Menara Wealth Management involved the following transactions during September 2020, the first month of its operation: Date Transactions September 1 Started a financial planning services company by investing RM150,000 cash and office equipment of RM50,000.

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.

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:

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

Accounts Debit (RM) Credit (RM)
Cash 271,350
Accounts receivable 202,500
Supplies 48,600
Motor vehicles 1,023,300
Account payable 47,250
Unearned revenue 54,000
Capital 702,000
Drawings 40,500
Revenue 1,221,750
Salary expense 283,500
Utilities expense 155,250
Total 2,025,000 2,025,000

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:

Accounts Debit RM Credit RM
Cash 11,400
Accounts receivable 3,500
Prepaid insurance 3,150
Clinic supplies 1,250
Clinic equipment 10,650
Accumulated depreciation – Clinic equipment     4,500
Clinic premise 144,750
Accumulated depreciation – Clinic premise 14,375
Land 138,500
Wages payable 2,625
Interest payable 2,750
Notes payable 127,000
Capital, Khuzairi 129,650
Consultation revenue 73,000
Wages expense 9,000
Utilities expense 2,750
Insurance expense 2,550
Maintenance expense 5,125
Interest expense      12,750
Clinic supplies expense 3,250
Depreciation expense – Clinic equipment 1,500
Depreciation expense – Clinic premise 3,775
Total 353,900 353,900

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.
Reference no: EM132069492

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