Answer ALL Questions.QUESTION 1Encik Tan started his business, Tan Enterprise, on 1 August 2021. Tan Enterprise sells menand women clothes in Nilai, Negeri Sembilan. The following transactions are for August 2021:August2021TransactionsEncik Tan, the owner injected RM140,000 cash into the business andbrought in motor vehicle worth RM80,000 and furniture worth RM15,000into the business.2Purchased goods from Boon Sdn Bhd worth RM7,200 on credit.4Sold goods on credit to Alias Enterprise worth RM5,400.7Issued invoice to Farah Sdn Bhd for sales on credit worth RM7,500.8.Bought goods from Musa Trading by cash worth RM4,800.Alias Enterprise returned defective goods worth RM600.10The business deposited RM65,000 cash into business's bank account.12Purchased goods on credit from Sarah Enterprise worth RM11,000Received cheque from Alias Enterprise for full settlement of amount owed,after allowing for 10% cash discount.1415Returned damaged goods to Boon Sdn Bhd worth RM600.16Received rental income from Mikail Enterprise for RM2,600 by cheque.The business issued cheque to Boon Sdn Bhd as full settlement of amountowed, after being given 5% cash discount.1822Farah Sdn Bhd returned goods worth RM500.23The owner, Encik Tan, withdrew goods worth RM1,500 and cash RM1,600for personal use.25The business received commission for RM3,600 by cash.27Sold goods on credit to Tiktok Trading worth RM8,000.28Paid electricity bills RM700 by cash.29Paid wages and salaries amounting to RM5,000 by cheque.Required:a) Post all the above transactions into ledgers. All accounts must be balanced off andclosed at the end of the month.b) Prepare a Trial Balance for Tan Enterprise as at 31 August 2021.

W.N. - 1 : Sales Less Sales Returns = RM 5,400 - RM 600 = RM 4,800 Discount Allowed = 10% of RM…

