Microsoft Access Project
Individual Project – 20%
FINANCING SYSTEMS
Due Date: 9 March 2014 before 2.00PM
Place: Room 2.15
Individual Assignment 1 – 20%
Early year 2013, you established a new bowling alley in Sintok, Kedah. After a long discussion with some bowling alley suppliers locally, the initial capital needed to start the business is RM1 million. You and two other partners had contributed RM200 000 each. OCBC bank had approved your long term loan application for amount RM500,000, 5% monthly compounded for 15 years, effective on 1 Feb 2013. The monthly payment is made at every end of monthly payment term. The cost for bowling alley is RM900,000 and was constructed on 1 March 2013 by Ampang Superbowl Malaysia Sdn Bhd (ASMSB). ASMSB agreed that the payment arrangement would be made as follows:
50% on 1 March 2013
30% on 2 July 2013
10% on 15 Oct 2013
10% on 15 Jan 2014
In addition, you also borrowed from CIMB bank to acquire a new building located at EDC Hotel. EDC Hotel agreed to sell the building for RM300,000 on 15 April 2014. CIMB bank approved your loan application for amount RM250,000, 4% quarterly compounded for 10 years, effective on 1 July 2013. However, the quarterly payment should be made at beginning of quarterly payment term. The payment arrangement with EDC Hotel as follows:
40% on 31 April 2013
30% on 15 August 2013
30% on 15 Jan 2014
1 November 2013, you had contributed RM100,000 as an additional business capital, later 1 Jan 2014 both of your partners also contributed RM50,000 each.
All excess cash is kept in PBB bank in Changlun. The excess cash will be used to acquire other capital expenses (CAPEX) and operating expenses (OPEX) for bowling business. The depreciation rate is 5% per year for buildings and bowling alleys.
Requirements*:
a) Using manual accounting system, record and prepare your financial statement as at 31 Dec 2013.
b) Using MS Access or similar database application, develop a financial system that captures the transaction
FINANCING SYSTEMS
Due Date: 9 March 2014 before 2.00PM
Place: Room 2.15
Individual Assignment 1 – 20%
Early year 2013, you established a new bowling alley in Sintok, Kedah. After a long discussion with some bowling alley suppliers locally, the initial capital needed to start the business is RM1 million. You and two other partners had contributed RM200 000 each. OCBC bank had approved your long term loan application for amount RM500,000, 5% monthly compounded for 15 years, effective on 1 Feb 2013. The monthly payment is made at every end of monthly payment term. The cost for bowling alley is RM900,000 and was constructed on 1 March 2013 by Ampang Superbowl Malaysia Sdn Bhd (ASMSB). ASMSB agreed that the payment arrangement would be made as follows:
50% on 1 March 2013
30% on 2 July 2013
10% on 15 Oct 2013
10% on 15 Jan 2014
In addition, you also borrowed from CIMB bank to acquire a new building located at EDC Hotel. EDC Hotel agreed to sell the building for RM300,000 on 15 April 2014. CIMB bank approved your loan application for amount RM250,000, 4% quarterly compounded for 10 years, effective on 1 July 2013. However, the quarterly payment should be made at beginning of quarterly payment term. The payment arrangement with EDC Hotel as follows:
40% on 31 April 2013
30% on 15 August 2013
30% on 15 Jan 2014
1 November 2013, you had contributed RM100,000 as an additional business capital, later 1 Jan 2014 both of your partners also contributed RM50,000 each.
All excess cash is kept in PBB bank in Changlun. The excess cash will be used to acquire other capital expenses (CAPEX) and operating expenses (OPEX) for bowling business. The depreciation rate is 5% per year for buildings and bowling alleys.
Requirements*:
a) Using manual accounting system, record and prepare your financial statement as at 31 Dec 2013.
b) Using MS Access or similar database application, develop a financial system that captures the transaction