BUSINESS BACKGROUNDOutlanders Enterprise is a sole proprietorship owns by Encik Nazrullah which is located at Taman Melawati 53100 Ulu Klang, Selangor. The main activity is selling and supplying variety of phone accessories. The business opens from 8.00 am to 5.00 pm every day except on Friday and public holiday.Encik Nazrullah started his business on 1 July 2020 with his own money of RM100,000 cash in hand. He also brought into his business an office equipment (laptop) valued at RM5,000. He hired 3 workers; Anwar, Azman and Annisa to help him. They will be paid RM2,000 per month each.INSTRUCTIONS FOR THE COMPREHENSIVE PROJECTRead and analyze the business background, accounting policy and procedures.Journalize all the daily transactions in chronological order into the general journals. Note: Narrations are not required for all respective transactions.Post all business transactions from the journals to the appropriate ledgers.Transfer the balances (debit or credit) from the ledger accounts to the Trial Balance as at 31 July 2020.BUSINESS TRANSACTIONS FOR THE MONTH OF JULY 2020The following are transactions of Outlanders Enterprise for the month of July 2020: DateTransactionsEncik Nazrullah contributes RM100,000 cash in hand and an office equipment(laptop) worth RM5,000 into the business.Encik Nazrullah open business bank account with Bank Usahawan and transfer1RM50,000 cash into the bank account.Bought variety of phone accessories on credit from Syarikat Khadijah worthRM3,000.Cash sales RM1,000 to Kedai Hafizah.Received an invoice from Syarikat Motor Azrin costing RM30,000 for purchase of amotor vehicle.Purchased a shop furniture RM15,000 on credit from Syarikat Perabot Ismail.Purchased phone accessories from Syarikat Musa RM4,000 on credit.4Sold RM9,000 worth of phone accessories to Kedai Syukri. The payment will bereceived at the end ofthe month.Paid full payment by cheque to Syarikat Khadijah.Paid RM15,000 to Syarikat Motor Azrin for amount owed by cheque.8Purchased phone accessories worth RM6,000 from Syarikat Intan on credit.Sold various types of phone accessories worth RM8,000 to Kedai Faizal.Issue cheque RM2,500 to Syarikat Intan as part of settlement of business debts.10Retumed damaged phone accessories to Syarikat Musa costing RM100.10Issued an invoice RM7,000 for phone accessories sold to Kedai Hakim.11Kedai Hakim returned wrong products to the business worth RM200.12Issued receipt to Kedai Faizal for cheque received worth RM3,500. 13Issued a cash bill worth RM1,500 to Kedai Zahrah for goods sold.14Encik Nazrullah took an accessory worth RM500 for his own phone.24Encik Nazrullah paid the following expenses using cheque:Insurance RM3,000Advertising: RM1,500Bank charges: RM300Salary to Anwar, Azman and Annisa for the month of July 2020.Received commission RM800 by cheque from Syarikat Benjamin.Encik Nazrullah paid the following expenses using cash:Transportation: RM1,2002728Stationeries: RM600Utility bills: RM400General expenses: RM1,500Encik Nazrullah took RM1,000 cash to pay for his grandmother medical bil.2930Received cash as a full settlement of debts from Kedai Syukri.30Transfer half of cash in hand into bank.30Closing inventory as at 31 July 2020 is RM2,500.

Advertising expense is incurred by the business to promote the business. When advertisement is done…

Answered: BUSINESS BACKGROUND Outlanders…

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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BUSINESS BACKGROUND

Outlanders Enterprise is a sole proprietorship owns by Encik Nazrullah which is located at Taman Melawati 53100 Ulu Klang, Selangor. The main activity is selling and supplying variety of phone accessories. The business opens from 8.00 am to 5.00 pm every day except on Friday and public holiday.

Encik Nazrullah started his business on 1 July 2020 with his own money of RM100,000 cash in hand. He also brought into his business an office equipment (laptop) valued at RM5,000. He hired 3 workers; Anwar, Azman and Annisa to help him. They will be paid RM2,000 per month each.

INSTRUCTIONS FOR THE COMPREHENSIVE PROJECT

Read and analyze the business background, accounting policy and procedures.
Journalize all the daily transactions in chronological order into the general journals. Note: Narrations are not required for all respective transactions.
Post all business transactions from the journals to the appropriate ledgers.
Transfer the balances (debit or credit) from the ledger accounts to the Trial Balance as at 31 July 2020.

BUSINESS TRANSACTIONS FOR THE MONTH OF JULY 2020

The following are transactions of Outlanders Enterprise for the month of July 2020:

Date
Transactions
Encik Nazrullah contributes RM100,000 cash in hand and an office equipment
(laptop) worth RM5,000 into the business.
Encik Nazrullah open business bank account with Bank Usahawan and transfer
1
RM50,000 cash into the bank account.
Bought variety of phone accessories on credit from Syarikat Khadijah worth
RM3,000.
Cash sales RM1,000 to Kedai Hafizah.
Received an invoice from Syarikat Motor Azrin costing RM30,000 for purchase of a
motor vehicle.
Purchased a shop furniture RM15,000 on credit from Syarikat Perabot Ismail.
Purchased phone accessories from Syarikat Musa RM4,000 on credit.
4
Sold RM9,000 worth of phone accessories to Kedai Syukri. The payment will be
received at the end ofthe month.
Paid full payment by cheque to Syarikat Khadijah.
Paid RM15,000 to Syarikat Motor Azrin for amount owed by cheque.
8
Purchased phone accessories worth RM6,000 from Syarikat Intan on credit.
Sold various types of phone accessories worth RM8,000 to Kedai Faizal.
Issue cheque RM2,500 to Syarikat Intan as part of settlement of business debts.
10
Retumed damaged phone accessories to Syarikat Musa costing RM100.
10
Issued an invoice RM7,000 for phone accessories sold to Kedai Hakim.
11
Kedai Hakim returned wrong products to the business worth RM200.
12
Issued receipt to Kedai Faizal for cheque received worth RM3,500.

13
Issued a cash bill worth RM1,500 to Kedai Zahrah for goods sold.
14
Encik Nazrullah took an accessory worth RM500 for his own phone.
24
Encik Nazrullah paid the following expenses using cheque:
Insurance RM3,000
Advertising: RM1,500
Bank charges: RM300
Salary to Anwar, Azman and Annisa for the month of July 2020.
Received commission RM800 by cheque from Syarikat Benjamin.
Encik Nazrullah paid the following expenses using cash:
Transportation: RM1,200
27
28
Stationeries: RM600
Utility bills: RM400
General expenses: RM1,500
Encik Nazrullah took RM1,000 cash to pay for his grandmother medical bil.
29
30
Received cash as a full settlement of debts from Kedai Syukri.
30
Transfer half of cash in hand into bank.
30
Closing inventory as at 31 July 2020 is RM2,500.

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