ACC407

Fundamental Financial Accounting and Reporting

Semester: iCEPS 20234 BUSINESS NAME:

Print Expert Sdn Bhd

GROUP: 6
MEMBERS: 1. ABDUL HALIM BIN MD ABIDIN
(2023403934)

2. MUHAMMAD QHAIRULL BIN

SAMSUDDIN (2023654378)

3. MUHAMMAD SYAHIRUL IDHAM BIN

MOHD FUZI (2023283118)

LECTURER: MADAM SITI SYAQILAH BINTI HAMBALI

DATE 24 JANUARY 2024

RECEIVED:

LECTURER’S SECTION A SECTION B

EVALUATION
20/5% 25/5% 20/5%

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 ACKNOWLEDGEMENT

Alhamdulillah. Praise to Allah, finally we were able to complete the project that was
given to us. We were able to finish this project on time without any big problem and the process
was smooth.
The success and ultimate end of our project necessitated a great deal of direction and
support from many individuals, and we consider ourselves quite lucky to have received this
during the course of our project work. Everything we have accomplished has been made
possible by their direction and aid, and we would like to express our gratitude to them.
Here we want to express our gratitude toward Madam Siti Syaqilah Binti Hambali for
giving us the opportunity to do this project. We want to thank you to Madam Siti Syaqilah for
her guidance to us throughout the completion of our project. We also want to thank all our
group members who together to complete this project together, Halim, Qhairull and Syahirul.
Without full cooperation from all of us, we could not finish this project. Lastly, we would like to
say thank you to our parents who have supported us from the beginning till the end.
From the beginning to the conclusion, we were grateful for my parents, families,
lecturers, friends and others cooperation, encouragement, constructive suggestions, and
unwavering support in completing the report. Also, thank you to everyone who has participated
by supporting my work and assisting me along the research process till it is accomplished.

TABLE OF CONTENTS

NO DESCRIPTION PAGES
1 Acknowledge 2
2 Introduction 4-5
3 Organization Background 6 -7
4 Transaction 8-9
5 Sources Document 10 -11
6 Journals 12 - 15

2
 7 Ledger 16 - 23
8 Trial Balance 24
9 Term of Partnership Agreement 25
10 Current Account and Capital Account 26
11 Appropriation Statement Of Profit Or Loss For The Year 27 - 28
12 References 29
13 Appendix 30 - 31

INTRODUCTION

This project was started on th of 1st January 202. We are assigned to the project
titled "Books on Prime Entry". Our team has decided to choose "Print Expert Sdn
Bhd" as both remarkable name of our Company members.
Print Expert Sdn Bhd is a distributor, importer, exporter and leader of proven and
reliable t-shirt printing located in Malaysia. There are several branches in Malaysia.
Their branch is located at Shah Alam Section 2, Shah Alam Section 7, Puncak
Alam, Dengkil, Kuala Lumpur, Bangi and Taiping. Being a one stop centre for
newly start-up or current t-shirt printing and businesses that has interest in digital
transfer, heat transfer and t-shirt printing. We hope to provide a one stop service and
products for newly start-up or current t-shirts printing that has interest in digital transfer
services locally and overseas.
As for logistic/location of this business, located in Shah Alam, Selangor. The
location of business was selected based on two vital factors, being demographic of the
location and market reachability.
Demographic is one of the contributing factors to our business simply because
Shah Alam is a densely populated area. Since this is customer-based business,
location plays exorbitantly major role in providing customer an easy access to our
shop. For the location is simply strategic and vantage for our model of business, dense
amount of traffic encourages the continuous flow of customer to our shop hence
explains thoroughly the paramount factor of market reachability.

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 One of our mottos is “Imagine It” and “Realize It”. It’s all about what customer
needs. As long as it has included right material, cotton or cotton mix and able to put it
onto the platen. The direct-to-garment situation happens whether it’s a t-shirt, polo or
anything that you would like to print in that particular area. So, we’ve been able to
develop solutions that are shorter in run and split the technologies in two different
areas, direct to garment, and then sublimation technology.
At Print Expert Sdn Bhd, we are dedicated to be the leading garment and heat transfer
supplier throughout South East Asia. Our mission is to provide you with the highest
quality products and services possible in a timely fashion and at competitive price
market. We promise to listen to you and help you achieve your business goals.

