Angkat Kaki Sdn Bhd was established by Mr. Orbi on 1 January 2013 selling Malaysian-made cosmetic products from natural ingredients. The company applied perpetual inventory system in recording their transactions and exercised credit terms of 3/10, 1/45, FOB shipping point upon sales. The trial balance of the company was as follows: Cash Accounts receivable Merchandise inventory Capital, Orbi Retained earnings Accounts payable Total 3 5 7 10 15 Angkat Kaki Sdn. Bhd. Trial Balance as at 1 December 2017 The following transactions took place in the month of December 2017: Dec 2 16 30 Debit (RM) Credit (RM) 50,500 15,200 34,000 99,700 40,000 29,200 30,500 99,700 Purchased merchandise of RM3,800, from Limah Enterprise, FOB shipping point, terms 5/15, n/30. The transportation cost paid was RM380. Orbi returned 30% of the merchandise purchased on 2 December that was expired. Sold merchandise to Cantique Sdn. Bhd, at RM8,600. The cost of the merchandise, RM3,200. The postage cost incurred was RM220. Sold merchandise for cash of RM7,000 and the cost was RM3,000. Made full payment to Limah Enterprise for purchases on 2 December. Sold merchandise to Aiman Ceria Sdn Bhd on credit. The listed price was RM30,000 and trade discount allowed was 18%. The cost of the merchandise was RM10,500. Received payment in full from Cantique Sdn. Bhd. Paid salary expense of RM3,300.
Angkat Kaki Sdn Bhd was established by Mr. Orbi on 1 January 2013 selling Malaysian-made cosmetic products from natural ingredients. The company applied perpetual inventory system in recording their transactions and exercised credit terms of 3/10, 1/45, FOB shipping point upon sales. The trial balance of the company was as follows: Cash Accounts receivable Merchandise inventory Capital, Orbi Retained earnings Accounts payable Total 3 5 7 10 15 Angkat Kaki Sdn. Bhd. Trial Balance as at 1 December 2017 The following transactions took place in the month of December 2017: Dec 2 16 30 Debit (RM) Credit (RM) 50,500 15,200 34,000 99,700 40,000 29,200 30,500 99,700 Purchased merchandise of RM3,800, from Limah Enterprise, FOB shipping point, terms 5/15, n/30. The transportation cost paid was RM380. Orbi returned 30% of the merchandise purchased on 2 December that was expired. Sold merchandise to Cantique Sdn. Bhd, at RM8,600. The cost of the merchandise, RM3,200. The postage cost incurred was RM220. Sold merchandise for cash of RM7,000 and the cost was RM3,000. Made full payment to Limah Enterprise for purchases on 2 December. Sold merchandise to Aiman Ceria Sdn Bhd on credit. The listed price was RM30,000 and trade discount allowed was 18%. The cost of the merchandise was RM10,500. Received payment in full from Cantique Sdn. Bhd. Paid salary expense of RM3,300.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Angkat Kaki Sdn Bhd was established by Mr. Orbi on 1 January 2013 selling Malaysian-made
cosmetic products from natural ingredients. The company applied perpetual inventory system in
recording their transactions and exercised credit terms of 3/10, n/45, FOB shipping point upon
sales. The trial balance of the company was as follows:
Cash
Accounts receivable
Merchandise inventory
Capital, Orbi
Retained earnings
Accounts payable
Total
3
5
7
10
15
Angkat Kaki Sdn. Bhd.
Trial Balance as at 1 December 2017
16
30
Debit (RM) Credit (RM)
50,500
15,200
34,000
The following transactions took place in the month of December 2017:
Dec 2 Purchased merchandise of RM3,800, from Limah Enterprise, FOB shipping point,
terms 5/15, n/30. The transportation cost paid was RM380.
Orbi returned 30% of the merchandise purchased on 2 December that was expired.
Sold merchandise to Cantique Sdn. Bhd, at RM8,600. The cost of the merchandise,
RM3,200. The postage cost incurred was RM220.
Sold merchandise for cash of RM7,000 and the cost was RM3,000.
Made full payment to Limah Enterprise for purchases on 2 December.
Sold merchandise to Aiman Ceria Sdn Bhd on credit. The listed price was
RM30,000 and trade discount allowed was 18%. The cost of the merchandise was
RM10,500.
99,700
40,000
29,200
30,500
99,700
Received payment in full from Cantique Sdn. Bhd.
Paid salary expense of RM3,300.
Transcribed Image Text:REQUIRED:
(a)
(b)
(c)
Prepare journal entries for each transactions. Omit the explanations and show all workings.
Prepare the Comprehensive Income Statement for the year ended 31 December 2017. Show
all workings.
Prepare the Statement of Financial Position as at 31 December 2017. Show all your
workings.
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