Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% cash discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1»Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM A. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?)
Business transaction Jan 1 started business with RM 12000 cash. 2 Purchased furniture worth RM 5000 by cash Purchased goods worth RM 1000 by cash at a 10% trade discount. 4 Bought goods on credit from ABC Bhd for RM390 and XY trading for RM710 7 Made RM500 cash sales to J Made RM7000 cash sales to M with 15% trade discount. The cost of sale was RM 1500 10 Sold goods worth RM1,200 and RM 900 on credit to Ting and Ming respectively. The cost of sale was Rm 200 and Rm 100 11 Received RM 900 from Ming Received RM1200 from Ting with 5% cash discount 14 Paid RM 390 to ABC bhd Paid RM 710 to XY Trading with 10% cash discount 16 Office equipments RM 350 purchased 17 owner withdrew RM 550 for personal use 20 Rent of RM 2000 received from Joe Jonas. 22 Telephone bill of RM200 is paid 24 Paid RM120 for utilities 26. Wages of RM 20000 paid 28. Paid RM 300 for a rental car for delivery of shoes Additional info : assets business own 1»Building - RM 74500 , 5% Per annum , straight line method 2) Motor vehicle - RM 35000 , 5 years useful life 17000 scrap value USE PERPETUAL INVENTORY SYSTEM A. Prepare journal entries and post it to ledgers (ledgers should be in colums, example is provided, should not be in T account format B.Create your own balance C.Calculate depreciation for the year D.Estimate allowance for trade receivables (why?)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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100%
pls follow the ledger format
Transcribed Image Text:Business transaction
Jan 1 started business with RM 12000 cash.
2 Purchased furniture worth RM 5000 by
cash
Purchased goods worth RM 1000 by cash
at a 10% trade discount.
4 Bought goods on credit from ABC Bhd
for RM390 and XY trading for RM710
7 Made RM500 cash sales to J
Made RM7000 cash sales to M with 15%
trade discount. The cost of sale was RM
1500
10 Sold goods worth RM1,200 and RM
900 on credit to Ting and Ming
respectively. The cost of sale was Rm 200
and Rm 100
11 Received RM 900 from Ming
Received RM1200 from Ting with 5%
discount
14 Paid RM 390 to ABC bhd
Paid RM 710 to XY Trading with 10%
cash discount
16 Office equipments RM 350 purchased
17 owner withdrew RM 550 for personal
use
20 Rent of RM 2000 received from Joe
Jonas.
22 Telephone bill of RM200 is paid
24 Paid RM120 for utilities
26. Wages of RM 20000 paid
28. Paid RM 300 for a rental car for delivery
of shoes
Additional info : assets business own
1) Building - RM 74500 , 5% Per annum ,
straight line method
2) Motor vehicle - RM 35000 , 5 years useful life
17000 scrap value
USE PERPETUAL INVENTORY SYSTEM
a. Prepare journal entries and post it to ledgers
(ledgers should be in colums, example is
provided, should not be in T account format
B.Create your own balance
C.Calculate depreciation for the year
D.Estimate allowance for trade receivables
(why?)
E.Prepare statement of profit or loss
F.Prepare statement of financial position
Transcribed Image Text:Ledgers
Date
Particulars
Dr
Cr
Balance
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