The objectives is to demonstrate interpersonal skills in tasks related to

accounting simulation project. Interpersonal skills refer to a range of skills which,
amongst others, include interactive communications, relationship and collaborative
skills in managing relationships in teams.

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SECTION A

ORGANIZATION BACKGROUND

Print Expert Sdn Bhd

Business Location: No 20, Jalan Bunga Tanjung 2/16, Seksyen 2, 40000, Shah Alam,
Selangor.

Operation Hours: 8.00 a.m. – 12.00 p.m.

Operation Days: Everyday (Closed on Public Holiday)

Contact Detail:

• Phone Number: +03-55250588

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• Email: [email protected]

Service: T-shirt & garment heat transfer printing & Distributor of many leading brands
of textile machineries, materials, and t-shirts.

Financial Period: 1 January 2023 to 31 December 2023

Transaction: December 2023 (End of Years)

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 TRANSACTIONS

The following are the transaction for 31 December 2023 for Print Expert Sdn. Bhd.

January Transaction Type of Journal

2023
1 Haiqal brought in RM 100,000 cash as General Journal
business capital to start the business.

1 Akmal bank in RM 100,000 into bank as General Journal

business capital to be a partner with
Haiqal
2 Sold goods worth RM4,000 on credit to Sn Sales Journal (Credit)
Sinar Enterprise
3 Sold good on credit to Mega Holding Sdn Sales Journal (Credit)
Bhd worth RM 6,500
4 Purchase ink printer on credit from Becon Purchase Journal
Trading amounting RM2,000 (Credit)
5 Purchase of good in cash from ADH Sdn. Cash Payment
Bhd worth RM550 Journal
6 Credit sales to Sasa Glove worth RM3,000 Sales Journal (Credit)
7 Sold good on cash to Mr. DIY Sdn Bhd Sales Journal (Cash)
worth RM 90.65

8 Payment made in cash to Becon Trading – Cash Payment

RM2,000 Journal
9 Sasa glove returned goods worth RM250 Return Inward
Journal/ Sales Return
10 Paid salaries RM12,000 cash to staff Cash Payment
Journal
11 Purchased business equipment from ARB Purchase Journal
Universal Trading for RM10,000 on credit (Credit)

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12 Received Commission by cheque Cash Receipt Journal
amounted RM550

13 Akmal bank in cash of RM10,000 into the Cash Payment

business bank account
Journal
14 Paid RM 1,500 by cash for utilities. Cash Payment
Journal
15 Sold good on cash to JBR worth RM 7,999 Sales Journal (Cash)
17 Received payment RM 6,500 Mega Cash Receipt Journal
Holding Sdn Bhd – PO0015
19 Paid for marketing advertisement Cash Payment
expenses – RM 1,000 by cheque
Journal
21 Received rent from tenant amounting to Cash Receipt Journal
RM 5,000 by cheque
23 Haiqal paid RM500 in cash to repair office Cash Payment
furniture.
Journal
24 Dividend received from Tabung Haji Cash Receipt Journal
amounted to RM3,500

25 Haiqal took goods worth RM600 and General Journal

Akmal cash RM600 for personal use
26 Purchased goods on credit worth Purchase Journal
RM10,000 from Lulu’s Trading (Credit)
27 Sn Sinar Enterprise paid the amount due Cash Receipt Journal
in full by cheque and was a discount of
RM200
30 Goods worth RM1,000 returned by Lulu’s Return Outward/
Trading Purchase Return
31 Haiqal purchase Microwave worth Cash Payment
RM3,000 by cheque.
Journal

SOURCE DOCUMENT

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9
10
 Journal

The following are Journal for January 2023 for Print Expert Sdn. Bhd. :

General Journal
Date: 2023 Particular Folio Debit (RM) Credit (RM)
1/12 Cash 100,000
Capital 100,000
1/12 Bank 100,000
Capital 100,000
11/12 Business 10,000
equipment