Answered: Encik Tan started his business, Tan…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ASSIGNMENT Here are the details of Mr. Asante’s trucks for distribution of goods:On 1st Feb 2016 when he started business, he purchased a distribution van for Ghc20,000 cash from Tagoe & Sons Ltd.He again purchased another van for Ghc30,000 on credit from Japan Motors on 1st May, 2017.On June 30th, 2018 due to his expansion decision to the Madina Market he purchased a brand new van from Mechanical Lloyd for Ghc45,000 cash.On the 12th November, 2018 Mr. Asante exchanged the first van he acquired three years ago for a new van costing GHc 55,000 from Japan motors and paid an additional cash of GHc 50,000. Mr. Asante depreciates his vehicles at 40% per annum using the reducing balance method. It is the policy of the organization to charge a full year depreciation in the year of purchase but none in the year of disposal. Assuming 31st January as its year end show for each of the next three years.Prepare Motor Van account Accumulated depreciation account Disposal of Motor Van account…
hh.6
Question 1: Smokey started his own business on 1st November 2020. His business transactions for November 2020 were as follows 1 November Started in business, introducing RM650,000 of his own cash into the business. 2 November Smokey opened a business bank account and banked RM600,000 of the cash. A computer was bought for RM12,000, paid for immediately by internet transfer. 4 November 5 November Bought goods amounted RM14,000 from Lou Supplies Sdn. Bhd.; paid RM2,500 by cheque immediately but the rest will only be paid later. 6 November Sold goods, RM13,000 to Gamuda Bhd., granting credit of 30 days. Gamuda Bhd. Returned goods which had cost RM3,000. A full allowance will be given for these goods. 8 November 9 November Sold goods on credit to Mazlan Bhd. For RM13,000. 10 Returned goods, RM1,500, to Lou Supplies Sdn. Bhd. November 11 Paid wages, RM15,000 by internet transfer. November 12 November Paid the amount owing to Lou Supplies Sdn. Bhd. by cheque. 15 Smokey took cash RM3,000 for…
Fred has a business of selling computers taking orders online and customers click and collect during Covid19 in Sydney. Most customers pay at the time of delivery. His sales for the year ending 30th June 2021 were $3,500,000 During the year ended 30th June 2021 purchases of computers were $1,500,000 and at 30th June 2021 stock on hand was $400,000. Lenny's closing stock for the year ended 30th June 2021 was $300,000. Explain the rules applicable to trading stock and calculate the income he should declare in relation to the facts as stated above for the year ending 30th June 2021 A- U S x x 田 I
Rasa Sayang Enterprise, a grocery shop business was set up on 1 November 2022. Below are the business transactions during the month of November 2022. Date rember 2022 2 7 9 10 12 14 15 18 20 Transactions Owner brought in RM90,000 cash and furniture valued at RM22,000 into the business. Purchased goods worth RM7,000 on credit from Pacific Store. Sold goods worth RM5,500 on credit to Sally. Purchased a display cabinet on credit from Ali Furniture worth RM4,200. The payment will be paid in four equal instalments starting next month. Returned damaged goods to Pacific Store worth RM300. A credit note of RM300 was issued to Sally for the return of damaged goods. Cash sales to Marina worth RM1,300. Received full settlement from Sally for the amount due after deducting a cash discount of RM50. The sum was received by electronic funds transfer. Owner withdrew goods worth RM500 from the business for personal consumption. Required: Using the format below, answer the following questions: Date…
The transactions of Mr. Azizul Hani, a merchant for the month of March 2023 are as follows. 2023 RM March 1 Starting a business with cash as capital 5 000 3 Buy merchandise on credit from Razi 850 5 Sell merchandise on credit to Chia 800 10 Buy an office desk for cash 750 12 Cash purchase 1 000 14 Cash sale 900 17 Sell merchandise on credit to Zam 2 250 18 Pay Razi in cash 250 24 Pay general expenses with cash 200 31 Chia settled the debt in full with cash 800 You are required to record the above transactions into the ledger account and balance.
3
On 1 January 2020, Mamin Mali started a business by bringing in cash amounting to RM110,000. The nature of the business is supplying books and stationeries to schools and colleges. The business was registered as El Jay Sdn Bhd. Mamin Mali closes the company's accounts every month and applies perpetual inventory system in maintaining its inventories. The balances of the company's accounts as at 30 April 2020 are as follows: ACCOUNTS RM Cash Accounts receivable Merchandise inventory Store supplies Prepaid insurance Store equipment Delivery van Notes payable Accounts payable 26,700 33,700 25,000 5,500 2,000 55,200 48,000 38,100 48,000 The following transactions were completed in May 2020: Transactions Date May 1 Purchased merchandise from SazLee Company, RM2,500, FOB shipping point, terms 5/15, n/30. The transportation cost of RM200 was paid to the transportation company. 3 Sold merchandise to Remy Enterprise, RM18,700, term 3/10, n/30, FOB shipping point. The cost of the merchandise,…
2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4.500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6.500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged goods to Suzie Ltd amounting to RM 50 and settled amount due by cash after receiving discount of 5%. 15 Repaid part af the loan to Mayobank Berhad worth RM 3,000 by cheque. 16 Owner took out some chocolate worth RM 230 from the factory as birthday present for his son. 17 Alfafa Enterprise returm some damaged goods…
Fatimah extracted the following transaction for the month of May: 1 Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term. 7 Purchased goods RM6,000 from Daya & Co on credit term. 9 Received cheque RM2,600 from sales on cash term. 12 Issued a cheque RM3,000 for purchases of goods on cash term. 16 Issued a cheque RM5,700 to Daya & Co., as settlement of purchases above, after deducting a discount received of RM300. 17 Sales of goods RM4,000 to Era Enterprise on credit term. 21 Fatimah withdrew cash RM200 for family use. 24 Issued a cheque RM2,000 to Syarikat Cerah Sdn. Bhd. as partial settlement of amount owing. 27 Received cheque RM3,800 from Era Enterprise, as settlement of sales above, after deducting discount allowed of RM200. 28 Miscellaneous expense RM280 paid by cash. Required: Prepare the journal entries…
Bill started business with cash 370,000 on 01-03-2021. ii. Purchased goods on account from Alex worth 30000 on 02- 01-2021. iii. Sold goods to Stewart for 44000 on 03-01-2021. iv. Purchased computer for office use for 100000 on 04- 01-2021. v. Stewart returned the goods worth 4000 on 05-01-2021. vi. Opened a bank account by depositing the cash 110000 on 14-01-2021. vii. 35000 received from Stewart after full settlement. viii. 28000 was paid to Mr. Alex for purchased goods on 18-01-2021. Prepare journal.
The below information is related to the business of Abbas Traders during the month of March 2021. Dates 1 Started business with Rs. 30,000 through cash 2 Borrowed Rs.40,000 from bank to purchase a van . 5 Buys office equipment for Rs. 5,000 in cash. 6 Purchases inventory for Rs.18,000 on credit. 7 Pays Rs.10,000 to Supplier for inventory purchases 9 Sells inventory for cash of Rs.12,000 10 Sells inventory on credit for Rs. 9,000 12 Repays loan of Rs. 10,000 13 Pays Rs.6,000 to supplier 15 Receives Rs.8,000 from customer against credit sales made on 10th March. a) Prepare Journal entries for the above transactions b) Prepare ( T-accounts)

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS