Question
Hakim started a toy shop business on 1 August 2022. He started the business with an investment of RM 5,000. From this amount of investment,
Hakim started a toy shop business on 1 August 2022. He started the business with an investment of RM 5,000. From this amount of investment, RM 1,000 was in cash and RM 4,000 was in bank account.
August |
|
1 | Borrow from Citibank RM 2,000 |
2 | Paid rent for office RM 750 using online banking |
5 | Paid wages to shop assistant RM 120 by cash |
6 | Bought a computer RM 3,000 in cash |
8 | Purchased goods RM 1,380 by cheque |
10 | Sold toys for RM 650 cash |
12 | Withdrew RM 200 cash to pay for his mothers medical bills |
15 | Bought goods on credit from Siam Sdn Bhd RM 830 |
18 | Sold goods on credit to Kenny Enterprise for RM 1,250 |
19 | Purchased goods worth RM 3,789 from Panda Sdn Bhd, paid by cheque RM 2,000 and balance to be paid in the next month |
20 | Bought office equipment by online banking RM 2,500 |
23 | Paid electricity bills RM 325 by cash |
25 | Paid internet bills for RM 230 by online banking |
27 | Returned goods amounted to RM 515 that previously purchased from Panda Sdn Bhd |
28 | Returned damaged goods worth RM 310 to Siam Sdn Bhd |
29 | Kenny Enterprise return wrong colour goods of RM 480 |
30 | Bought stationeries of RM 90 using cash money |
30 | Hakim invested further RM 3,000 into the business |
31 | Paid RM 300 to Siam Sdn Bhd through online banking |
31 | Received cheque from Kenny Enterprise RM 500 |
Required:
Prepare a Prime Book Entry for the above transactions
Record the transactions in Ledgers and Balance-off the ledgers.
Extract a trial balance.
Prepare Statement of Profit or Loss & Statement of Financial Position.
Good accounting practices in a business protect the company from any fraudulent activities and ensure the credibility of a business. Briefly explain how accountant can ensure good accounting practices being implemented in a business.
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