ARB Universal 10,000

Trading
25/12 Drawing 600
Cash 600
25/12 Drawing 600
Purchase 600

Sales Journal
Date: 2023 Particular Invoice Folio RM

No
2/12 Sn Sinar SL001 4,000

Enterprise
3/12 Mega Holding Sdn SL002 6,500

Bhd
11/12 Sasa Glove SL003 2,750

TOTAL 13,250

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 Purchases Journal
Date: 2023 Particular Invoice Folio RM

No
4/12 Becon Trading PR001 2,000

26/12 Lulu’s Trading PR002 10,000

TOTAL 12,000

Return Inward Journal / Sales Return Journal

Date: 2023 Particular Invoice Folio RM

No
9/12 Sasa glove RC001 250

TOTAL 250

Return Outward Journal / Purchase Return Journal

Date: 2023 Particular Invoice Folio RM

No
30/12 Lulu’s Trading SC001 1,000

TOTAL 1,000

Cash Payment Journal

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 Discount Account Others
Date: Receipt Bank Purchase
Particular Folio Received Payables Account
2023 No (RM) (RM)
(RM) (RM) (RM)
BYXX17
5/12 ADH Sdn. Bhd 550

8/12 Becon Trading 2,000

PYXX21
10/12 Salaries 12,000

PYXX28
14/12 Utilities 1,500

13/12 Cash 10,000

marketing
19/12 1,000
advertisement

23/12 Repair office furniture. 500

31/12 Microwave 3,000

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 Cash Receipt Journal
Discount Account Others
Date: Receipt Bank Purchase
Particular Folio Received Payables Account
2023 No (RM) (RM)
(RM) (RM) (RM)

7/12 Mr. DIY Sdn. Bhd. 90.65

POX02024 Commission
12/12 550
Received

15/12 JBR 7,999

Mega Holding Sdn

17/12 6,500
Bhd

21/12 Rent Received 5,000

24/12 Dividend received 3,500

27/12 Sn Sinar Enterprise 200 4,000

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 Ledger

The following are Ledger for December 2023 for Print Expert Sdn. Bhd.

Sales
Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Balance C/D 21,589.65 2/12 Sn Sinar 4,000

Enterprise
3/12 Mega Holding 6,500

Sdn Bhd

6/12 Sasa Glove 3,000

7/12 Mr. DIY Sdn Bhd 90.65

15/12 JBR
7,999

21,589.65 1/1/24 Balance B/D 21,589.65

21,589.65

Sn Sinar Enterprise
Date: 2023 Particular RM Date: 2023 Particular RM

3/12 Sales 4,000 25/12 Bank 3,800

27/12 Discount Allowed
200

4,000 4,000

AR Mega Holding Sdn Bhd

Date: 2023 Particular RM Date: 2023 Particular RM
3/12 Sales 6,500 3/12 Bank 6,500

6,500 6,500

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 AR Sasa Glove
Date: 2024 Particular RM Date :2024 Particular RM

6/12 Sales 3,000 9/12 Return Inwards 250

Balance C/D
2,750

3,000 3,000

1/1/24 Balance B/D 2,750

Purchases
Date: Particular RM Date: Particular RM

2023 2023
7/12 Becon 2,000 25/12 Drawing 600

Trading
26/12 10,000 31/12 Balance 11,400
Lulu’s
C/D
Trading
12,000 12,000

1/1/24 Balance
B/D 11,400

Becon Trading
Date: 2023 Particular RM Date :2023 Particular RM
8/12 Sales 2,000 4/12 Bank 2,000

2,000 2,000

Lulu’s Trading

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 Date: 2023 Particular RM Date :2023 Particular RM

30/12 Return Outward 1,000 26/12 Sales 10,000

31/12 Balance C/D
9,000

10,000 10,000
1/1/24 Balance B/D 9,000

Return Inwards
Date: 2023 Particular RM Date: 2023 Particular RM
9/12 Sasa Glove 250 31/12 Balance C/D 250

250 250
1/1/24 Balance B/D 250

Return Outwards
Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Balance C/D 1,000 30/12 Lulu’s Trading 1,000

1,000 1,000
1/1/24 Balance B/D 1,000

Cash
Date: 2023 Particular RM Date: 2023 Particular RM

1/12 Capital 100,000 5/12 ADH Sdn. Bhd 550

7/12 Mr. DIY Sdn Bhd 90.65 8/12 Becon Trading 2,000

15/12 JBR 7,999 10/12 Salaries 12,000

17/12 Mega Holding 6,500 13/12 Cash 10,000

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24/12 Dividend 3,500 14/12 Utilities 1,500

31/12 Return Outwards 1,000 500

Repair office
23/12
furniture.

