Question 1: Smokey started his own business on 1 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. 4 November A computer was bought for RM12,000, paid for immediately by internet transfer. 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. 8 November Gamuda Bhd. Returned goods which had cost RM3,000. A full allowance will be given for these goods. 9 November Sold goods on credit to Mazlan Bhd. For RM13,000. Returned goods, RM1,500, to Lou Supplies Sdn. Bhd. 10 November 11 Paid wages, RM15,000 by internet transfer. November 12 Paid the amount owing to Lou Supplies Sdn. Bhd. by cheque. November 15 Smokey took cash RM3,000 for his own use. November 24 Paid rates, RM15,000 by cheque. November 26 Sold goods, RM12,500, a cheque being received November 28 Bought goods on credit from Chris for RM11,000. November 29 Smokey took goods RM1,000 out of business for his own use. November 30 Received rent of RM4,000 in cheque, for subletting a corner November space. You are required to record the above transactions for the month of November of Smokey's business, balance off all the accounts, ane then extract a trial balance
Question 1: Smokey started his own business on 1 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. 4 November A computer was bought for RM12,000, paid for immediately by internet transfer. 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. 8 November Gamuda Bhd. Returned goods which had cost RM3,000. A full allowance will be given for these goods. 9 November Sold goods on credit to Mazlan Bhd. For RM13,000. Returned goods, RM1,500, to Lou Supplies Sdn. Bhd. 10 November 11 Paid wages, RM15,000 by internet transfer. November 12 Paid the amount owing to Lou Supplies Sdn. Bhd. by cheque. November 15 Smokey took cash RM3,000 for his own use. November 24 Paid rates, RM15,000 by cheque. November 26 Sold goods, RM12,500, a cheque being received November 28 Bought goods on credit from Chris for RM11,000. November 29 Smokey took goods RM1,000 out of business for his own use. November 30 Received rent of RM4,000 in cheque, for subletting a corner November space. You are required to record the above transactions for the month of November of Smokey's business, balance off all the accounts, ane then extract a trial balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 his own use.
November
24
Paid rates, RM15,000 by cheque.
November
26
Sold goods, RM12,500, a cheque being received
November
28
Bought goods on credit from Chris for RM11,000.
November
29
Smokey took goods RM1,000 out of business for his own use.
November
30
Received rent of RM4,000 in cheque, for subletting a corner
November
space.
You are required to record the above transactions for the month of November of
Smokey's business, balance off all the accounts, and then extract a trial balance
as at 30 November 2020.
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