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QUESTION 1 The following balances are taken from the accounting book of Salam Trading on 30 November 20x4. Particular RM Motor vehicles 40,000 Furniture 30,000 Cash 5,000 Bank 15,000 Debtors 7,000 Creditors 4,500 Capital 92,500 The following are transactions that occurred in December 20x4. Date 20x4 December 2 The business owner brought in a vehicle valued at Particulars RM20,000. 3 Made credit purchase of RM3,000. 7 Cash sales of RM2,000. 8 Paid creditor RM1,500 by cheque. 12 Sold goods worth RM4,000 on credit. 15 Withdrew RM1,000 from ATM for own use. 18 Sold used furniture for RM3,000 for cash. 25 Paid employees' salaries of RM2,000 by cheque. 27 Paid office rental RM1,500, electric and water bill RM300 and telephone bill RM500 in cash. 29 Debtor paid debt of RM7,000 by cheque. Prepare the following entries in the ledger and draw up trial balance as at 31 December 20x4.

QUESTION 1 The following balances are taken from the accounting book of Salam Trading on 30 November 20x4. Particular RM Motor vehicles 40,000 Furniture 30,000 Cash 5,000 Bank 15,000 Debtors 7,000 Creditors 4,500 Capital 92,500 The following are transactions that occurred in December 20x4. Date 20x4 December 2 The business owner brought in a vehicle valued at Particulars RM20,000. 3 Made credit purchase of RM3,000. 7 Cash sales of RM2,000. 8 Paid creditor RM1,500 by cheque. 12 Sold goods worth RM4,000 on credit. 15 Withdrew RM1,000 from ATM for own use. 18 Sold used furniture for RM3,000 for cash. 25 Paid employees' salaries of RM2,000 by cheque. 27 Paid office rental RM1,500, electric and water bill RM300 and telephone bill RM500 in cash. 29 Debtor paid debt of RM7,000 by cheque. Prepare the following entries in the ledger and draw up trial balance as at 31 December 20x4.

FINANCIAL ACCOUNTING
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 2 Write up accounts to record the following transactions and prepare trial balance: 20x5 January 1 Started business with RM60,000 cash. 2 Took RM20,000 out of the cash and put it in the bank. 3 Purchased goods on credit from Maria RM1,000 and Anan RM500. 4 Received a loan of RM5,000 from Delima by cheque. 5 Bought goods for cash RM4,000. 6 Bought a machinery for cash RM6,000. 7 Bought equipment from Kita Sdn Bhd RM550 on credit. 8 Returned goods to Maria RM200. 8 Took RM3,000 out of the bank and put it into the cash till. 9 Sold goods on credit to Raino RM400. 15 Paid Delima's loan by cheque RM4,000. 16 Paid all the amount owing to Kita Sdn Bhd in full for the purchase of equipment by cash. 25 Paid Delima's loan by cash RM1,000. 26 Bought a machine by cheque from Gaya Enterprise RM7,000. 30 Bought a van for cash RM25,000.
Transcribed Image Text:QUESTION 2 Write up accounts to record the following transactions and prepare trial balance: 20x5 January 1 Started business with RM60,000 cash. 2 Took RM20,000 out of the cash and put it in the bank. 3 Purchased goods on credit from Maria RM1,000 and Anan RM500. 4 Received a loan of RM5,000 from Delima by cheque. 5 Bought goods for cash RM4,000. 6 Bought a machinery for cash RM6,000. 7 Bought equipment from Kita Sdn Bhd RM550 on credit. 8 Returned goods to Maria RM200. 8 Took RM3,000 out of the bank and put it into the cash till. 9 Sold goods on credit to Raino RM400. 15 Paid Delima's loan by cheque RM4,000. 16 Paid all the amount owing to Kita Sdn Bhd in full for the purchase of equipment by cash. 25 Paid Delima's loan by cash RM1,000. 26 Bought a machine by cheque from Gaya Enterprise RM7,000. 30 Bought a van for cash RM25,000.
QUESTION 1 The following balances are taken from the accounting book of Salam Trading on 30 November 20x4. RM 40,000 Particular Motor vehicles Furniture 30,000 Cash 5,000 Bank 15,000 Debtors 7,000 Creditors 4,500 Capital 92,500 The following are transactions that occurred in December 20x4. Date 20x4 December 2 The business owner brought in a vehicle valued at Particulars RM20,000. 3 Made credit purchase of RM3,000. 7 Cash sales of RM2,000. 8 Paid creditor RM1,500 by cheque. 12 Sold goods worth RM4,000 on credit. 15 Withdrew RM1,000 from ATM for own use. 18 Sold used furniture for RM3,000 for cash. 25 Paid employees' salaries of RM2,000 by cheque. 27 Paid office rental RM1,500, electric and water bill RM300 and telephone bill RM500 in cash. 29 Debtor paid debt of RM7,000 by cheque. Prepare the following entries in the ledger and draw up trial balance as at 31 December 20x4.
Transcribed Image Text:QUESTION 1 The following balances are taken from the accounting book of Salam Trading on 30 November 20x4. RM 40,000 Particular Motor vehicles Furniture 30,000 Cash 5,000 Bank 15,000 Debtors 7,000 Creditors 4,500 Capital 92,500 The following are transactions that occurred in December 20x4. Date 20x4 December 2 The business owner brought in a vehicle valued at Particulars RM20,000. 3 Made credit purchase of RM3,000. 7 Cash sales of RM2,000. 8 Paid creditor RM1,500 by cheque. 12 Sold goods worth RM4,000 on credit. 15 Withdrew RM1,000 from ATM for own use. 18 Sold used furniture for RM3,000 for cash. 25 Paid employees' salaries of RM2,000 by cheque. 27 Paid office rental RM1,500, electric and water bill RM300 and telephone bill RM500 in cash. 29 Debtor paid debt of RM7,000 by cheque. Prepare the following entries in the ledger and draw up trial balance as at 31 December 20x4.
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