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ANSWER ALL QUESTIONS. Question 1: The following are the business transactions of Weston Traders for the month of May 2020: 1 May 3 May
ANSWER ALL QUESTIONS. Question 1: The following are the business transactions of Weston Traders for the month of May 2020: 1 May 3 May 4 May 6 May 7 May 10 May 12 May 14 May 16 May 18 May 21 May 24 May 26 May 28 May 31 May Started in business with capital RM100,000 in the bank. Bought goods, RM10,000, paying by internet transfer. Sold goods, RM7,500, a cheque being received. Bought shop fittings for RM20,000, paying by debit card. Bought goods, RM12,500 on credit from Bristol Supplies Berhad; paid RM2,500 by cheque immediately but the rest will only be paid later. Paid rent, RM7,500 by cheque. Sold goods, RM15,000 to Gordano Giftware, giving credit of 30 days. Returned goods, RM1,500, to Bristol Supplies Berhad. Paid wages, RM15,000 by internet transfer. Paid the amount owing to Bristol Supplies Limited by cheque. Gordano Giftware returned goods, RM2,500. A full allowance was given to these goods. Paid rates, RM7,500 by cheque. Sold goods, RM5,550, a cheque being received Received a cheque from Gordano Giftware for the amount owing. Withdrew RM1,000 by cheque for own use. You are required to record the above transactions for the month of May of Weston Traders's fruits shop, balance off all the accounts, and then extract a trial balance as at 31 May 2020. (Total 65 marks)
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