Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instruction: Answer ALL questions. QUESTION 1 Aiden is a sole proprietorship that sells groceries in Cyberjaya. Below are the transactions for the month of July

image text in transcribed

Instruction: Answer ALL questions. QUESTION 1 Aiden is a sole proprietorship that sells groceries in Cyberjaya. Below are the transactions for the month of July 2019. July 2019 1 Started business with RM2,500 in the bank Bought office furniture by cheque RM150 Bought machinery RM750 on credit from Planers Ltd Bought a motor van paying by cheque RM600 8 Sold some of the office furniture that was not suitable for the firm for RM60 on credit to J Walker & Sons 15 Paid the amount owing to Planners Ltd RM750 by cheque 23 Received the amount due from J Walker RM60 in cash 31 Bought more machinery by cheque RM280 00 OWN Required: i. Post the journal entries to the relevant accounts in the ledger and balance off all the accounts. (20 Marks) QUESTION 2 Aaron is the owner of Aaron Sdn. Bhd. The following transactions were extracted from its financial records. Date Transactions June 2019 5 Aaron injected RM125,000 cash into his business. 6 Aaron deposited RM23,000 into business bank account. 7 Aaron bought inventories worth RM4,000 on credit from Aiden. 9 Aaron sold inventories for RM6,000 cash. 12 Aaron bought a motor car for RM40,000 and paid by cheque. 15 Aaron paid insurance premium of RM400 by cheque. 20 Aaron paid insurance premium of RM400 by cheque. Aaron received dividend income of RM1,000 which was directly credited to his business bank account. 22 Required: i. List the FIVE (5) types of specialised journal (Book of Prime Entry). (5 Marks) ii. Prepare the specialised journal (Book of Prime Entry) for the transactions. (10 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

Students also viewed these Accounting questions

Question

What is cultural awareness?

Answered: 1 week ago