25/12 600

Drawing

31/12 250

Return Inwards

91,689.65
31/12 Balance C/D

119,089.65 27400 119,089.65

1/1/24 Balance B/D 91,689.65

Capital
Date: Particular RM Date: 2023 Particular RM

2023

31/12 Balance C/D 200,000 1/12 Cash 100,000

1/12 Bank 100,000

200,000 200,000

1/1/24 Balance B/D 200,000

Bank
Date: 2023 Particular RM Date: Particular RM

2023
2/12 Capital 100,000 marketing 1,000
19/12
advertisement

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 12/12 Commission 550 31/12 Microwave 3,000

Received

13/12 Cash 10,000

17/12 Mega Holding Sdn Bhd 6,500

21/12 Rent Received 5,000

24/12 Dividend 3,500

Received
27/12 Sn Sinar 3,800 31/12 Balance C/D 125,350
Enterprise
129,350 129,550

1/1/24
125,350
Balance
B/D

Business Equipment
Date: 2023 Particular RM Date: 2023 Particular RM
11/12 ARB Universal 10,000 31/12 Balance C/D 10,000
Trading

10,000 10,000

10,000
1/1/24 Balance B/D

AP ARB Universal Trading

Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Balance C/D 10,000 11/12 Business 10,000
Equipment

10,000 10,000

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 10,000

1/1/24

Balance B/D

Drawings
Date: 2023 Particular RM Date: 2023 Particular RM

25/12 Purchase 600 31/12 Balance C/D 1,200

25/12 Cash 600

1,200 1,200

1/1/24 Balance B/D 1,200

Discount Allowed
Date: 2023 Particular RM Date :2023 Particular RM
27/12 Sn Sinar 200 31/12 Balance C/D 200

Enterprise
200 200

1/1/24
Balance B/D 200

Commission Received
Date: 2023 Particular RM Date: 2023 Particular RM

550 550
31/12 Balance C/D 12/12 Bank

550 550

1/1/24 Balance B/D 550

AP Marketing Advertisement
Date: 2023 Particular RM Date: 2023 Particular RM

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 1,000 1,000
19/12 Bank 31/12 Balance C/D

1,000 1,000

1/1/24 Balance B/D 1,000

AP Utilities
Date: 2023 Particular RM Date: 2023 Particular RM
1,500 1,500
14/12 Bank 31/12 Balance C/D

1,500 1,500

1/1/24 Balance B/D 1,500

AP Repair Office Equipment

Date: 2023 Particular RM Date: 2023 Particular RM
500 500
23/12 Bank 31/12 Balance C/D

500 500

1/1/24 Balance B/D 500

AR Rental Received
Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Balance C/D 5,000 21/12 Bank 5,000

5,000 5,000

1/1/24 Balance B/D

5,000

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 AR Dividend Received
Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Balance C/D 3,500 24/12 Bank 3,500

3,500 3,500

1/1/24 Balance B/D

3,500

AP Microwave
Date: 2023 Particular RM Date: 2023 Particular RM
31/12 Bank 3,000 31/12 Balance C/D 3,000

3,000 3,000
1/1/24 Balance B/D 3,000

Trial Balance

The following are Trial Balance for December 2023 for Print Expert
Sdn. Bhd.

