EPPD1033 PRINCIPLES OF ACCOUNTING (SET 8)
BUSINESS PROJECT SIMULATION
SEM 2 SESI 2023/2024
1. Business Registration
2. Business Profile
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a.
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Name of Business
(as registered with CCM)
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CUSTOM TEES ENTERPRISE
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b.
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Business Logo
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c.
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Main Business Activities
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We are one of the Malaysia’s leading suppliers of custom printed, plain and personalized t-shirts, polo shirts, corporate wear, and much more. We provide a wide range of clothing and t shirts to a large number of businesses, schools, printers, charities, universities, local authorities and more.
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d.
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Mission
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We are committed to providing dressing solutions for all users and becoming customers' partners. Customer-centric, clothing as a carrier, in-depth interpretation of the essence of beauty, to provide diversified, customized dressing solutions, to meet customer needs, exceed customer expectations. Adhere to creative innovation, with professional vision, creative thinking, exquisite production technology for human dressing, to create unlimited new opportunities, to create a unique dressing style. for everyone, to become a trusted partner of customers.
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e.
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Vision
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To become a first-class garment customising enterprise that can stand the test of time, through professional brand management, integration of high-quality resources, continuous creativity and innovation, promoting industrial upgrading, achieving excellent brand value, and becoming an enterprise that can stand the test of time.
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f.
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Type of Business
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Sole Proprietorship
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g.
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Status of Business
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Start Up Business
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3. Business Transactions for 3 Months
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DATE
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TRANSACTIONS
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Jan 1
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Start a business with the following assets:
Cash RM30,000
Bank RM20,000
Vehicles RM67,000
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Jan 2
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Purchase printing machine as equipment for RM5,000 by cash.
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Jan 4
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Purchase raw materials on credit for RM2,000.
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Jan 5
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Paid RM1,200 for rental.
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Jan 10
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Received RM6,500 in cash from university for completed order of Club’s T-shirt.
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Jan 15
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Paid RM2,500 for employee salaries.
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Jan 17
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Rent a pet RM2,000 from Meow Vista Company for advertisement purpose by cash.
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Jan 18
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Sold 50 pcs customized corporate t-shirts to Meow Vista for RM2,000 on credit.
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Jan 25
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Paid RM600 for utilities.
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Jan 31
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Meow Vista Company paid the full amount due on January 18.
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DATE
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TRANSACTIONS
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Feb 2
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Purchased a pet worth RM2,000 from Meow Vista Company to use as a company logo and mascot on credit.
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Feb 5
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Paid RM500 to Meow Vista Company by cash for previous purchases.
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Feb 8
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Paid RM1,200 for rental.
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Feb 10
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Sold 500 pcs personalized t-shirts to Good Marketing Sdn Bhd for RM38,500 on credit.
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Feb 12
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Paid RM2,500 for employee salaries.
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Feb 15
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Paid RM3,000 cash to a graphic designer for custom designs.
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Feb 22
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Owner withdraws RM1,000 for personal use.
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Feb 25
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Paid RM700 for utilities.
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Feb 26
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Provide hat design services on account to Meow Vista Company RM1,000.
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Feb 28
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Received cheque for order billed on Feb 26.
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DATE
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TRANSACTIONS
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Mar 1
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Purchased RM4,500 of supplies on credit.
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Mar 3
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Meow Vista Company ordered custom suits RM20,000 by cash.
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Mar 8
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Paid RM1,200 for rental.
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Mar 9
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Paid RM2,500 cash on account for supplies purchased on Mar1.
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Mar 12
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Paid RM2,500 for employee salaries.
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Mar 17
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Billed ABC Enterprise RM5,000 for custom collar t-shirt.
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Mar 22
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Paid RM1,200 cash to the graphic designer for additional custom design.
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Mar 25
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Paid RM800 for utilities.
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Mar 28
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Completed an order of 80 pcs custom tees RM3,200 for Campus Corner Enterprise, but has not received payment from customers.
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Mar 31
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Paid RM1,500 for advertising expenses.
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4. Source Documents
5. Analyses Transactions
6. Chart of Account
7. Journal Entries
8. Ledger
9. Trial Balance
10. Adjustment Entries
Additional information:
a) Vehicles depreciation RM10,000 per year.
b) Depreciation expense of Equipment at 10% per year has not been recorded.
c) Utilities for the month of March amounting to RM800 has not been paid.
d) At March 12, the company owed its employees RM1,000 in salaries that will be paid on April 1.
e) Revenue for services performed but unrecorded for March total RM3,000.
10.1 Journal Entries
10.2 Ledger
10.3 Adjusted Trial Balance
11. Financial Reports
11.1 Income Statement
11.2 Statement of Owner’s Equity
11.3 Statement of Financial Position
12. Closing Entries
13. Post Closing Trial Balance