A Case Study Of BP Management Services: Accounting

BP Management Services is an accounting firm which registered since 1980. Mr. Ricky Ng Seoh Pheng is the founder of this accounting firm. BP Management Service can be categorized as business management consultant. It located at 26A, Jalan Kundang 2, Taman Bukit Pasir, 83000 Batu Pahat, Johor.

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The owner and the person in charge of BP Management Service is Mr. Ricky Ng Seoh Pheng. He is a Certified Public Accountant, International Accountant, Cost and Management Accountants, and Chartered Company Secretary. Mr. Ricky Ng and his wife run this company and manage all the things together. BP Management Service consist of 8 accountants who are Elyn Sim, Jonathan Ng, Pauline, Ani, Nur Syuhadah, Cheong Mei Yan, Koh Shan Shan and Tiew Hwey Ching.

I also support team in preparing various tax forms and documents required by clients. For example, I help team to prepare From 9 for registration of company; Form 8 for registration of sole proprietorship or partnership; Form 49 for directors’ information and Form B & BE for lodgment of tax. In addition, I also help to key-in the data into the UBS system. The UBS system requires the code to differentiate whether it is assets or liabilities or income or expenses. For instance, normally the company will use the code of 1000 for capital; 2000 for fixed assets; 3000 for current assets; 3100 for trade debtors; 3600 for cash in hand; 4000 for current liability; 4100 for trade creditors; 5000 for sales; 6000 cost of goods sold; 7000 for other income and 9000 for expenses. Thus, whenever the client company sold goods on credit, we need to debit the code 3100 into the trade debtors’ account and credit the code 5000 into the sales account in the UBS

When I record the transactions of the company in the UBS system, it required both debit effect and credit effect of the transactions, the total debits must be equal to the total credits. Besides that, the theory of money measurement also apply in the workplace. We record all the economic events and transactions of the client companies in monetary unit which is Ringgit Malaysia. Sometimes, the client companies having some investments in foreign countries and the amount is in foreign currency, we need to convert it into Ringgit Malaysia before we key into the UBS system. In addition, the assumption of business entity also apply during my undergone internship. For example, we need to ask the client when they bought non-current assets such as television or sofa because we need to know that television or sofa is for their company use or for their personal use. If the television or sofa is for their personal use, we cannot record it into the non-current asset account and we need to credit from the company’s capital. Furthermore, I also apply the theory of consistency in the workplace. For instance, we need to use the same accounting principles from one period to the nest for the company’s