Particular Debit Credit

Cash 91,689.65

22
Bank 115,350

Sales 18,589.65

Capital 200,000

Purchases 14,950

Salary 12,000

Office Equipment 10,000

Commission 550

ARB Trading 10,000

Utilities 2,000

Advertisement 1,000

Lulu’s Trading 10,000

Discount allowed 200

Rental revenue 5,000

Dividend 3,500

Drawing 1,200

Return Inwards 250

Return Outwards 1,000

Total 248,639.65 248,63965

SECTION B

TERM OF PARTNERSHIP AGREEMENT (GROUP 6)

1 Net profit for the year ended 31 July 2022 is RM 440,000

2 Additional capital by Qhairull RM 50,000

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 3 Drawing by Idham RM 500 on 1 April 2022
4 Profit Sharing Ratio for Halim, Qhairull and Idham are 2:2:1
5 Idham guaranteed min profit RM 90,000
6 Interest on capital calculated on the basis of ending capital
7 None of the partner take the annual salary

Summary Of Interest
Interest On Capital 8%
Interest On Drawing 5%
Interest On Loan 6%

Capital Account
Partner’s Name Total (RM)

Halim 100,000

Qhairull 50,000

Idham 60,000

Current Account
Partner’s Name Total (RM)

Halim 8,000

Qhairull (5,000)

Idham 7,000

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 CURRENT AND CAPITAL ACCOUNT

CURRENT ACCOUNT

HALIM QHAIRULL IDHAM HALIM QHAIRULL IDHAM

(RM) (RM) (RM) (RM) (RM) (RM)

Balance - (5000) Balance 8000 - 7000

b/d b/d

Drawing - - 500 Interest 8,000 7,200 4,800

on
Capital

Interest - - 25 Salary - - -
Of
Drawing

Bal c/d 180,800 167,000 93,675 Share of 164,800 164,800 82,400

Profit

Accrued - - -
Salary

180,800 172,000 94,200 180,800 172,000 94,200

Balance 180,800 167,000 93,675

b/d
CAPITAL ACCOUNT
HALIM QHAIRULL IDHAM HALIM QHAIRULL IDHAM
(RM) (RM) (RM) (RM) (RM) (RM)
Bal b/d 100,000 50,000 60,000
Bal 100,000 100,000 60,000 Additional - 50,000 -
c/d
Capital
100,000 100,000 60,000 100,000 100,000 60,000
Bal b/d 100,000 100,000 60,000
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APPROPRIATION STATEMENT OF PROFIT OR LOSS FOR

THE YEAR

Appropriation Statement of Profit or Loss for the year 31 July 2022

RM RM
Profit (before depreciation) 440,000
(-) Depreciation (10% × 70,000) (7,000)
Net Profit 433,000

Less: Interest On Loan

Halim (6% × 50,000 × 7/12) (1,750)
431,250
Add: Interest On Drawing
Idham (5% × 500) 25

Less: Interest On Capital

26
 Halim (8% × 100,000) (8,000)
Qhairull (8% × 100,000) (8,000)
Idham (8% × 60,000) (4,800) (20,800)

Net Profit Before Apportionment 410,475

Apportionment of Profit (2:2:1)

Halim (2/4 × 335,475) 167,737.5
Qhairull (2/4 × 335,475) 167,737.5
Idham 75,000
410,475

b. Share of profit:

Depreciation (straight line method) – 70,000 × 10% = 7,000

Accumulated depreciation – 7000 + 21,000 = 28,000

Net profit – Accumulated depreciation

440,000 – 28,000 = 412,000

Ratio 2:2:1
412,000 × 2/5 = 164,800
412,000 × 2/5 = 164,800
412,000 × 1/5 =82,400

c. Interest on Drawing:

[5% × (500)] = 25

Apportionment of profit:

27
Partner (Idham) < 410,475 = 75,000
Partner (Halim & Qhairull)

REFERENCES

Asma Abul Hasan Ashari, Partnership, (2023), April 18, Retrieved from Padlet
https://padlet.com/anisabul/fundamental-financial-accounting-reporting-
acc407vej4zxw8degbyc4i/wish/2526792777

K.A. Francis, What Causes the Trial Balance to be Unequal, (2018), November 8,
https://smallbusiness.chron.com/causes-trial-balance-unequal-35498.html

ACCA Global, Think Ahead, Accounting for Partnerships

https://www.accaglobal.com/gb/en/student/exam-support-resources/foundation-
levelstudy-resources/fa2/fa2-technical-articles/accounting-for-partnerships.html

Madam Siti Syaqilah, Partnership , (2022), June 19, Retrieved from web
Partnership-Lecture.mp4 (sharepoint.com)

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 APPENDIX
1) Group Discussion

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