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 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. 14 May 16 May 18 May 21 May 24 May 26 May 28 May 31 May 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) Question 2: (a) Identify the most appropriate source document to use for each of the transactions listed below: A business received cash from owner as an investment. A credit sale is issued to a customer. (iii) A customer returns goods to a business. (iv) A business buys goods on credit terms from a supplier. (v) A business returns faulty goods to supplier. (vi) A business sends a reminder on the balance owed by a customer. (vii) A business makes a cash sale. (viii) A business makes a cash purchase. (16 marks) (b) Briefly define the following: (i) book keeping (ii) capital (iii) drawings (iv) returns inwards (v) current (vi) expense (12 marks) (7 (c) List three modes of payments made with cash at bank. marks) (Total 35 marks)