) JANUARY TRANSACTION : Jan 1 Ms Lisa decided to officially start her business 'SM Mart' by contributin a capital of RM50,000. Jan 1 Lisa entered into a agreement with the owner of house who agreed to rent a house for grocery store for a monthly rent RM1,000 Jan 2 Bought a transport for delivery from Mr Grey for RM10,000 Jan 3 Buy equipment for goods as much RM6,500 Jan 4 Pay a transport insurance premium of RM1,200 per year Jan 6 Bought all the stock of necessities from Mr.Jimmy for RM12,000 by cash and get purchased discount 9% Jan 11 She sold fruits and vegetables to the customers Ms. Sarah by cash for RM350 in total Jan 13 Ms. Sarah returned fruits for RM90 due to the poor quality Jan 14 Lisa retumed the fruits of RM50 back to Ms Jimmy because of the poor quality Jan 17 Bought wet food stock for RM3,200 and dry food for RM4,500 from Mr Henry I Jan 19 Received RM260 from Ms. Sarah Jan 20 Sold wet food for RM3,000 to Ms.Ria for her event Jan 23 Lisa sold beverages 12 box for RM550 to Mr Santy Jan 24 Received RM230 in advance to supply snacks through delivery for Ms. Jen Jan 26 Sold fast food for RM55 to a neighbour. She agreed to pay on a later date Jan 28 Paid rent for the month : RM2,000 (RM1,000 is for present rent month & RM1,000 is for prepaid rent on February) Jan 30 Following expenses were incurred i. . iii. iv. Paid electricity expenses for RM700 in total Delivery expenses RM20 in total Cleaning services for RM1200 Paid salaries to 2 workers RM1,000 per person Jan 31 Depreciation transport for RM166.7 FEBRUARY TRANSACTION : Feb 1 Paid RM1,000 of the opening cash into the bank Feb 3 Bought stocks for RM10,000 from J. Wat by credit Feb 5 Sold beverages 10 packs for RM270 to Jerry cash Feb 7 Bought machinery for RM6.900 by cash Feb 10 Bought new shelf by check for RM430 in total Feb 11 Wet food sold to Mr. Mar for RM590 in debt Feb 12 Mr. Mar returned fish worth RM150 due to bad quality Feb 13 Mr Jimmy pay compensation due to the bad quality fruits for RM45 Feb 14 Bad debt from neighbour since January for RM55 Feb 17 Sold fast food for RM140 to Ros Feb 18 Sold dry food to Lim for RM310 and give 5% discount Feb 20 Received RM590 by Mr. Mar Feb 23 Bought wet for RM3,000 and dry food for RM4,100 from Mr henry by check Feb 25 Sold dry food for RM2,200 and wet food for RM3,800 Mr.Jish the owner of J Restaurant Feb 26 Paid salaries to 2 workers by cash for RM2,000 Feb 27 Paid electricity for RM730 Feb 27 Cleaning expenses for RM1,200 Feb 28 Depreciation transport for RM166.7 111) MONTH January DETAILS i You returned some goods purchased earlier (you decide the amount and the creditor's involved). ii. You pay insurance premium for the vehicle used in the business RM1,800.00. the coverage is for one year starting in January 2020. i. One of the cheques you issued was returned because the payee had spilled some curry on it. ii. Electricity bill for the month of January has not been paid yet. February Additional Information: 1. Amount estimated for Allowance for doubtful debts is 2%. 2. Depreciation of the non-current asset using straight-line method. 3. Ending inventory is RM1000.00 4. Parts of the rental paid is for March until June 2020. 5. Parts of the sales received is for March 2020. iv) Based on all the transactions listed, prepare a) Journal entries for all transactions. (5 marks/ b) Post the journal entries to the appropriate ledger accounts and balance the accounts for each month 15 marks/ c) Trial balance for the month of January and February2020. 15 marks/ d) Prepare adjusting entries 15 marks/ e) Prepare trial balance after adjustments 15 marks/ v) Prepare a quarterly financial statement ending 28th February2020: a)Statement of Profit and Loss [10marks/ b) Statement of Financial Position/10 marks/ vi) Note: Accuracy, neatness, format and correct flow of transactions must be ensured. 