, government, suppliers, financiers, regulators and others. Business accounting help in making a number of short term and long term business decisions which helps an enterprise to grow as well as penetrate in market.  To calculate profits, entrepreneurs should have a record of their business activities. Operational profit and loss operating expenses should be recorded. Without a record or record of financial activity, entrepreneurs can only estimate the amount of profits earned. Some entrepreneurs not only know exactly the amount of profit and loss but do not know directly whether their business is profit or loss.

 

          Among the interests of the account namely, a business requires planning and methodology of providing systematic financial records to assist and monitor income and business expenses. Obviously, the accounting system implemented can provide peace of mind to entrepreneurs as it is evident that all financial investments made can be evaluated as a result of the convincing financial statements.

 

           Whether profit or loss, the systematic accounting system has functioned as a tool for measuring business management efficiency. All data for transactions, gains and losses, cash flows and other important data are managed and well maintained. At some point, when a company needs to refer or audit a simple account to find out the document.

          In addition, with the existence of accounts, indirectly traders will be able to identify the financial position and traders can avoid making unsuitable purchases on time and be able to avoid cash flow problems. If the trader is unable to identify the company's financial position, it will cause the transaction at the bank to be blocked due to insufficient bank balance problems.

 

          Planning Risks Losses is also between the interests of the account. The decisions made by the company must be wise and know the risks to be encountered. Once an account has been created on a regular basis it is easier to identify the outflow and incoming cash flows, outstanding loan debtors or creditors.

 

           To know more precisely the position of the business whether in the month or year we gain profit or loss. This is because, the accounting records reflects the results of operations as well as statement of financial position. Also various balance sheet and profit & loss accounts ratios are calculated which help user of financial statements to analyze the performance of an entity. For example debt equity ratio, Current ratio, Turnover ratio etc. Also we can compare previous period accounting data with current period as well as budgeted figures for analysed.

 

          Help make budget and future projections. Accounting data helps enterprises to prepare budgets and forecasts for the future. The business trend is expected based on the past data generated by the accounting system. In addition, assist in filing financial statements with regulators, stock exchanges and tax return filings. The company is required to file a financial statement with the ROC. If the same listed entity is required to be filed with the stock exchange as well. For both direct and indirect tax filing purposes, financial statements and other financial information are required.

          The accounting system provides some qualitative and quantitative customized reports required in everyday business activities. For the above, we can conclude that accounting is very important for any company whether listed or unlisted, profit oriented or not for profit, Government or private.

         

 In conclusion, from the above, we can conclude that accounting not only helps the company to carry out its day-to-day activities but also helps its future growth. At the same time, the financial statements produced by various accounting systems are used by various stakeholders to make economic decisions. Proper reporting and accounting practices help in maintaining investor confidence and bringing economic growth.

 

 

 

 

 

 

 

 

 

 

 

 

7.0 SUGGESTIONS TO THE MICRO BUSINESSES/PETTY TRADERS OF HOW AND WHAT TO DO TO HAVE A SYSTEMATIC RECORDINGS OF BUSINESS TRANSACTIONS AND FINAL ACCOUNTS.

          Our suggestions to the micro business/petty traders of how and what to do to have a systematic recordings of business transactions and final accounts are by using electronic records which is Niagawan. Niagawan is accounting software for micro/petty business. Basically, micro business’s record keeping include business chequebook, daily and monthly summary of cash receipts, cheque disbursements journal, depreciation worksheet, and employee compensation records. There are a lot of features we can use in Niagawan such as cash book, ledger, cash flow, sale invoice, stock purchase, balance sheet and many more about accounting in business. In Niagawan web, pick those that are suitable for your business. As long as you have money in and out from your business, record them with Niagawan. You will be able to monitor the cash flow, profit and loss of your business.

          In addition, our suggestion is to hire a professional accountant to manage the business account. This is because a professional accountant have many experience and knowledge to assist the business account because they are experience to take a professional courses such as ACCA. Besides, a many year experience professional accountant will bring the knowledge and skill what they learn from their company before. For instance, professional accountant will give many of good idea and suggestion to owner when owner facing a lot of problem on the business financial. So that, when we hire a professional accountant will also can help owner saving their time for assist the all business account because the owner did not need to pay attention to the trouble of business account and the owner can be focus more on to spent their time to building up the company. Therefore, a business hire a professional accountant is a best suggestion to improve  the systematic recording of business transactions. Therefore we would like to suggest this company employs employees with skills in recording accounts, auditing and business-based matters because we know that recording corporate budgets is not easy. It requires people who are experts in this field to ensure that the company's cash inflow goes smoothly. This make one’s company ease to manage their account.

