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

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