EPPD1033 PRINCIPLES OF ACCOUNTING (SET 8)

a.

Name of Business

(as registered with CCM)

CUSTOM TEES ENTERPRISE

b.

Business Logo

c.

Main Business Activities

We are one of the Malaysia’s leading suppliers of custom printed, plain and personalized t-shirts, polo shirts, corporate wear, and much more. We provide a wide range of clothing and t shirts to a large number of businesses, schools, printers, charities, universities, local authorities and more.

d.

Mission

We are committed to providing dressing solutions for all users and becoming customers' partners. Customer-centric, clothing as a carrier, in-depth interpretation of the essence of beauty, to provide diversified, customized dressing solutions, to meet customer needs, exceed customer expectations. Adhere to creative innovation, with professional vision, creative thinking, exquisite production technology for human dressing, to create unlimited new opportunities, to create a unique dressing style for everyone, to become a trusted partner of customers.

e.

Vision

To become a first-class garment customising enterprise that can stand the test of time, through professional brand management, integration of high-quality resources, continuous creativity and innovation, promoting industrial upgrading, achieving excellent brand value, and becoming an enterprise that can stand the test of time.

f.

Type of Business

Sole Proprietorship

g.

Status of Business

Start Up Business

DATE

TRANSACTIONS

Jan 1

Start a business with the following assets:

Cash        RM30,000

Bank       RM20,000

Vehicles  RM67,000

Jan 2

Purchase printing machine as equipment for RM5,000 by cash.

Jan 4

Purchase raw materials on credit for RM2,000.

Jan 5

Paid RM1,200 for rental.

Jan 10

Received RM6,500 in cash from university for completed order of Club’s T-shirt.

Jan 15

Paid RM2,500 for employee salaries.

Jan 17

Rent a pet RM2,000 from Meow Vista Company for advertisement purpose by cash.

Jan 18

Sold 50 pcs customized corporate t-shirts to Meow Vista for RM2,000 on credit.

Jan 25

Paid RM600 for utilities.

Jan 31

Meow Vista Company paid the full amount due on January 18.

DATE

TRANSACTIONS

Feb 2

Purchased a pet worth RM2,000 from Meow Vista Company to use as a company logo and mascot on credit.

Feb 5

Paid RM500 to Meow Vista Company by cash for previous purchases.

Feb 8

Paid RM1,200 for rental.

Feb 10

Sold 500 pcs personalized t-shirts to Good Marketing Sdn Bhd for RM38,500 on credit.

Feb 12

Paid RM2,500 for employee salaries.

Feb 15

Paid RM3,000 cash to a graphic designer for custom designs.

Feb 22

Owner withdraws RM1,000 for personal use.

Feb 25

Paid RM700 for utilities.

Feb 26

Provide hat design services on account to Meow Vista Company RM1,000.

Feb 28

Received cheque for order billed on Feb 26.

DATE

TRANSACTIONS

Mar 1

Purchased RM4,500 of supplies on credit.

Mar 3

Meow Vista Company ordered custom suits RM20,000 by cash.

Mar 8

Paid RM1,200 for rental.

Mar 9

Paid RM2,500 cash on account for supplies purchased on Mar1.

Mar 12

Paid RM2,500 for employee salaries.

Mar 17

Billed ABC Enterprise RM5,000 for custom collar t-shirt.

Mar 22

Paid RM1,200 cash to the graphic designer for additional custom design.

Mar 25

Paid RM800 for utilities.

Mar 28

Completed an order of 80 pcs custom tees RM3,200 for Campus Corner Enterprise, but has not received payment from customers.

Mar 31

Paid RM1,500 for advertising expenses.