Prepare:1)Journal entries2)Ledger3)Balancing off the accounts4)Trial Balance4. The transactions below were carried out by Alshah Batik Enterprise in March 20X3.Nov. 1 Started business with RM10,000 cash and a vehicle valued at RM5,0002 Opened a bank account at BIMB Bank and deposited RM6,000 cash4 Purchased batik for RM1,500 in cash7 Made credit purchases of batik worth RM3,000 from Salmah8 Made cash sales of RM500 to Vincent10 Sold RM3,500 worth of batik to Lee Trading on credit14 Made credit sales worth RM4,000 to Shahid20 Sent cheque for RM2,950 to Salmah being full settlement of the amountowed to her23 Received a cheque from Lee Trading for the amount due by Lee Tradingless 10% of cash discount24 Shahid returned defective goods amounting to RM200

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Answered: Prepare: 1) Journal entries 2) Ledger…

Business

Accounting

Prepare: 1) Journal entries 2) Ledger 3) Balancing off the accounts 4) Trial Balance

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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Question

Prepare:
1)
Journal entries
2)
Ledger
3)
Balancing off the accounts
4)
Trial Balance
4. The transactions below were carried out by Alshah Batik Enterprise in March 20X3.
Nov. 1 Started business with RM10,000 cash and a vehicle valued at RM5,000
2 Opened a bank account at BIMB Bank and deposited RM6,000 cash
4 Purchased batik for RM1,500 in cash
7 Made credit purchases of batik worth RM3,000 from Salmah
8 Made cash sales of RM500 to Vincent
10 Sold RM3,500 worth of batik to Lee Trading on credit
14 Made credit sales worth RM4,000 to Shahid
20 Sent cheque for RM2,950 to Salmah being full settlement of the amount
owed to her
23 Received a cheque from Lee Trading for the amount due by Lee Trading
less 10% of cash discount
24 Shahid returned defective goods amounting to RM200

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