The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements. a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40 c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100 d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100
The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements. a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019 b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40 c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100 d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part
of the financial statements.
a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019
b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 was RM40
c) Commission received: Received RM650 in 2019; amount accrued as 31 December 2019 was RM100
d) Rent received: Received RM400 in 2019; amount received in advance as at 31 December 2019 was RM100
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