15 marks/ ) JANUARY TRANSACTION : Jan 1 Ms Lisa decided to officially start her business 'SM Mart' by contributin a capital of RM50,000. Jan 1 Lisa entered into a agreement with the owner of house who agreed to rent a house for grocery store for a monthly rent RM1,000 Jan 2 Bought a transport for delivery from Mr Grey for RM10,000 Jan 3 Buy equipment for goods as much RM6,500 Jan 4 Pay a transport insurance premium of RM1,200 per year Jan 6 Bought all the stock of necessities from Mr.Jimmy for RM12,000 by cash and get purchased discount 9% Jan 11 She sold fruits and vegetables to the customers Ms. Sarah by cash for RM350 in total Jan 13 Ms. Sarah returned fruits for RM90 due to the poor quality Jan 14 Lisa retumed the fruits of RM50 back to Ms Jimmy because of the poor quality Jan 17 Bought wet food stock for RM3,200 and dry food for RM4,500 from Mr Henry I Jan 19 Received RM260 from Ms. Sarah Jan 20 Sold wet food for RM3,000 to Ms.Ria for her event Jan 23 Lisa sold beverages 12 box for RM550 to Mr Santy Jan 24 Received RM230 in advance to supply snacks through delivery for Ms. Jen Jan 26 Sold fast food for RM55 to a neighbour. She agreed to pay on a later date Jan 28 Paid rent for the month : RM2,000 (RM1,000 is for present rent month & RM1,000 is for prepaid rent on February) Jan 30 Following expenses were incurred i. . iii. iv. Paid electricity expenses for RM700 in total Delivery expenses RM20 in total Cleaning services for RM1200 Paid salaries to 2 workers RM1,000 per person Jan 31 Depreciation transport for RM166.7 FEBRUARY TRANSACTION : Feb 1 Paid RM1,000 of the opening cash into the bank Feb 3 Bought stocks for RM10,000 from J. Wat by credit Feb 5 Sold beverages 10 packs for RM270 to Jerry cash Feb 7 Bought machinery for RM6.900 by cash Feb 10 Bought new shelf by check for RM430 in total Feb 11 Wet food sold to Mr. Mar for RM590 in debt Feb 12 Mr. Mar returned fish worth RM150 due to bad quality Feb 13 Mr Jimmy pay compensation due to the bad quality fruits for RM45 Feb 14 Bad debt from neighbour since January for RM55 Feb 17 Sold fast food for RM140 to Ros Feb 18 Sold dry food to Lim for RM310 and give 5% discount Feb 20 Received RM590 by Mr. Mar Feb 23 Bought wet for RM3,000 and dry food for RM4,100 from Mr henry by check Feb 25 Sold dry food for RM2,200 and wet food for RM3,800 Mr.Jish the owner of J Restaurant Feb 26 Paid salaries to 2 workers by cash for RM2,000 Feb 27 Paid electricity for RM730 Feb 27 Cleaning expenses for RM1,200 Feb 28 Depreciation transport for RM166.7 111) MONTH January DETAILS i You returned some goods purchased earlier (you decide the amount and the creditor's involved). ii. You pay insurance premium for the vehicle used in the business RM1,800.00. the coverage is for one year starting in January 2020. i. One of the cheques you issued was returned because the payee had spilled some curry on it. ii. Electricity bill for the month of January has not been paid yet. February Additional Information: 1. Amount estimated for Allowance for doubtful debts is 2%. 2. Depreciation of the non-current asset using straight-line method. 3. Ending inventory is RM1000.00 4. Parts of the rental paid is for March until June 2020. 5. Parts of the sales received is for March 2020. iv) Based on all the transactions listed, prepare a) Journal entries for all transactions. (5 marks/ b) Post the journal entries to the appropriate ledger accounts and balance the accounts for each month 15 marks/ c) Trial balance for the month of January and February2020. 15 marks/ d) Prepare adjusting entries 15 marks/ e) Prepare trial balance after adjustments 15 marks/ v) Prepare a quarterly financial statement ending 28th February2020: a)Statement of Profit and Loss [10marks/ b) Statement of Financial Position/10 marks/ vi) Note: Accuracy, neatness, format and correct flow of transactions must be ensured. 15 marks/