1. Prepare the book of prime entry 2. Prepare the ledger accounts 3. Prepare the trial balance as of 30 April 2013
1. Prepare the book of prime entry 2. Prepare the ledger accounts 3. Prepare the trial balance as of 30 April 2013
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
You will need to prepare the following:
1. Prepare the book of prime entry
2. Prepare the ledger accounts
3. Prepare the
4. Prepare the Financial Statements (SOPL and SOFP) for the year ended 30 April 2013
![The following are ABM Trading's transactions for April 20X3. Record the transactions
in the appropriate accounts.
Apr.
2 Deposited RM3,500 of cash in a bank account
1 Started a business with RM4,500 cash
3 Bought goods worth RM250 by cash
5 Bought goods worth RM1,000 on credit from Wong
6 Sold goods worth RM2,000 on credit to Simex Bhd.
7 Sold goods worth RM2,250 for cash
8 Returned goods worth RM65 to Wong
Paid rent amounting to RM200 by cheque
Simex Bhd. returned goods worth RM85
Bought a van priced at RM10,000 on credit from Maju Motor
11 Returned goods worth RM70 to Wong
Paid wages amounting to RM250 by cash
Received a cheque for RM3,000 being loan from Kawanku
Sold goods worth RM2,000 on credit to Salman
Salman returned goods worth RM125
Received cheque from Simex Bhd. after deducting 5% of cash discount
Sent a cheque for RM830 to Wong. Received cash discount of RM35
Deposited RM2,000 of cash into the bank account
The owner of the business took RM50 worth of goods for his own use
10
10
12
13
15
18
20
25
28
30](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F609716e4-3357-423a-a951-d41798b3d481%2Fb4b78df3-382e-4ecb-a2c6-e97fc29eab5e%2Fsy4j6jf_processed.png&w=3840&q=75)
Transcribed Image Text:The following are ABM Trading's transactions for April 20X3. Record the transactions
in the appropriate accounts.
Apr.
2 Deposited RM3,500 of cash in a bank account
1 Started a business with RM4,500 cash
3 Bought goods worth RM250 by cash
5 Bought goods worth RM1,000 on credit from Wong
6 Sold goods worth RM2,000 on credit to Simex Bhd.
7 Sold goods worth RM2,250 for cash
8 Returned goods worth RM65 to Wong
Paid rent amounting to RM200 by cheque
Simex Bhd. returned goods worth RM85
Bought a van priced at RM10,000 on credit from Maju Motor
11 Returned goods worth RM70 to Wong
Paid wages amounting to RM250 by cash
Received a cheque for RM3,000 being loan from Kawanku
Sold goods worth RM2,000 on credit to Salman
Salman returned goods worth RM125
Received cheque from Simex Bhd. after deducting 5% of cash discount
Sent a cheque for RM830 to Wong. Received cash discount of RM35
Deposited RM2,000 of cash into the bank account
The owner of the business took RM50 worth of goods for his own use
10
10
12
13
15
18
20
25
28
30
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education