The following transactions took place during the month of December, 2019 for Mico Enterprise. Bank balances as at 1* December is RM 10,000 December, 2019 Received additional capital from the owner amounting Transactions 1 RM25,000 by cheque. Purchased goods on credit from Sufl Sdn Bhd amounting to 3 RM9,500. 8 Returned damaged goods to Sufl Sdn Bhd worth RM400. Paid fire insurance for RM3,600 by online banking. The 10 insurance coverage is for 6 months. 15 Credit sales to Aneka Trading amounting to RM10,000 Owner withdraw from bank for personal use amounting to RM1,800. 20 Received full payment settlement from Aneka Trading by 24 cheque after deduction of 5% cash discounts. 30 Paid salary and wages amounting to RM4,000 by bank. Required: (a) transactions with narrations. Prepare the journal entries for all the above (10 marks) (b) Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at month end December 2019. (12 marks) [22 marks]

The following transactions took place during the month of December, 2019 for Mico Enterprise. Bank balances as at 1* December is RM 10,000 December, 2019 Received additional capital from the owner amounting Transactions 1 RM25,000 by cheque. Purchased goods on credit from Sufl Sdn Bhd amounting to 3 RM9,500. 8 Returned damaged goods to Sufl Sdn Bhd worth RM400. Paid fire insurance for RM3,600 by online banking. The 10 insurance coverage is for 6 months. 15 Credit sales to Aneka Trading amounting to RM10,000 Owner withdraw from bank for personal use amounting to RM1,800. 20 Received full payment settlement from Aneka Trading by 24 cheque after deduction of 5% cash discounts. 30 Paid salary and wages amounting to RM4,000 by bank. Required: (a) transactions with narrations. Prepare the journal entries for all the above (10 marks) (b) Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at month end December 2019. (12 marks) [22 marks]

Name: The following transactions took place during the monthof December, 20
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Description: The following transactions took place during the monthof December, 2019 for Mico Enterprise. Bank balancesas at 1* December is RM 10,000December, 2019Received additional capital from the owner amountingTransactions1RM25,000 by cheque.Purchased goods

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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