FINANCIAL ACCOUNTING 1

GROUP ASSIGNMENT
-------GROUP 4
YOU BEAUTY CENTRE

1.
2.
3.
4.
5.

ER SHI LIAN 1151205060 (L)

TAFFANY CHUA SIOK TING 1151205427
GUI GIU RONG 1151205507
LOH JIA WEN 1151205355
AMMAR FAKHRUDDIN BIN ANUAR SHUKRI
1161202599

TABLE OF CONTENTS
INTRODUCTION..PG 3-5
ORGANIZATIONAL STRUCTURE..PG 6
TRANSACTIONS.........PG 7-8
ADJUSTING TRANSACTIONS.......PG 9
TRIAL BALANCE......PG 10
STATEMENT
STATEMENT OF COMPREHENSIVE INCOME..PG 11
STATEMENT OF CHANGE IN OWNERS EQUITYPG 12
STATEMENT OF FINANCIAL POSITION.PG 13

FEEDBACK........PG 14

INTRODUCTION
An ownership company provides the facial service
Located at Mid Valley Mega Mall, F-081, 1 st floor,
South Court, 59200 Kuala Lumpur

INTRODUCTION (CONT.)
Launch on 1st July 2016
Business hour : 10a.m. 10p.m.
Vision :
The ultimate in customer care
Mission :
Ensure our clients always valued individuals who
are respected and treated in a consistent and
professional manner at all time in friendly environment
Goal :
To prove the reality of age defiance and spread the
exhilarating feeling of renew youth.

INTRODUCTION (CONT.)
Target market : the people who care their face
Slogan : Threat Yourself Beautiful

Why choose us?

A

good environment
Gives you a convenient way to rejuvenate your skin
while shopping
Gets 35% discount in customers birthday month
Provide the good customers service
Personal one-on-one consultation
Advance in-depth skin analysis
Effective treatment session
Guaranteed visible results

OUR SUPPLIES

OUR EQUIPMENT

MICROERMABRASION

Facial Machine Skin Care

ORGANIZATIONAL STRUCTURE
Boss
Er Shi Lian
Administrative Staff

Taffany Chua Siok Ting

Cashier
Loh Jia Wen

Esthetician
Gui Qiu
Rong

Cashier
Ammar Fakhruddin
Bin Anuar Shukri
8

TRANSACTION
We started our beauty centre called You Beauty Centre commences on 1 July 2016.
During the first month operation of her business, the following events and transactions
occurred.
July 1 Invested RM 50,000 cash in business.
1 Hired a full time esthetician at a salary of RM 2,500 per month.
1 Hired a cashier at a salary of RM1,000 per month.
2 Paid centre rent for the month RM 1,000 in cash.
4 Billed advertising expense RM300.
Purchased centre supplies on account from Bella company
5 RM2,000.
6 Purchased centre equipment costing RM 6,000. A cash payment of RM
2,500 was made immediately; the remainder will be paid in the same
montly.
Paid RM 1,200 cash for a one-year insurance policy that will expire next
8 year on August 2017.
10 Performed beauty services to customers for cash RM 2,000.

TRANSACTION (CONT.)

12

Borrowed RM800 cash from bank on a note payable.

12

Performed beauty services to customer and billed RM 1,500.

13

Joanne order a supplies but not receive any cash or payment yet.

14

Paid utility expense amounted RM300 in cash.

Hired an administrative staff to began in December at a salary of RM 800 per
month, payable montly.

15
16
18

Fired a part time cleaner.

Provided at home beauty service to a personal customer amounted RM 1,600
of which RM1,000 was made on cash and the remainder on account.

19

Received RM 1,000 of accounts receivable.

20

Discuss with Mr Yan to rent the beauty washing machine.

22

Paid advertising expense RM 300.

23
24

Withdrew RM5,000 in cash for personal use.

Received RM3,000 cash advance from Cherry, a customer, for beauty services
that are expected to be completed by 31 December 2016.

25

Paid RM 2,000 to Bella Company for accounts payable due.

26

Sale beauty supplies to shelly in cash RM200.

28

Repaid equipment RM 500 in cash.

30

Received sales revenue RM500 from customer, Joey.

10

ADJUSTING TRANSACTIONS
Jul-31 Insurance expense is incurred but not record on 1 July 2016.
31 Depreciation is RM1000 on the equipemnt.
31 The note interest is 12%
31 One-thirds of the unearned service revenue has been earned
31 Accurued salaries payable RM350
Invoices representing RM1500 of service performed during the month
31 have not been recorded as July 31, 2016.
31 RM350 of supplies have been used during the month.
31 Utilities expense iccured but no paid on July 31, 2016, RM200.
31 Service provided but unrecorded for July totally RM450.
31 Supplies on hand total RM1000.

11

TRIAL BALANCE
You Beauty Centre
Trial Balance (After Adjusting)
As at July 31, 2016
Dr (RM)

Cash
Supplies
Equipment
Prepaid Insurance
Account receivable
Account payable
Note payable
Unearned service revenue
Owner's capital
Owner's drawing
Service revenue
Sales revenue
Rent expense
Maintenance expense
Utility expense
Advertising expense
Supplies expense
Insurance expense
Depreciation expense equipment
Accumulated depreciation equipment
Interest expense
Interest payable
Salaries and wages expense
Salaries and wages payable
Utilities payable

Cr (RM)
46,550
1,000
6,000
1,100
2,000
3,800
800
2,000
50,000
5,000
8,050
500
1,000
500
500
600
1,000
100
1,000
1,000
8
8
350
350
200

66,708

66,708

12

STATEMENT OF COMPREHENSIVE
INCOME
You Beauty Centre
Statement of Comprehensive Income
As at July 31, 2016

Revenue:
Service Revenue
Sales Revenue

RM

RM

8050
500

8550

(-)Expense:
Rent expense

1000

Maintenance expense

500

Utility expense

500

Advertising expense

600

Supplies expense

1000

Insurance expense

100

Depreciation expense equipment

Interest expense
Salaries and wages expense

1000
8
350

13

5058

STATEMENT OF CHANGE IN OWNERS

EQUITY
You Beauty Centre
Statement of Change in Owners Equity
As at July 31, 2016
RM
Owner's capital 1 July 2016
(+) Net Income
(-) owner's drawings
Owner's capital 31 July 2016

RM
50000
3492
53492
5000

48492
14

STATEMENT OF You
FINANCIAL
POSITION
Beauty Centre
Statement of Financial Position
As at July 31, 2016
Assets

RM

RM

Cash

46,550

Supplies

1,000

Equipment

6,000

(-)Accumulated depreciation equipment

1,000

5000

Prepaid Insurance

1,100

Account receivable

2,000

55650

Total Assets
Liabilities & Owner's Equity
Liabilities
Account payable
Note payable
Unearned service revenue
Interest payable
Salaries and wages payable

3800
800
2000
8
350

15

FEEDBACK
1)

We cooperate with each other and solve the problem together. We unity
to accomplish the assignment. I feel very fun and grate to work with
them. We also take care of each other procedure. ----By Qiu Rong

2)

I more understand how to do a financial accounting assignment and felt

very happy cooperate with group members to solve problems together.
By Taffany

3)

I more understanding how to construct a complete account and how to

prepare the statement. I felt very happy with this group because our
group performs a good teamwork. By Jia Wen

4)

Improve the equipment and add more beauty products in centre to get
more profits. By Ammar Fakhruddin

5)

I felt very happy because first time cooperate with Ammar, Qiu Rong,
Taffany and Jia Wen. We work in a teamwork and process this
assignment in a good communication. By Shi Lian
16