Mr. Irfan opened a gold shop. This store started operating on 1st Jan 2020. He kept all the transactions as follows: 1-Jan-20 Starting a business with cash of RM180,000 3-Jan-20 Deposit RM150,000 into the current account of Malayan Banking Bhd 9-Jan-20 Buy a van priced at RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th of each month in cash. 10-Jan-20 Buying goods for supplies from the Gold Bird Company worth RM9,000 in cash. 10-Jan-20 Buy furniture worth RM7,000 in cash. 11-Jan-20 Buy a personal computer priced at RM3,000 for store use in cash. 11-Jan-20 Buying goods for supplies from Han Seng Company worth RM 50,000 on credit 12-Jan-20 Renovation of a shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan using a check and the rest will be paid next month 12-Jan-20 Purchased supplies from Padi Emas Enterprise for RM 30,000 in cash and paid by check 13-Jan-20 Bought from Unggul Sdn Bhd for RM30,000 in cash using a check and the rest will be paid next month amounting to RM20,000. The goods are for sale. 14-Jan-20 Electricity deposit of RM300.00 and RM200 phone is paid in cash. 15-Jan-20 The owner took RM2,000 for his own use. 16-Jan-20 Pay premium insurance in cash of RM2,000 16-Jan-20 Sale on the first day of RM5,000. 17-Jan-20 Pay a promotional cost of RM3,000 in cash. 17-Jan-20 Sales collection of RM 4,000 18-Jan-20 Sales collection of RM 2,000 18-Jan-20 Selling goods to Perdana Sdn Bhd worth RM500 on credit 18-Jan-20 Deposit cash into the bank of RM10,000. 19-Jan-20 Sales collection of RM3,000 20-Jan-20 Collection from sales of RM1,400 21-Jan-20 Selling goods to Sakti Sdn Bhd worth RM300 on credit 21-Jan-20 Collection from sales of RM2,300 21-Jan-20 Deposit cash into the bank of RM10,000. 22-Jan-20 Collection from daily sales of RM3,100 22-Jan-20 Received a check from Perdana Sdn Bhd of RM500 23-Jan-20 Explain phone bill RM56, water bill RM20, electricity bill RM235 23-Jan-20 Collection from daily sales of RM3,200 24-Jan-20 Pay monthly salary of RM1,000, EPF RM100, SOCSO RM 20. 24-Jan-20 Collection from daily sales of RM2,800 25-Jan-20 Settle shop rent RM1,500 by check. 25-Jan-20 Pay to Han Seng Company with a check of RM 20,000.00 25-Jan-20 Collection from daily sales of RM2,780 25-Jan-20 Deposit cash into bank of RM10,000. 26-Jan-20 Sending goods to Perdana Sdn Bhd worth RM300 in debt. 26-Jan-20 Collection from daily sales of RM2,500 26-Jan-20 Buy items for stock on credit from Syarikat Ali Ahmad worth RM12,000 26-Jan-20 Buying goods in cash from wholesalers of RM5,100 is paid by check. 27-Jan-20 Collection from daily sales of RM3,000 27-Jan-20 Sending goods purchased from Ali Ahmad Company for RM2350 due to damage. 28-Jan-20 Sakti Sdn Bhd paid off outstanding debt of RM300 28-Jan-20 Collection from daily sales of RM3,000 28-Jan-20 Purchase additional furniture for the store for RM2,500 in cash. 28-Jan-20 Deposit cash into the bank of RM4,000 29-Jan-20 Collection from daily sales of RM3,500 30-Jan-20 Collection from daily sales of RM4,000 31-Jan-20 Collection from daily sales of RM4,500 31-Jan-20 Deposit cash into the bank of RM10,000 Additional information 1. Final supply balance worth RM123,042 2. Depreciation rates for assets are: - a. Vehicles 20% per annum b. Office equipment & furniture 20% per annum c. Computers 20% per year d. 20% machine per year Therefore you are required to help him prepare: - 1. Journal entries for Jan 2020 transactions
Mr. Irfan opened a gold shop. This store started operating on 1st Jan 2020. He kept all the transactions as follows:
1-Jan-20 Starting a business with cash of RM180,000
3-Jan-20 Deposit RM150,000 into the current account of Malayan Banking Bhd
9-Jan-20 Buy a van priced at RM58,200 on credit from Syarikat Auto Sdn Bhd and the monthly payment is RM693.00 paid on the 30th of each month in cash.
