Bank reconciliation and illustration

Assalamualaikum and dear students

This is an additional notes for bank reconciliation. I also include a video explaining what it is all about. The example I used for the explanation can also be downloaded using the link provided below. Should you have questions regarding the bank reconciliation, drop me a line and I will try my best to assist you.

Exercise for an example

Powerpoint notes for bank reconciliation

Accounting Equation - Extended version

Assalamualaikum and  dear students,

As you all have learnt that the basic accounting equation consist of THREE main component that is ASSET, LIABILITY and EQUITY. The equation is none other and definitely ASSET = LIABILITY + EQUITY.

As for the extended version of accounting equation, I have broken the equity component into 4 elements. These 4 elements made up the total for the equity and those are Capital, Revenue, Expenses and Drawings. 

The changes or movement in these 4 elements will affect the changes in Equity. For example, the owner put more funds into the business, then the capital will expand. The increase in revenue exceeding its cost of sales or expenses thus resulting in profit will also affect the changes in the Equity. If the expenses is more than its revenue, then the Equity will decrease and drawings will also result in the capital reduction.

Please take note that, when we change to extended accounting equation, there will no usage of inventory as it will be put under expenses. This is due to the business having its own cost. First is the cost of sales and the other is normal operating expenses. Then, we eliminate the inventory element in the asset and replace it as expenses.

Attached below is the link to the exercise for you guys to download and I also made a video for its solution. Be kind to me to subscribe my channel and I will try further to improve my publication.

Download the link below for the exercise.

Extended Accounting Equation

Preparation of Financial Statement - Stage 5 Solution

Assalamualaikum and dear students

This is the final stage of the preparation of the basic financial statement from a trial balance. It is normal of the question or the trial balance is longer compared from what you see in the video. I haven't put in depreciation calculation as well as the adjustments of accruals and prepayment yet. But for the meantime, just get yourself to know how to prepare this statement.

Here is the solution

Preparation of Financial Statement - Stage 4 Solution

Assalamualaikum students

For stage 4 solution I put additional items such as discounts received and drawings. So you can watch the video and listen to the explanation of what they are all about. In the end, we should get the final accounts balance. Check carefully one by one the numbers you keyed in as it could make your final accounts not balance.

Preparation of Financial Statement - Stage 3 Solution

Again, not the same question but still using the same method of doing it. This time the trial balance is a little bit longer than the previous with additional items added to make it more complicated. But hey, wait till stage 5 ok. Now I just show you how to beat the Stage 3.

Preparation of Financial Statement - Stage 2 Solution

Ok guys, here is another video for the solution for the stage 2 regarding the creation of financial statement from a trial balance. Of course stage 2 is quite ok and still manageable since I put few items in the trial balance such as returns inwards and returns outwards. Stage 3 is still in the studio preparing what is unprepared.

Hopefully you guys can take a look at the video for better understanding. Stage 3 is coming!

Relevant Cost - Make or Buy Part 2 Solutions

How it ends....

Finally the saga between Lebai Mat and Pak Man has ended. What will happen to Pak Man? How Lebai Mat handling the situation? Click the video for the exciting solution between those two.

Preparation of Financial Statement - Stage 1 solution

Please refer to the video for the solution for Stage 1

Relevant Cost - Make or Buy Part 1 Solutions

Assalamualaikum and dear students,

At last the solution foe the Part 2 saga has been completed. Please be reminded that, there is a slight change in thee question regarding the labour hours. It should be 0.5 for Songkok and not 0.25 as stated. Just change the number and you will know when you watch the video later on.

Enjoy the video!

Relevant cost - Make or Buy

The saga between Lebai Mat and Pak Man regarding the make or buy decision. Will Lebai Mat able to calculate the relevant cost of his production? Will he accept the offer made by his old rival Pak Man? Should they reconcile between them under the name of relevant cost?

Don't miss the exciting video specially made for you.....

Cashbook - Lockddown 1 solution

Assalamualaikum and dear students,

As promised, below is the video pertaining to the question I've posted yesterday. Enjoy and stay home and STUDY!!!

Profit adjustments - Duduk Diam Dalam Rumah Mangkuk

Assalamualaikum and hi,

Do download the exercise by clicking the link below and watch the video for further understanding. Take this opportunity to study and gain as much knowledge as you can. Prepare for battle! Not only the COVID-19 but for you exam as well....

Duduk diam dalam rumah

Perintah Berkurung!!!!

This sond is from one of my favourite rock group my my years of study. Enjoy!!!

Partnership - Stay Home and Associates Solutions

As promised, I attached the videos for you to check on your answers. Make sure you try it first and then watch the video for further understanding. InsyaAllah will produce more videos during the lockdown period pertaining to your final exam.

Depreciation & Accumulated depreciation

Assalamualaikum again,

I've made another video and exercise for depreciation and accumulated depreciation. Bonus, I also show you how to do an extract of Statement of Profit and Loss and Statement of Financial Position as well. Download the exercise and watch the video for further understanding.

Depreciation and Accumulated depreciation

Depreciation - Methods and Calculations

Dear students,

This is your revision for those who still in the dark on how to calculate depreciation for both methods, straight line and reducing balance method. You can learn this topic by downloading the exercise and click on the video below.

Happy revising!

Depreciation- Methods and calculations

Fadhil's Dilemma....again???

Asssalamualaikum and hi,

Dear students of ACC2236. This is your final group assignment for the ACC2236. I guess it is sufficient for you guys to gain knowledge and skills and use them in the final ultimately when you are out there in the wild.

So here it is, click on the video and enjoy.....

BUS2231 Assignment

Finally, the assignment has arrived. As usual, in a group of FOUR or a minimum TWO. Please be reminded the submission date will be on the 12th March 2020. Handwritten or preferably type. Late submission will not be entertained!.

So here is the assignment.

Good luck!

Accounts receivables (Malay version)

I accidentally saved this screenshot. Maybe you can look at this and maybe you can understand the concept of accounts receivables. 

Remember, when you do sales, you can either receive cash or cheque due to the payment made by them (customer). But when you've made your sales and you receive nothing accept the promises made by them (customer), then you'll need to remember their names. It is because they are now owing you! So in a way, your asset in terms of Accounts receivables appears in your life. You own them because they are holding your money!... 

When they pay, you need to reduce the amount they are owing because you received their money. So the total receivables will eventually become lesser and lesser because of the payments made.

I think I'll a movie director after I retired.....

Suspense Account - The Video

Assalamualaikum and dear students

This video was taken during the foundation class held at the college recently. It is very useful for those who are now studying this topic. Well it is an important topic and when I say it is important than it is VERY IMPORTANT! Hehe.

As it is in the video, so you guys can play this over and over again..... So please, read the notes regarding the suspense account and watch the video.