Service business 1. You are required to form a small business (Service business) 2. Explain the...

 

Transcribed Image Text:

Service business 1. You are required to form a small business (Service business) 2. Explain the name and nature of the business, location, mission and objectives of the company. Assume the business started on 1 January 2024. (5m) 3. List down the transactions incurred during the first month of operation. The transactions should cover relationship between the following accounting elements. a) Asset and Equity b) Asset and Asset c) Asset and Liability d) Asset and Owner's Equity (Revenue) e) Asset and Owner's Equity (Expense) f) Liability and Owner's Equity (Expense) g) Asset and Owner's Equity (Withdrawal) -1 transaction - 1 transaction -1 transaction -3 transactions - 2 transactions -1 transaction -1 transaction (10m) 4. Based on requirement in (3), prepare: (i) journal entry for each of the transaction (Please include the transaction on 1 January 2024 first investment) (10m) (ii) post the transaction to the t-accounts and balance off accounts (15m) (iii) trial balance as at 31st January 2024 (5m) (iv) at least TWO (2) adjustment to the account (5m) (v) financial statement for the month of January 2024 (10m) Service business 1. You are required to form a small business (Service business) 2. Explain the name and nature of the business, location, mission and objectives of the company. Assume the business started on 1 January 2024. (5m) 3. List down the transactions incurred during the first month of operation. The transactions should cover relationship between the following accounting elements. a) Asset and Equity b) Asset and Asset c) Asset and Liability d) Asset and Owner's Equity (Revenue) e) Asset and Owner's Equity (Expense) f) Liability and Owner's Equity (Expense) g) Asset and Owner's Equity (Withdrawal) -1 transaction - 1 transaction -1 transaction -3 transactions - 2 transactions -1 transaction -1 transaction (10m) 4. Based on requirement in (3), prepare: (i) journal entry for each of the transaction (Please include the transaction on 1 January 2024 first investment) (10m) (ii) post the transaction to the t-accounts and balance off accounts (15m) (iii) trial balance as at 31st January 2024 (5m) (iv) at least TWO (2) adjustment to the account (5m) (v) financial statement for the month of January 2024 (10m)