business account assignment

im just a student
somebody please help me to take a look this
the whole group of us are no accounting basic
i cant understand what we gotta do
thank you very much
really
=)

UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) FACULTY OF ACCOUNTANCY AND MANAGEMENT

Bachelor of International Business (Hons)

Bachelor of Science (Hons) Actuarial Science

Bachelor of Science (Hons) Financial Mathematics

Bachelor of Science (Hons) Applied Mathematics with Computing

UKAF 1033 Business Accounting 1

Academic Year –

2

011/2012

Year 1

Group Assignment (

20%

)

Assignment Submission Date:

To be submitted no later than 12.00p.m. Monday, 27/02/12.

Please attach the Cover page/ Marking Form as per pg. 4.

OBJECTIVES OF THE GROUP ASSIGNMENT

The objectives of the Assignment is to:

1. Enhance the students’ level of understanding and appreciation of Business Accounting, with them assuming the roles as account assistants in modern business organisation.

2. Improve the cooperation between members in a group.

PC MEDIA SUPPLIES SDN BHD (CASE STUDY)

Background

Mr. Tan is a retired secondary school teacher who started a small tuition centre three years ago. When he started the centre, it only offers tuition for students in PMR, SPM and STPM level. Mr. Tan was the only full-time tutor specializing in accounting, economics, and mathematics. Other tutors were hired on a part-time basis to teach other subjects as required by the students.

The student population also grew from 100 students to over 400 students. The reputation of the centre grew and Mr. Tan has to reject many potential students due to limited spaces and also insufficient teachers. There are also request for additional subjects to be taught at the centre as well as different levels of study. In light of this, he plans to expand the tuition centre and is looking at more shop spaces for his expansion.

To finance this, Mr. Tan is considering to either get a loan from the bank or to look for a partner for the expansion.

Financial Management and Business Process

The tuition centre is on the 2nd floor of a rented shop lot, which is divided into 3 smaller class rooms able to accommodate up to 30 students as well as a reception counter at the entrance.

Mr. Tan employs an office administrator, Shirley to maintain a simple book keeping, collect tuition fees, calculating monthly payroll, and other tasks pertaining to the operation of the centre such as enrolling the students, arranging the timetable for classes and coordinating with the teachers.

The tuition centre also generates additional income by providing revision materials and books for sale as well as some other stationary items.

The tuition rates for the number of subjects offered by the centre are as follows:

1 subject =RM68.00

2 subject =RM120.00

3 subject =RM160.00

4 subject =RM202.00

5 subject =RM244.00

6 subject =RM386.00

The part-time teachers are paid on a commission basis depending on the number of students taught. For each student they are paid 60% of the student total fees.

As the new account assistant hired to assist Shirley, you are asked to provide the following information:

a) Identify the users of financial reports based on the case study above. Discuss the types of information required by these users and why they need the information.

b) Mr. Tan has asked for your advice on expanding his operations. Discuss with Mr. Tan the options available to him; i.e. sole proprietor, partnership and corporation.

Learning Outcome:

· Describe the role and function of external financial reports and identify their users.

c) Create at least 50 business transactions spanning any two months and record them in the appropriate books of prime entry.

Learning Outcome:

· Record and summarise accounting data

UNIVERSITI TUNKU ABDUL RAHMAN (UTAR)

FACULTY OF ACCOUNTANCY AND MANAGEMENT

UKAF 1033 Business Accounting 1

Academic Year – 2011/2012

Year 1
Group Assignment (20%)

Course:

Tutorial Group:

Tutor:

Group Members:
1)

2)

3)

4)

(Minimum 2 members & maximum 4 members per group only)

Marking Form/ Evaluation Report

10m
10m
10m
10m
10m

10m

10m

Identification and discussion of internal and external users -Internal and external users -What and why information are needed Discussion on sole proprietor, partnership and corporation	20m
Preparation of books of prime entry -Sales Day Book -Purchase Day Book -Sales Returns Day Book -Purchase Returns Day Book -Cash Book -General Journal			10m
Figures provided are logical
Extent of report quality and proper use of sources
Total	100%
20%

2