AccountingQ&A LibraryAccording to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear. Items DEBIT CREDIT Office Equipment Creditors Insurance Cash Rent payable Debtors Sales Rent receivable Drawings Motor vehicles Loan from CAMB Bhd. Capital Wages Premises Carriage inwards
The following balances were extracted from Gerut Trading as at 31 December 2019.
Items |
RM |
Cash in hand |
1,000 |
Sales |
200,000 |
Purchases |
80,000 |
Land and Building |
300,000 |
Creditors |
60,000 |
Salaries |
28,000 |
Capital |
101,000 |
Bank |
10,000 |
Machinery |
150,000 |
Debtors |
30,000 |
Stock |
12,000 |
Loan |
250,000 |
According to the list items below, tick (√) either the debit column or credit column based to which side of the trial balance you would expect the item to appear.
Items |
DEBIT |
CREDIT |
Office Equipment |
|
|
Creditors |
|
|
Insurance |
|
|
Cash |
|
|
Rent payable |
|
|
Debtors |
|
|
Sales |
|
|
Rent receivable |
|
|
Drawings |
|
|
Motor vehicles |
|
|
Loan from CAMB Bhd. |
|
|
Capital |
|
|
Wages |
|
|
Premises |
|
|
Carriage inwards |
|
|
Record the following transaction in the appropriate journal, ledger accounts, balance off the accounts and prepare trial balance as at 31 January 2020.
Jan 1 |
Started business with RM2,000 cash |
5 |
Purchased goods on credit RM1,000 |
10 |
Sold goods on credit RM800 |
15 |
Bought furniture by cash RM400 |
20 |
Received cheque from debtor RM800 |
25 |
Cash sales RM200 |
31 |
Paid salary by cash RM300 |
Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader:
Feb 1 |
Started business with RM12,000 cash |
2 |
Bought goods on credit from Shahirah RM1,000 |
3 |
Paid rent by cash RM200 |
4 |
Paid RM11,000 of the business cash into the business bank account |
6 |
Sold goods on credit to Tini RM600 |
7 |
Bought stationery by cheque RM50 |
11 |
Cash sales RM100 |
14 |
Returned goods to Shahirah RM150 |
15 |
Sold goods on credit to Tinggasamy RM1,200 |
18 |
Goods returned by Tini RM45 |
23 |
Paid Shahirah by cheque RM850 |
25 |
Cash purchases RM250 |
27 |
Received cheque from Tinggasamy RM500 |
28 |
Received commission by cash RM100 |
Required:
- Record all the transaction in the general journal (with narration)
- Record the transaction in the appropriate ledger accounts and balance all the account
- Prepare the trial balance as at 28 February 2020
Record the following transactions for the month of November 2020 in the general journal and post to the appropriate ledger account and balance all the accounts the prepare the trial balance as November 2020.
Nov 1 |
Started business with RM6,000 in the bank |
2 |
Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710 |
5 |
Cash sales RM240 |
7 |
Paid rent by cheque RM30 |
9 |
Paid sundry expenses by cheque RM200 |
11 |
Sold goods on credit to Mina RM80 and Chee RM1,150 |
16 |
Paid wages by cash RM45 |
18 |
Returned goods to AB Bhd RM20 and XY Trading RM35 |
19 |
Goods returned by Mina RM10 and Chee RM50 |
21 |
Bought motor van on credit from Tan Ching Motor RM8,000 |
24 |
Paid AB Bhd RM250 and XY Trading RM400 by cheque |
27 |
Received a loan of RM500 cash from Aman |
29 |
Received a cheque from Mina RM70 and Chee RM600 |
30 |
The owner deposited a further RM1,000 into a business bank account |
Step by step
Solved in 2 steps with 1 images