          The third suggestions is to have a systematic recordings of business transactions and final accounts to separating the business account and personal account. There are a lot of benefit that separates the business account and the personal account. One of them is can tracking business expenses of micro businesses/petty traders. The micro business/petty traders always faced the problem in tracking the business expenses because quiet to know what is the personal expenses or business expenses of a company. Apart from that, it can also help the owner of micro business/petty traders to know the performance of business. The owner can know the performance of business via the income statement of business or ledge of business. The micro business/petty traders can separates the business account and personal account by open different account and only record the business transactions in business account.

          Next, the following suggestions to have a systematic recordings of business transactions and final accounts is use and buy cloud computing from internet to save business account and transaction. Cloud computing is a practice of using a network of remote servers hosted on the internet to store, manage and process data. For example, owner can use the Google Cloud to save their business transactions and account because Google Cloud can guarantee to protect the file and store securely. Using the Google Cloud can connect up with the world because when the owner in oversea or not in office, she can check and manage their newest status of financial business situation.

           Last but not least, suggestions to have a systematic recordings of business transactions and final accounts is the owner need to do a planning for the business future. When a business without a business plan, they will not have direction to running the business. In case, a business need a business plan to run the business and follow the business plan to manage the business transaction as well and smoothly. A good business plan will bring the business transaction become more efficiently and systematic.

8.0 CONCLUSIONS

          Based on the assignment, we can conclude that even if it just micro business, all this business activities should make a systematic recording. This is because, most of all micro-business owners do not have their own recording system to record everything they do at any time. This may effects their daily, monthly and yearly cash flow. Therefore, through this assignment, we as a students that study accounting can use all accounting methods to help business owners to use and record their business properly to have better account than before.

          The main role of accounting is to provide information about business’s wealth, financial positions and results of operations. Accounting is considering as a language of business. Data are gathered through supplies, customers, and others. All the data collected then will be save and analysis it. Through this process, we can make the decision from the data collected.

          Accounting is a practice and body of knowledge concerned primarily with methods for recording transactions, keeping financial records, performing internal audits, reporting and analyzing financial information to the management, and advising on taxation matters. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

          Through this assignment, we also achieve our objectives to ask Mrs Akiyok to do the more systematic account. Mrs Akiyok also can learn the new skill of the account and make changes of her account with the traditional handwriting account to a new systematic account. This may be a new challenging for the owner because the changes from a traditional skill to a new online systematic account are very hard for Mrs Akiyok to learn in 56 years old. Luckily, she can overcome it and felt that very useful with using a online systematic account

          Therefore, from the information that has been collected, we have learned a lot about accounting. It is quite important to business even a small businesses. So that, the business was able to have a smoothly and balancing accounting. However, some of our effort needed due to the several of the micro business or petty business did not give their cooperation on our teamwork until we found this Kedai Dobi Block K. A millions thanks to Mrs Akiyok which is the owner of the business for giving her cooperation to us for making our assignment.

 Last but not least, to makes the business run smoothly and keep the business data well ordered, accounting is very important which is involve many procedures in a company.

 

 

 

 

 

 

 

 

 

 

 

 

 

9.0 APPENDICES

Business Documents.

Cash Book

Date		Details	Fol		Debit		Date		Details	Fol		Credit
August	1	Sales			453		August	10	Purchases			2100
	2	Sales			384			20	Purchases			2600
	3	Sales			520			27	Water			218
	4	Sales			496			28	Electric			784
	5	Sales			383				Purchases			2200
	6	Sales			460				Rent			1100
	7	Sales			483			30	Salaries			3800
	8	Sales			550			31	Balance c/d			2157
	9	Sales			531
	10	Sales			548
	11	Sales			564
	12	Sales			412
	13	Sales			421
	14	Sales			522
	15	Sales			530
	16	Sales			452
	17	Sales			536
	18	Sales			552
	19	Sales			510
	20	Sales			453
	21	Sales			530
	22	Sales			467
	23	Sales			527
	24	Sales			584
	25	Sales			596
	26	Sales			517
	27	Sales			490
	28	Sales			487
	29	Sales			493
	30	Sales			508
					14959							14959
Sept	1	Balance b/d			2157