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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You will need to prepare the following: 
1. Prepare the book of prime entry
2. Prepare the ledger accounts
3. Prepare the trial balance as of 30 April 2013
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
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
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