Encik RAYQAL, the owner of BOMBASTIC SERVICES has started his taw firm on April 2016 and appointed you as an account clerk to help him with his accounts. During the first month of operations, the following transactions occurred: APRIL TRANSACTIONS Started business and invested cash RM100,000. Paid RM3,000 cash for office rent for the month of April. Purchased office equipment RM20,000 from Abrar perabut and paid half the amount by cash and the other half is owing. Opened a business current account at CIMB Bank and banked in RM50,000 cash. 10 Rendered legal service to clients and received RM10,000 cash. Rayqal withdrew RM2,000 cash for personal use. 18 Completed legal service for a client, Amani RM8,000 on credit. 20 Paid insurance premium RM2,500 by cheque to Etiqa Takaful. 21 Completed legal consultation for a client, Aqila RM 5,000 on credit. 23 Received RM4,000 cash from Amani as partial payment for the legal service. 25 Rendered legal service to client, Arman RM4,000 on credit. 28 Paid RM500 for electricity expenses and RM800 for advertising expenses. 28 Received full payment from Aqila. 29 Paid salary RM2,500 by cheque. 30 Received a cheque from Amani for the outstanding balance. Required: a) Prepare a general journal entries to record these transactions. 15 14
Encik RAYQAL, the owner of BOMBASTIC SERVICES has started his taw firm on April 2016 and appointed you as an account clerk to help him with his accounts. During the first month of operations, the following transactions occurred: APRIL TRANSACTIONS Started business and invested cash RM100,000. Paid RM3,000 cash for office rent for the month of April. Purchased office equipment RM20,000 from Abrar perabut and paid half the amount by cash and the other half is owing. Opened a business current account at CIMB Bank and banked in RM50,000 cash. 10 Rendered legal service to clients and received RM10,000 cash. Rayqal withdrew RM2,000 cash for personal use. 18 Completed legal service for a client, Amani RM8,000 on credit. 20 Paid insurance premium RM2,500 by cheque to Etiqa Takaful. 21 Completed legal consultation for a client, Aqila RM 5,000 on credit. 23 Received RM4,000 cash from Amani as partial payment for the legal service. 25 Rendered legal service to client, Arman RM4,000 on credit. 28 Paid RM500 for electricity expenses and RM800 for advertising expenses. 28 Received full payment from Aqila. 29 Paid salary RM2,500 by cheque. 30 Received a cheque from Amani for the outstanding balance. Required: a) Prepare a general journal entries to record these transactions. 15 14
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
100%
Transcribed Image Text:QUESTION1
Encik RAYQAL, the owner of BOMBASTIC SERVICES has started his taw firm on April
2016 and appointed you as an account clerk to help him with his accounts. During the first
month of operations, the following transactions occurred
APRIL
TRANSACTIONS
1
Started business and invested cash RM100,000
Paid RM3,000 cash for office rent for the month of April.
Purchased office equipment RM20,000 from Abrar perabut and paid half the
amount by cash and the other half is owing.
Opened a business current account at CIMB Bank and banked in RM50,000
cash.
10
14
Rendered legal service to clients and received RM10,000 cash.
15
Rayqal withdrew RM2,000 cash for personal use.
18
Completed legal service for a client, Amani RM8,000 on credit.
20
Paid insurance premium RM2,500 by cheque to Etiqa Takaful.
21
Completed legal consultation for a client, Aqila RM 5,000 on credit.
23
Received RM4,000 cash from Amani as partial payment for the legal service.
25
Rendered legal service to client, Arman RM4,000 on credit.
28
Paid RM500 for electricity expenses and RM800 for advertising expenses.
28
Received full payment from Aqila.
29
Paid salary RM2,500 by cheque.
30
Received a cheque from Amani for the outstanding balance.
Required:
a)
Prepare a general journal entries to record these transactions
b)
Prepare a ledgen and balance off the accounts for April transactions.
c)
Prepare a trial balance as at 30 April 2016.
d)
Prepare statement of profit and loss
e)
Prepare statement of financial position
2.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education