2. Transfer the journal entry into the general ledger and related subsidiary ledger
2. Transfer the journal entry into the general ledger and related subsidiary ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:2. Transfer the journal entry into the general ledger and related subsidiary ledger
3. Prepare a Trial Balance on 31 Jan 2021

Transcribed Image Text:The following are transactions obtained from Company A accounting records.
Jan 2021
1
1
2
3
4
5
6
8
10
10
10
11
12
13
14
15
19
22
22
26
26
26
26
29
30
31
Transactions
Start a business by bringing in the following assets as
capital:
Cash in hand
Cash in the bank.
Vehicle
Loan from the Bank has been approved amounting to
RM50,000 with an interest rate of 4% per annum for 5
years has been credited into the bank account.
Purchased furniture from Ellen's Furniture Store with
2,800 credit
Purchase of merchandise in cash
Sales in Cash
Purchase merchandise on credit from Champion
Supplier
Collection of merchandise for family use
Return of damaged goods to the Champion Supplier
Sales on credit to Lia Shop
Pay the Champion Supplier with a check
Discounts received from Champion Suppliers
Lia Shop returned the wrong brand of goods
Paying for promotional materials with a check
Receive cash from Lia Shop
Sales in cash
Purchase of merchandise on credit from Maiden Sdn
Bhd
Paying the cost of repairing the vehicle in cash
Paying the loan and the monthly interest rate
-Principle
-Interest
Paid shop rent with check
Sales in Cash
Pay electricity and water bills in cash
Pay telephone and internet bills in cash
Sales on credit at Syarikat Elma Sdn Bhd
Paying employee wages, EPF and Socso contributions
through banks as follows:
Salary
EPF
Socso
Withdrawal of cash by owner for own use
Buying merchandise from Champion Suppliers on
credit
Additional information:
1. The final stock balance is worth RM9,720
2. Depreciation rates for assets are:-
a. Vehicles -20% per year
b. Office equipment & furniture -20% per annum
c. Computer -20% per year
RM
5'000
25'000
18'000
50'000
2800
1200
850
6300
500
150
2600
5900
250
210
800
950
1700
6700
320
833
167
2500
2100
550
150
3500
5000
500
50
3000
3500
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