Question
Boomboom Enterprise is a local business that started its business operation in Kota Samarahan since August 2021. The business transactions of Boomboom Enterprise for August
Boomboom Enterprise is a local business that started its business operation in Kota Samarahan since August 2021. The business transactions of Boomboom Enterprise for August 2021 are presented below. 1. A business bank account is opened with RM30,000. 2. Paid one months rent of RM2,000 by cheque. 3. Bought goods costing RM5,000 on credit from Lindoo. 4. Purchased motor car from Sado Motors from RM4,000 on credit. 5. Purchased goods costing RM3,000 on credit from Sendoo. 7. Bought goods costing RM3,000 on credit from Lindoo. 10. Cash sales of RM6,000. 11. Sold goods on credit to Beemen for RM1,500. 13. More goods costing RM6,000 purchased from Sendoo. 15. More goods costing RM10,000 purchased from Lindoo on credit. 17. Cash sales of RM7,000. 19. Purchased goods costing RM7,000 from Sendoo. 20. Sold goods on credit to Enmen for RM8,000. 22. Returned RM2,000 of goods to Lindoo. 23. Paid RM6,000 in cash into the bank. 24. Enmen returned RM1,000 of goods. 25. Withdrew RM500 in cash from the bank to open a petty cash account. 26. Cheque received from Enmen for RM5,500; Enmen also claimed a cash discount of RM500. 27. Beemen declared bankrupt in the local newspaper. 28. Office expenses of RM250 paid out of petty cash. 29. Sent a cheque to Sado Motors for RM4,000. 30. Cheques sent to Lindoo and Sendoo for RM8,000 and RM2,000, respectively. Cash discounts were also claimed from Lindoo and Sendoo of RM700 and RM100, respectively. 30. Paid RM7,000 in cash into the bank. 31. Paid by cheque another months rent of RM2,000. 31. Boomboom introduced RM10,000 additional capital into the business by cheque. 31. The owner withdrew RM250 from bank for personal use. Required: (a) For August transactions 1-4, 10, 22-23, 26-27 and 31 above, prepare journal entries (narrations/descriptions is not required). 10 Marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started