10-Jan-20 Buying goods for supplies from the Gold Bird Company worth RM9,000 in cash.
10-Jan-20 Buy furniture worth RM7,000 in cash.
11-Jan-20 Buy a personal computer priced at RM3,000 for store use in cash.
11-Jan-20 Buying goods for supplies from Han Seng Company worth RM 50,000 on credit
12-Jan-20 Renovation of a shop worth RM46,000 and has paid RM20,000 to Syk Kayu Kayan using a check and the rest will be paid next month
12-Jan-20 Purchased supplies from Padi Emas Enterprise for RM 30,000 in cash and paid by check
13-Jan-20 Bought from Unggul Sdn Bhd for RM30,000 in cash using a check and the rest will be paid next month amounting to RM20,000. The goods are for sale.
14-Jan-20 Electricity deposit of RM300.00 and RM200 phone is paid in cash.
15-Jan-20 The owner took RM2,000 for his own use.
16-Jan-20 Pay premium insurance in cash of RM2,000
16-Jan-20 Sale on the first day of RM5,000.
17-Jan-20 Pay a promotional cost of RM3,000 in cash.
17-Jan-20 Sales collection of RM 4,000
18-Jan-20 Sales collection of RM 2,000
18-Jan-20 Selling goods to Perdana Sdn Bhd worth RM500 on credit
18-Jan-20 Deposit cash into the bank of RM10,000.
19-Jan-20 Sales collection of RM3,000
20-Jan-20 Collection from sales of RM1,400
21-Jan-20 Selling goods to Sakti Sdn Bhd worth RM300 on credit
21-Jan-20 Collection from sales of RM2,300
21-Jan-20 Deposit cash into the bank of RM10,000.
22-Jan-20 Collection from daily sales of RM3,100
22-Jan-20 Received a check from Perdana Sdn Bhd of RM500
23-Jan-20 Explain phone bill RM56, water bill RM20, electricity bill RM235
23-Jan-20 Collection from daily sales of RM3,200
24-Jan-20 Pay monthly salary of RM1,000, EPF RM100, SOCSO RM 20.
24-Jan-20 Collection from daily sales of RM2,800
25-Jan-20 Settle shop rent RM1,500 by check.
25-Jan-20 Pay to Han Seng Company with a check of RM 20,000.00
25-Jan-20 Collection from daily sales of RM2,780
25-Jan-20 Deposit cash into bank of RM10,000.
26-Jan-20 Sending goods to Perdana Sdn Bhd worth RM300 in debt.
26-Jan-20 Collection from daily sales of RM2,500
26-Jan-20 Buy items for stock on credit from Syarikat Ali Ahmad worth RM12,000
26-Jan-20 Buying goods in cash from wholesalers of RM5,100 is paid by check.
27-Jan-20 Collection from daily sales of RM3,000
27-Jan-20 Sending goods purchased from Ali Ahmad Company for RM2350 due to damage.
28-Jan-20 Sakti Sdn Bhd paid off outstanding debt of RM300
28-Jan-20 Collection from daily sales of RM3,000
28-Jan-20 Purchase additional furniture for the store for RM2,500 in cash.
28-Jan-20 Deposit cash into the bank of RM4,000
29-Jan-20 Collection from daily sales of RM3,500
30-Jan-20 Collection from daily sales of RM4,000
31-Jan-20 Collection from daily sales of RM4,500
31-Jan-20 Deposit cash into the bank of RM10,000
Additional information
1. Final supply balance worth RM123,042
2.
a. Vehicles 20% per annum
b. Office equipment & furniture 20% per annum
c. Computers 20% per year
d. 20% machine per year
Therefore you are required to help him prepare: -
1. Journal entries for Jan 2020 transactions
2. Transfer the
3. Prepare
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