business offers services in computer consultancy. The following is a list of transaction Hafiz has established his own business, Hafiz Cyber Service on 1 November 2020. TH incurred by Hafiz Cyber Service throughout the month of November 2020. Date November Transactions Hafiz invested cash of RM20,000 into Hafiz Cyber Service. Purchased a piece of land valued at RM19,000. The business paid cash RM4,000 and the balance is financed by bank loan. 2 Purchased office supplies by cash for RM2,900. providod

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
Hafiz has established his own business, Hafiz Cyber Service on 1 November 2020. The
business offers services in computer consultancy. The following is a list of transactions
QUESTION 4
Incurred by Hafiz Cyber Service throughout the month of November 2020.
Date
November
Transactions
1
Hafiz invested cash of RM20.000 into Hafiz Cyber Service.
Purchased a piece of land valued at RM19,000. The business paid cash
RM4,000 and the balance is financed by bank loan.
2
Purchased office supplies by cash for RM2,900.
4
Received RM6,200 cash from customer for services provided.
Paid office rental for the month of November of RM1,600.
Paid RM360 to advertise the business in the newspaper.
Purchased office equipment on credit from Seng Heng Sdn Bhd amounting
to RM3,600.
9.
Provided services valued at RM3.500 to a customer. The customer promised
to pay next month.
10
25
Paid salary of temporary staff for RM1,400 for the November.
A company planned to rent the land owned by Hafiz Cyber Service starting
next month. The business received the cash payment of RM1,500 from the
tenant for the three months' land rental (December 2020 to February 2021).
26
Paid insurance premium of RM4,800 for coverage against losses due to fire
and burglary for a period of 24 months.
29
Paid utilities bill for the month amounted to RM1,070.
30
Customer made payment for account receivable of RM1,300.
30
Unused office supplies valued at RM2,100.
30
Hafiz made cash drawings of RM500.
Required:
a)
Prepare the journal entries for all the above transactions. Narrations are not required.
Post to relevant ledger accounts.
b)
Prepare the trial balance as at 30 November 2020.
c)
d)
Prepare statment of profit and loss account
e)
Prepare statement of financial position
27
Transcribed Image Text:Hafiz has established his own business, Hafiz Cyber Service on 1 November 2020. The business offers services in computer consultancy. The following is a list of transactions QUESTION 4 Incurred by Hafiz Cyber Service throughout the month of November 2020. Date November Transactions 1 Hafiz invested cash of RM20.000 into Hafiz Cyber Service. Purchased a piece of land valued at RM19,000. The business paid cash RM4,000 and the balance is financed by bank loan. 2 Purchased office supplies by cash for RM2,900. 4 Received RM6,200 cash from customer for services provided. Paid office rental for the month of November of RM1,600. Paid RM360 to advertise the business in the newspaper. Purchased office equipment on credit from Seng Heng Sdn Bhd amounting to RM3,600. 9. Provided services valued at RM3.500 to a customer. The customer promised to pay next month. 10 25 Paid salary of temporary staff for RM1,400 for the November. A company planned to rent the land owned by Hafiz Cyber Service starting next month. The business received the cash payment of RM1,500 from the tenant for the three months' land rental (December 2020 to February 2021). 26 Paid insurance premium of RM4,800 for coverage against losses due to fire and burglary for a period of 24 months. 29 Paid utilities bill for the month amounted to RM1,070. 30 Customer made payment for account receivable of RM1,300. 30 Unused office supplies valued at RM2,100. 30 Hafiz made cash drawings of RM500. Required: a) Prepare the journal entries for all the above transactions. Narrations are not required. Post to relevant ledger accounts. b) Prepare the trial balance as at 30 November 2020. c) d) Prepare statment of profit and loss account e) Prepare statement of financial position 27
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education