BKAF1023 INTRODUCTION TO FINANCIAL ACCOUNTING QUESTION 2 (20 MARKS: 36 MINUTES) The following transactions were completed by Khalil Enterprise throughout September 2015: 2 September Purchased merchandise on account from Mohammed Co., list price RM100,000, trade discount 10%, credit terms FOB shipping point, 5/10, n/30. The cost of transportation was 10,000 and it has been paid by seller. 6 6 7 12 16 622 19 25 29 Purchased merchandise on account from Azlan Sdn Bhd., RM27,000, credit terms FOB destination, 5/10, n/30. Sold merchandise on account to Ibrahim Enterprise, list price RM54,000, trade discount 25%, credit terms FOB shipping point, 5/10, n/30, the cost of transportation was RM300. The cost of the merchandise sold was RM28,000. Returned RM 3,000 of merchandise purchased on 6 September from Azlan Sdn Bhd. Settled the account with Mohammed Co. for purchase made on 2nd September. Paid Azlan Sdn Bhd on account for purchase made on 6 September. Received a full settlement from Ibrahim Enterprise. Sold merchandise costing RM12,000 to Azhar Enterprise for RM 28,400, credit terms 5/10, n/30. Received merchandise returned by Azhar Enterprise from sale made on 25 September RM 4,700. The cost of the returned merchandise was RM2,250. REQUIRED: (a) Prepare the journal entries to record the transactions of Khalil enterprise for September using the perpetual inventory system (Explanations are not required). (b) (13 Marks) Prepare the Statement of Comprehensive Income for the month ended September 2015 for Khalil Enterprise. (2 Marks) (c) Prepare closing entries for the month using all information given. (3 Marks) (d) Give TWO (2) differences between perpetual inventory system and periodic inventory system. (2 Marks)