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Vernon is left RM10,000 by his great aunt in his will. He puts RM4,000 into his own current account and with the remaining RM6,000 he decides to start up a business selling bags. The following are his transactions in the first month of business. 1 March Vernon pays RM6,000, into the business bank account The business buys 200 bags for RM1,600 from VRU Co and pays by cheque The business sells half the bags for RM1,200 cash to AB Videos 2 March 5 March The business buys a van for RM2,500 and pays by cheque The business buys 50 bags for RM8 each from AA Co on credit 10 March 11 March 12 March The business buys 100 bags for RM8 each from AA Co on credit 75 bags are bought on credit from B Co for RM600 50 bags are sold on credit for RM2,100 to SS Co 25 bags are sold on credit to T Co for RM350 50 bags are sold to SS Co for RM700 on credit 12 March 14 March 14 March 17 March RM300 rent is paid, in respect of March, for the business premises Paid RM900 to AA Co 17 March 19 March 20 March Received RM1,000 from SS Co Vernon pays a cheque into the business bank account from his current account for RM4,000 21 March 200 bags are bought from AA Co for RM800 credit 25 bags are bought on credit from B Co for RM200 200 bags are bought on credit from CC Co for RM1,600 25 March 25 March 25 March 26 March Sold 25 bags on credit for RM1,350 to UEE Co Sold 100 bags for RM1,100 to VV Co on credit Sold 20 bags on credit for RM260 to WD Co 27 March 27 March 30 March Vernon withdrew RM700 from the bank, paying his assistant RM400 and keeping the remaining RM300 for himself Invoices received for RM150 for electricity and RM50 for the telephone 31 March

Vernon is left RM10,000 by his great aunt in his will. He puts RM4,000 into his own current account and with the remaining RM6,000 he decides to start up a business selling bags. The following are his transactions in the first month of business. 1 March Vernon pays RM6,000, into the business bank account The business buys 200 bags for RM1,600 from VRU Co and pays by cheque The business sells half the bags for RM1,200 cash to AB Videos 2 March 5 March The business buys a van for RM2,500 and pays by cheque The business buys 50 bags for RM8 each from AA Co on credit 10 March 11 March 12 March The business buys 100 bags for RM8 each from AA Co on credit 75 bags are bought on credit from B Co for RM600 50 bags are sold on credit for RM2,100 to SS Co 25 bags are sold on credit to T Co for RM350 50 bags are sold to SS Co for RM700 on credit 12 March 14 March 14 March 17 March RM300 rent is paid, in respect of March, for the business premises Paid RM900 to AA Co 17 March 19 March 20 March Received RM1,000 from SS Co Vernon pays a cheque into the business bank account from his current account for RM4,000 21 March 200 bags are bought from AA Co for RM800 credit 25 bags are bought on credit from B Co for RM200 200 bags are bought on credit from CC Co for RM1,600 25 March 25 March 25 March 26 March Sold 25 bags on credit for RM1,350 to UEE Co Sold 100 bags for RM1,100 to VV Co on credit Sold 20 bags on credit for RM260 to WD Co 27 March 27 March 30 March Vernon withdrew RM700 from the bank, paying his assistant RM400 and keeping the remaining RM300 for himself Invoices received for RM150 for electricity and RM50 for the telephone 31 March

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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Prepare the trial balance as of 31st March 2021

Vernon is left RM10,000 by his great aunt in his will. He puts RM4,000 into his own current account and with the remaining RM6,000 he decides to start up a business selling bags. The following are his transactions in the first month of business. 1 March Vernon pays RM6,000, into the business bank account The business buys 200 bags for RM1,600 from VRU Co and pays by cheque The business sells half the bags for RM1,200 cash to AB Videos 2 March 5 March The business buys a van for RM2,500 and pays by cheque The business buys 50 bags for RM8 each from AA Co on credit 10 March 11 March 12 March The business buys 100 bags for RM8 each from AA Co on credit 75 bags are bought on credit from B Co for RM600 50 bags are sold on credit for RM2,100 to SS Co 25 bags are sold on credit to T Co for RM350 50 bags are sold to SS Co for RM700 on credit 12 March 14 March 14 March 17 March RM300 rent is paid, in respect of March, for the business premises Paid RM900 to AA Co 17 March 19 March 20 March Received RM1,000 from SS Co Vernon pays a cheque into the business bank account from his current account for RM4,000 21 March 200 bags are bought from AA Co for RM800 credit 25 bags are bought on credit from B Co for RM200 200 bags are bought on credit from CC Co for RM1,600 25 March 25 March 25 March 26 March Sold 25 bags on credit for RM1,350 to UEE Co Sold 100 bags for RM1,100 to VV Co on credit Sold 20 bags on credit for RM260 to WD Co 27 March 27 March 30 March Vernon withdrew RM700 from the bank, paying his assistant RM400 and keeping the remaining RM300 for himself Invoices received for RM150 for electricity and RM50 for the telephone 31 March
Transcribed Image Text:Vernon is left RM10,000 by his great aunt in his will. He puts RM4,000 into his own current account and with the remaining RM6,000 he decides to start up a business selling bags. The following are his transactions in the first month of business. 1 March Vernon pays RM6,000, into the business bank account The business buys 200 bags for RM1,600 from VRU Co and pays by cheque The business sells half the bags for RM1,200 cash to AB Videos 2 March 5 March The business buys a van for RM2,500 and pays by cheque The business buys 50 bags for RM8 each from AA Co on credit 10 March 11 March 12 March The business buys 100 bags for RM8 each from AA Co on credit 75 bags are bought on credit from B Co for RM600 50 bags are sold on credit for RM2,100 to SS Co 25 bags are sold on credit to T Co for RM350 50 bags are sold to SS Co for RM700 on credit 12 March 14 March 14 March 17 March RM300 rent is paid, in respect of March, for the business premises Paid RM900 to AA Co 17 March 19 March 20 March Received RM1,000 from SS Co Vernon pays a cheque into the business bank account from his current account for RM4,000 21 March 200 bags are bought from AA Co for RM800 credit 25 bags are bought on credit from B Co for RM200 200 bags are bought on credit from CC Co for RM1,600 25 March 25 March 25 March 26 March Sold 25 bags on credit for RM1,350 to UEE Co Sold 100 bags for RM1,100 to VV Co on credit Sold 20 bags on credit for RM260 to WD Co 27 March 27 March 30 March Vernon withdrew RM700 from the bank, paying his assistant RM400 and keeping the remaining RM300 for himself Invoices received for RM150 for electricity and RM50 for the telephone 31 March
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